Open-source cryptocurrency and blockchain solutions provider Komodo announced that it was introducing a decentralized Dogecoin exchange, DogeDEX. DogeDEX will facilitate peer-to-peer exchanges of the surging meme cryptocurrency Doge.

Decentralized Dogecoin Exchanges for the Shiba Community

According to the CTO of Komodo Kadan Stadelmann, cryptocurrency has become much like a community these days. Precisely, Dogecoin has gained popularity on the internet following backing from celebrities like Elon Musk, Snoop Dogg, and Gene Simmons.

Dogecoin is, however, not universally available on all trading venues. The motivation behind the launch of this Shiba-powered Dogecoin wallet and decentralized exchange is to enable the community to take advantage of the atomic swaps technology to make decentralized exchanges of Dogecoin. Fans can now easily access the Dogecoins from DogeDEX.

DogeDEX Powered by Komodo’s Revolutionary AtomicDEX Engine

The AtomicDEX engine powers Komodo’s DogeDEX. The Atomic DEX is the open-source cryptocurrency and blockchain solutions provider’s revolutionary application that replaced the previous BarterDEX. AtomicDEX merges the power of a secure multi-coin wallet with the peer-to-peer trading functionality of a decentralized exchange. 

Komodo designed the Shiba-powered Dogecoin wallet and decentralized exchange such that any updates to AtomicDEX will also apply to it. Users can access the swap technology as a desktop or mobile application or via their desired browser. 

Atomic Swaps Do Not Require a Middle Person

The atomic swaps do not require a middle person or platform to facilitate crypto exchanges. Traders will not have to give up control of their holdings or make any deposits or withdrawals to and from the AtomicDEX. DogeDEX works in a way that traders can make exchanges directly from their wallets.

Apart from Dogecoin swaps, DogeDEX will also act as a non-custodial wallet for the safekeeping of cryptocurrency. Currently, AtomicDEX allows the storage of up to 25 different coins and supports 95 per cent of all digital assets, including Bitcoin, UTXO-based coins, Ether, and ERC-20 tokens, together with others that support time and hash-locked payments. Komodo’s developers are working on a system that will facilitate crypto trades directly from the Shiba-powered Dogecoin wallet and decentralized exchange.

The open-source cryptocurrency and blockchain solutions provider launched a limited release of DogeDEX on March 1. Since then there have been 3,000 downloads and 170,212 Doge Swaps on the decentralized Dogecoin exchange.