Tendermint Acquisition Takes Aim at New Interoperable DEX for Cosmos

Thursday 08 April 2021, 1:49 AM AEST - 1 week ago

Tendermint, the team behind the interoperable blockchain ecosystem Cosmos, is building out a decentralized exchange (DEX) with a new acquisition.

The development studio has acquired B-Harvest, a DeFi project that has developed on Cosmos since the early days and which runs one of Cosmos validator nodes. Tendermint would not disclose all the details and dollar amount behind the acquisition, but it includes a four-year vesting of ATOM (-7.31%) tokens.

Tendermint will integrate B-Harvests Gravity DEX into Cosmos to facilitate trustless and permissionless trades, Tendermints CEO Peng Zhong told CoinDesk.

We started working with B-Harvest in October because we were looking for a team with experience in finance and DeFi to create a decentralized exchange. With the Gravity DEX, its designed not just to be a native exchange for ATOM, but an exchange for tokens that use other blockchains, as well, Peng said.

One of the more ambitious crypto projects, Cosmos is a network hub that connects other blockchains using bridges. The network supports both public and private blockchains with the ultimate goal of creating a nexus where all these different blockchains and coins can interact.

Peng said that the Ethereum bridge is in testnet and could be live as soon as the DEX launches, while bridges for Bitcoin and other chains would come later. As with Uniswap and other decentralized markets, anyone with the technical savvy will be able to write a contract for the Cosmos blockchain to integrate a coin or trading pair, Feng said.

Read full story on CoinDesk

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