Tendermint, the team behind the interoperable blockchain ecosystem Cosmos, is building a decentralized exchange (DEX) with a new acquisition.
The development studio has acquired B-Harvest, a decentralized finance project that has grown on Cosmos since its inception and operates one of Cosmos’ validator nodes. Tendermint wouldn’t disclose all of the details and the dollar amount behind the acquisition, but does include a four-year lock-up period on ATOM tokens.
Tendermint will integrate B-Harvest’s Gravity DEX with Cosmos to enable “trustworthy and permissionless” deals, Tendermint 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, it should not only be a native exchange for ATOM, but also an exchange for tokens that also use other blockchains, ”said Zhong.
Cosmos is one of the more ambitious crypto projects and a network hub that connects other blockchains via “bridges”. The network supports both public and private blockchains with the ultimate goal of creating a nexus in which all of these different blockchains and coins can interact.
Zhong said the Ethereum bridge is on the test network 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 technical knowledge can enter into a contract to integrate a coin or trading pair for the Cosmos blockchain, Zhong said.
Tendermint estimates that Gravity DEX will be live in June or shortly thereafter, depending on the results of a $ 200,000 Gravity DEX testnet contest.
Updated April 8, 2021, 16:34 UTC: This article has been updated to clarify the estimated launch date of the Gravity DEX.