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 decentralized finance 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 tokens.
Tendermint will integrate B-Harvest’s Gravity DEX into Cosmos to facilitate “trustless and permissionless” trades, Tendermint’s 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’s designed not just to be a native exchange for ATOM, but an exchange for tokens that use other blockchains, as well,” Zhong 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.
Zhong said 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, Zhong said.
Tendermint estimates Gravity DEX will be live in June or shortly after, depending on the outcomes of a $200,000 Gravity DEX testnet competition.
Updated April 8, 2021, 16:34 UTC: This article was updated to clarify the estimated launch date of the Gravity DEX.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.