Users can now trade coins like ATOM with popular cryptocurrencies like BTC and ETH without using a centralized exchange.
MoonFi – a cross-chain/protocol DEX, crypto bridge, and non-custodial wallet for the Cosmos community – launched today.
Powered by Komodo SDK, MoonFi’s decentralized exchange (DEX) works differently than most of its counterparts in the crypto space.
While existing Cosmos-based DEXs support cross-chain trading, where users can swap cryptocurrencies across various Cosmos Hub blockchains via IBC, they don’t support cross-protocol interoperability outside the Cosmos ecosystem.
In other words, current DEXs don’t allow users to swap cryptocurrencies between Cosmos-based blockchains and assets on external blockchain protocols, such as Bitcoin, Ethereum, or BNB Chain.
Through the use of atomic swap technology, MoonFi offers the widest cross-chain/protocol trading support of any DEX on the market.
MoonFi provides a peer-to-peer (P2P) alternative to automated market makers (AMM) DEXs, which are known to have inherent risks such as impermanent loss for liquidity providers and rugpulls.
When trading on MoonFi, users swap cryptocurrencies wallet-to-wallet via decentralized order books rather than adding or removing funds via a centralized liquidity pool. This gives MoonFi both greater interoperability and greater security over other DEXs.
MoonFi Co-Founder and Komodo CTO Kadan Stadelmann stated,
“In my opinion, Cosmos is the largest and highest quality community in the crypto space. Cosmos-based coins currently have a combined market cap of over $17 billion as of mid-September 2024, yet the ecosystem has unfortunately remained mostly isolated compared to other ecosystems. For too long, crypto enthusiasts have had to rely upon centralized exchanges to trade coins like ATOM with popular cryptocurrencies like BTC and ETH. MoonFi changes this by providing the ultimate dApp for cross-protocol interoperability.”
Komodo DeFi Framework’s DEX API — the underlying engine that powers MoonFi’s atomic swaps — has enabled crypto traders to complete 430,000+ trades to date on various dApps, including Komodo Wallet.
MoonFi is permissionless, non-custodial, and decentralized and thus doesn’t require any user-side KYC.
Its code is 100% open source and publicly available. Additionally, the Komodo team encourages blockchain developers to fork the codebase and create their own wallet/DEX applications.
The app supports Bitrefill, which makes it easy for users to spend crypto on essentials such as online shopping vouchers, debit card or phone top-ups, or e-gaming codes.
In the future, MoonFi plans to add a fiat on-ramp feature, which will allow users to seamlessly convert various local fiat currencies to cryptocurrencies.