Q2 2024 Progress Report

Stay informed and dive into our Q2 2024 recap from the Komodo team. We are on a mission to connect and bridge all blockchain protocols. Follow our progress and join us as we develop cutting-edge DEX technology.

Eighth Annual Notary Node Election

From June 7 through July 13, we held the Season 8 Notary Node Election. Congrats to the Season 8 winners!

Notary Nodes are 64 dedicated servers that are elected annually by the Komodo community. They are responsible for running delayed Proof of Work (dPoW) — a security mechanism that recycles the hash rate of the Litecoin network through a series of cross-chain notarizations.

Komodo Wallet (browser extension) Launch

In April, we launched Komodo Wallet (browser extension) — a non-custodial crypto wallet, cross-chain DEX, and crypto bridge all rolled into one app.

The app is available through the Chrome Web Store.

Every cryptocurrency supported on Komodo Wallet (web) is also supported on Komodo Wallet (browser extension).

Install Browser Extension

2024 Komodo Improvement Proposal (KIP) Voting Official Results

Every $KMD holder was eligible to participate in the voting by receiving KIP tokens, airdropped to them at a 1:1 ratio based on how much KMD they held in a non-custodial wallet. Centralized exchanges and custodial wallet services were excluded from the voting process.

The community-driven decision-making process resulted in the approval of three pivotal proposals aimed at transforming the Komodo ecosystem.

KIP0002 will reduce the block reward from 3 KMD to 1 KMD.
KIP0003 introduces a groundbreaking initiative to burn 100% of transaction fees.
KIP0004 will change the Komodo blockchain’s consensus mechanism from Proof of Work (PoW) to Proof of Stake (PoS).

KIP0002 and KIP0003 will be implemented during the annual network upgrade (start of dPoW Season 8) on September 14, 2024 (Date Subject to Change).

KIP0004 will be implemented during the annual network upgrade in 2025 or 2026, depending on the demands of the consensus upgrade.

Komodo Wallet (desktop) Releases

Komodo Wallet (desktop) v0.7.1 was released in April. This version added support for 33 new cryptocurrencies.

Komodo Wallet (desktop) v0.7.2 was released in June. This version added support for 22 new cryptocurrencies, including the VOTE2024 token, which you can use to vote for your favorite candidate(s) in the Season 8 Notary Node Election.

Komodo Core Updates

In Q2, our team upgraded the Komodo blockchain protocol:

Optimized and refactored the codebase of komodod / KomodoOcean
Discontinued the use of the libraries libsnark, libgmp, and mini-gmp
Increased node performance and block loading times

PR Coverage

The launch of Komodo Wallet (browser extension) and the 2024 KIP voting official results were both featured by news publications. Komodo CTO Kadan Stadelmann was featured in 40+ news publication articles.

Kadan was a leading voice in the news coverage of the Bitcoin Halving, being quoted across most major crypto outlets. This positioned Komodo as an industry leader, enhancing the project's reputation and building trust, recognition, and an ongoing presence within the crypto community.