Little-known altcoin Komodo (KMD) had a strong month amid the global lockdown. In the past 28 days the KMD coin price increased 102% against the dollar, while many larger cap cryptocurrencies struggled for momentum.
From a coin price of $0.239453 on March 16, the value of Komodo climbed to a peak of $0.485010 on April 14 — a 102% increase.
KMD/USD 1 Month Chart: Coin360
That’s in stark contrast to the previous month’s performance, which saw the coin price drop by over 75% from February’s high of $0.920051.
Komodo’s recent history
Komodo can trace its existence in some form all the way back to 2014’s Bitcoin Dark. A project rebrand and a hardfork of the Zcash (ZEC) blockchain eventually saw Komodo shift its focus to multi-chain architecture, while retaining the privacy options of its parent chain.
Blockchain projects can build on Komodo’s sidechains using ten different programming languages, while its own blockchain is backed up on Bitcoin’s every ten minutes. In 2019 Komodo released its AtomicDEX – a decentralized atomic swap protocol which can trade coins between disparate blockchains without requiring a third-party exchange.
Komodo drew wide attention in late March when Ethereum founder Vitalik Buterin decried the lack of trustless methods of trading Bitcoin and Ethereum trustlessly. As the Komodo team pointed out at the time, the AtomicDEX is a method of doing precisely that.
While the project flew under Vitalik Buterin’s radar, Binance CEO Changpeng Zhao (CZ) drew attention to Komodo as far back as 2018. In a Forbes article from August of that year, CZ suggested customizable blockchains like Komodo may be poised to outlast the previous generation’s crop of general-use chains.
Komodo finds itself placed among the top 70 cryptocurrencies by volume as of press time. In the past 24 hours, KMD’s largest market was found on Binance, where the KMD/BTC pair accounted for $1.2 million worth of trades.