Tendermint Acquisition Takes Aim at New Interoperable DEX for Cosmos

Tendermint enters the decentralized exchange arena with the ambitious goal of creating a one-stop DEX for trading any and all coins.

AccessTimeIconApr 7, 2021 at 3:01 p.m. UTC
Updated Aug 19, 2021 at 8:37 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • 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.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, 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.