The first-ever decentralized exchange to trade Dogecoin (CRYPTO: DOGE) has been launched — according to Komodo, a blockchain solutions provider.
What Happened: The peer-to-peer decentralized exchange is powered by Komodo’s AtomicDEX engine, according to a statement issued Wednesday.
“Decentralized exchanges and non-custodial wallets are a few of our specialties and we want to enable Shiba’s considerable fanbase to trade crypto with the very latest technology – atomic swaps,” said Kadan Stadelmann, chief technology officer at Komodo and creator of AtomicDEX.
DOGE traded 2.33% lower at $0.056 at press time, while the apex cryptocurrency by market cap, Bitcoin (CRYPTO: BTC) was up 1.88% at $56,095.56.
DogeDEX will be available on desktop and through a mobile application and will also function as a non-custodial wallet, which means users can retain their private keys.
Why It Matters: DogeDEX has already been downloaded 3,000 times and conducted 179,212 swaps of DOGE since its limited release on March 1, as per Komodo.
Decentralized exchanges or DEXs do not have intermediaries like brokers seen in centralized exchanges and eliminate the need to transfer assets to the exchange.
DogeDEX will use atomic swap — a smart contract technology — to conduct transactions on its platform.
The Shiba Inu-themed currency will hit $1 levels, according to Dallas Mavericks owner Mark Cuban if transactions by his basketball team’s fans keep up the momentum. Last week, Mavericks began accepting DOGE as payment for tickets and merchandise.
Tesla Inc (NASDAQ:TSLA) CEO Elon Musk, who frequently tweets on DOGE, said this month that the joke cryptocurrency has a legendary item in its arsenal against price erosion — a meme shield.
Read Next: Dogecoin Gets Mark Cuban Boost But It’s No Match To This NFT Crypto’s Spiciness
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