Bringing DeFi to Cosmos: Announcing Gravity DEX Testnet Competition; Mainnet Launch on Cosmos Imminent
Tendermint, the firm that develops and maintains critical infrastructure for the Cosmos ecosystem, acquires B-Harvest, creator of Gravity DEX. Gravity DEX Testnet is launching on Cosmos this month.
Tendermint has acquired DeFi liquidity innovator B-Harvest, creator of Gravity DEX, the first interchain decentralized exchange created for the Cosmos Hub. Gravity DEX enables decentralized trading between any two Cosmos tokens — a $90 billion+ market that includes ATOM, BNB, LUNA, and CRO — or any of the galaxy of tokens beyond the Cosmos ecosystem.
Built with the Inter-Blockchain Communication (IBC), Gravity DEX will enable permissionless, trustless exchange of digital assets throughout Cosmos and other blockchain networks while integrating liquidity pools across dozens of protocols efficiently with its Equivalent Swap Price Model (ESPM) Automated Market Maker (AMM). The launch of Gravity DEX is a fundamental step in enhancing blockchain interoperability within the Cosmos ecosystem.
“The Cosmos ecosystem needs an interchain DEX,” explains Tendermint CEO Peng Zhong. “Tendermint is bringing B-Harvest in-house to launch and scale Gravity DEX so that any token within Cosmos — and from other blockchains — can be traded freely on an exchange that is permissionless and trustless. Interoperability is the future of blockchain, and it’s made widely possible by IBC.”
The Gravity ESPM AMM model combines batch execution, order books and limit orders with an AMM to significantly outperform the CPMM model as seen on platforms like Uniswap. To learn more, we recommend reading our Litepaper and ESPM Economic Simulation.
The Gravity DEX team has submitted a formal governance proposal to allocate 5000 ATOM from the Cosmos Hub community pool to use as prize money for the Gravity DEX testnet competition. Voting on the governance proposal began April 7th, 2021. We invite you to follow and participate in the Cosmos governance process to get involved.
The next phase of the Gravity DEX rollout includes a weeklong testnet competition for traders, arbitrageurs, and bug bounty hunters to earn prizes totalling more than $200,000 in ATOMs and 10 sponsored tokens from the Cosmos ecosystem:
- TERRA (LUNA) https://terra.money
- REGEN (REGEN) https://www.regen.network
- BITSONG (BTSG) https://bitsong.io
- SENTINEL (DVPN) https://sentinel.co
- PERSISTENCE (XPRT) https://persistence.one
- AKASH (AKT) https://akash.network
- E-MONEY (NGM) https://e-money.com
- CYBER (GCYB) https://cyber.page/
- IRIS (IRIS) https://www.irisnet.org
- AGORIC (BLD) https://agoric.com
Registration for the Gravity DEX testnet competition opens on April 21.
As announced on Coindesk , B-Harvest Founder Hyung Lee will take on the role of Head of DeFi at Tendermint. The Tendermint acquisition will amplify the team’s already remarkable efforts in DeFi innovation.
“After 3 years of contributing to the Cosmos ecosystem, we are very excited to join Tendermint for more accelerated development of financial applications building with Cosmos-SDK,” said Hyung Lee.