Starting today, Poloniex customers can trade and redeem Atoms, the native token of the Cosmos Network. Poloniex is the only exchange where ICO participants can securely redeem their tokens.
This comes after Poloniex became the first exchange to allow Cosmos ICO participants to preview their ATOM balance. Atoms can now be traded and redeemed on Poloniex as Cosmos governance has voted to enable those functions.
Cosmos was built to create a network of blockchains all capable of interacting with one another through a consensus engine called Tendermint Core. The goal of Cosmos is to solve many of the interoperability and scalability issues needed for blockchain applications to reach mainstream adoption.
How to trade and redeem ATOM
Anyone with a Poloniex account can sign in to trade and transfer Atoms. For ICO participants who want to redeem their Atoms, please follow these steps:
You can start by navigating to the Poloniex deposit and withdrawal page. For your safety, always confirm that you are securely logged into Poloniex by reviewing the URL:
Upon arrival, locate Cosmos and click “Redeem.” You will then be prompted to enter your seed phrase. You will then be able to see your total Atom balance from the ICO, the Cosmos network fee, and the total amount you can redeem.
Poloniex has taken considerable precaution in helping our customers claim their Atoms in a secure way. Note that your seed phrase will not leave your browser and is not stored with Poloniex. Your browser will use the seed phrase to determine your Cosmos public address and then display the amount of ATOMs you can redeem.
When claiming your Atoms, your browser will then digitally sign a transaction that authorizes the movement of funds into your Cosmos deposit address on Poloniex. The only data transmitted to our servers is the public key and the signature required to move the funds.
If you have more questions about Cosmos redemptions, please see our detailed Q&A here.
The addition of Cosmos Atoms is just one of multiple exciting recent developments at Poloniex. We’ve completely revamped our infrastructure to reduce latency and increase trading speeds by 10X. We were also one of the first exchanges to add support for Grin and the first exchange to support FOAM and Livepeer. We’ve just opened several markets for margin trading for non-US customers with more margin pairs on the way.
Stay tuned for more pairs, more improvements and more features!