COMDEX AND ITS RECENT LAUNCH
The world of decentralized finance is very dynamic and these changes have been accompanied by tremendous progress in the financial sector, numerous platforms are currently offering solutions to most of the problems that are associated with centralized finance in terms of products and services.
The Comdex team has seen a need to bridge the gap between centralized finance (CeFi) and decentralized finance (DeFi) by creating a range of solutions that makes it easy for their users to gain access to financial products and services by utilizing blockchain technology.
This article aims to present a brief overview of the democratizers of finance — Comdex and their recent launch.
AN OVERVIEW OF COMDEX
Comdex is a leading synthetics assets protocol built on the Cosmos Ecosystem that is currently making waves in decentralized finance. Their primary goal is the democratization of finance by bridging decentralized finance and centralized finance and have over the past few months made strategic partnerships with some of the best platforms that are currently revamping the industry.
The tokenization of real-life assets has eliminated most of the problems associated with the conventional derivatives markets, and the Comdex team believes that the creation of digitally exchangeable illustrations of a variety of assets will grant investors exposure, and universal accessibility in finance. Hence enabling a continuous flow of capital between these types of assets.
The synthetic assets that are created on the chain are known as cAssets, and every commodity that is listed on the Comdex platform possesses its unique cAssets token that is exchangeable on the cSwap which is Comdex’s automated market maker module.
There are three major players on the Comdex platform, they are:
● The traders
● The minters
● The liquidity providers
The traders comprise of those individuals who utilize the Comdex platform with an intention of making profits from the fluctuation of the prices of cAssets on cSwap
The minters are also referred to as borrowers they are the clients that generate the initial liquidity of the synthetic assets on the Comdex platform by locking up a variety of Cosmos assets to mint cAssets.
The liquidity providers are clients whose intentions are to earn trading fees and rewards in the Comdex native token — $CMDX by generating liquidity pools on cSwap in the of cAsset pairs. Liquidity providers are at liberty to provide short or long position-dependent liquidity for every cAsset that is listed.
THE $CMDX TOKEN
The $CMDX token is the native token of the Comdex protocol and is currently listed on the Osmosis zone, the Comdex team is working tirelessly to ensure that the $CMDX token is listed on various decentralized exchanges (DEXs) and centralized exchanges (CEXs).
The $CMDX token is very fundamental to the growth and sustainability of Comdex, and it serves several basic functions in the Cosmos ecosystem namely:
The $CMDX token possesses an algorithmic relationship with all the listed synthetic assets. Hence, $CMDX tokens will be created to protect the vitality of cAssets in the network.
2. Transaction fees
The $CMDX token is used as a means of paying several platform fees including fees that are charged to reward validators who ensure the security of the network and fees for on-chain transactions
Holders of the Comdex native token — $CMDX are given the privilege to determine and regulate various constraints on the Comdex platform. Holders of the $CMDX are entitled to modify crucial parameters such as fees, whitelisting of synthetic asset, cAsset set, collaterals that can be used, and so on.
The $CMDX token is used to reward clients who are carrying out important functions on Comdex, such as clients who provide liquidity to the cSwap pools and early adopters of the token
The Comdex team has fostered an extensive arrangement of interoperable solutions that address industry issues namely:
ShipFi is intended to be the footing on which Comdex’s mission to democratize finance stands. ShipFi will foster the digitization of trade finance debt products and makes it seamless for investors to gain access to historically safe trade finance debt assets via their crypto possession.
● COMDEX ENTERPRISE TRADING PLATFORM
The Comdex enterprise trading platform is also a major pillar that supports the Comdex vision.
Built on the Persistence software development kit Comdex’s enterprise trading platform enables clients to create and exchange tokens that embody real-life commodity assets.
Comdex’s enterprise trading platform operates by generating Non-Fungible Tokens (NFTs) of actual commodity assets on the Persistence blockchain. Hence, addressing the issues relating to efficiency and trust in the commodity trade industry and providing seamless access to finance for SMEs/MSMEs.
This is a primary solution presented by Comdex because it enables clients to build their own synthetic assets. Hence making it simpler for individuals willing to invest in decentralized finance to get access to actual assets.
COMDEX MAINNET LAUNCH
The long-awaited Comdex mainnet was launched on the 20th of November, 2021 with a genesis supply of 100,000,000 $CMDX tokens.
The Comdex team has initially enlisted 50 experienced validators on their testnet and after a series of rigid tests, their mainnet went live on the Cosmos ecosystem.
The launch was commemorated with an amazing launch party with the best of the Cosmos ecosystem in attendance with speakers from Persistence, pStake, Exido, Sifchain, Akash, Umee, and several others.
The launch party was streamed to spectators around the world and can be watched via this link:
Comdex’s mainnet launch was definitely worth the wait as the team has revealed that amazing things are yet to unfold.
COMDEX LIQUIDITY BOOTSTRAPPING POOL FOR THE $CMDX TOKEN LAUNCHED ON OSMOSIS
The Comdex team has launched the liquidity bootstrapping pool (LBP) for the $CMDX token on Osmosis decentralized exchange (DEX)
Interested individuals were presented with an opportunity to partake in Comdex’s liquidity bootstrapping pool and contribute to the price discovery of the $CMDX token from the 3rd of December, 2021 to the 6th of December 2021.
The price discovery was carried out via a reverse dutch auction where the $CMDX price was highest at the beginning and then slowly declines over the sale period of three days. This mechanism leveled the playing field and made it impossible for huge buyers to corner the market on time and dump their tokens on investors that will come later on.