Comdex Ecosystem — A year in passing; Infrastructure, Products and Services.
The recently concluded year, 2022, was a long one for the crypto industry, there were lots of downsides through the months which posed threats to start ups and even well-established firm within the space. Sadly, we witnessed the eviction of some key players from the game.
That said, we shouldn’t fail to acknowledge the builders that have remained consistent through the chaos and amidst the turmoil delivered values and in-depth services through the year. Looking through the Cosmos ecosystem, there has been some ground-breaking projects which have performed outstandingly and geared the ecosystem towards the route of growth!
The comdex ecosystem has consistently provided value through the year and saw high-surge in service provision in 2022 — This will be our major focus in today’s write-up. Together let’s unveil all the big and little things the team has been doing behind the scenes and the pros they’ve been unleashing to users.
Comdex ecosystem 2022 highlights :
- Integration with cosmWasm
- Introduction of Composite Finance
- Introducing an IBC-native collateralized lending and borrowing platform
- Launch of Harbor protocol and cSwap Dex
- Release of Harbor tokenomics and launch of $HARBOR airdrop
Integration with cosmwasm
Cosmwasm is a smart contracting platform on cosmos which employs its IBC (Interblockchain communication) protocol to execute interoperable multi-chain contracts at a time.
The Comdex and cosmwasm development teams partnered to bring a powerful duo to the ecosystem to promote functionality and enhance user experience within the protocol. The partnership also enforces the vision of facilitating commodity financing through financial inclusion even as interoperability is being established. Cosmwasm provides security against common attack vectors and protect users from untrusted contracts that tries execute redundancy attack. Comdex statistics saw remarkable increase after this integration with more users trooping into the ecosystem and leveraging the solutions provided.
Comdex is on its journey of making global, borderless transactions a reality.
Introduction of Composite Finance
Comdex introduced a collateralized stablecoin ($CMST) for IBC, a robust decentralized and censorship-resistant stablecoin to bring vibrancy and establish a thriving DeFi ecosystem as the gap between CeFi and DeFi is bridged.
The stablecoin is invented to be a stable representation of purchasing power, bring liquidity to cosmos assets and power defi within the cosmos ecosystem. It is soft pegged to $1.
$CMST is minted permissionlessly as a debt against overcollateralized CDPs of approved interchain assets. The stablecoin is backed by $HARBOR and serves as a backstop to its peg through recapitalization mechanism. The stablecoin helps users leverage earn yield from lending, and facilitate liquidity creation while users maintain long exposure to their collateral assets.
Introducing an IBC-native collateralized lending and borrowing platform
Commodo is an IBC-native collateralized lending and borrowing platform which was launched on the comdex chain. Comdex introduced this platform as a tool that provides a secure, liquid and flexible platform that provides passive income for holders of IBC assets. On the platform, depositors are able to lend out digital assets and earn yields on them, on the other hand, borrowers get to borrow whitelisted assets provided they keep their lent assets as collateral.
Some other utilities of commodo platform include; capitalization on arbitrage opportunities during high volatility, interoperability with the whole cosmos ecosystem, low transaction fees and near-instant value transfers.
The team aims to support bridged assets of other ecosystems, synthetics assets and other digital assets in future.
Launch of Harbor protocol and cSwap Dex
Comdex launched two major products towards the end of year 2022, and this added tremendous value to both comdex and the cosmos ecosystem as a whole. Harbor protocol and cSwap DEX had both their mainnet successfully launched in November.
The launch of Harbor protocol facilitates the minting of CMST stablecoin using axIUSDC via the ‘stable mint’ feature on the interchain stablecoin protocol. This decentralized product enables safelisted assets to be locked in vaults and allow for minting of $CMST.
The cSwap decentralaized exchange is an orderbook-style interchain DEx that is built on comdex for swapping, trading, farming and governance activities. Since its launch, the DEX has seen high usage and is currently at a TVL of $1.1M and a 24hours trading volume of $74.6K. The team is working towards making the orderbook style DEX the principal liquidity source for comdex ecosystem and the go-to platform for traders and arbitrageurs to implement sophisticated trading strategies.
Release of Harbor tokenomics and launch of $HARBOR airdrop
Harbor tokenomics and airdrop were launch consequently in late 2022. The tokenomics unveiled the token distribution, tokenomics model, token utilities and allocation, with a decent and generous fraction allocated for airdrop.
A wide range of ecosystems within cosmos were beneficiaries of the airdrop and it served as a way to onboard more users to the ecosystem, raising awareness amongst the community about the overcollateralized interchain stablecoin — $CMST.
The airdrop was conducted with some major interactions with comdex products and services and lasted for weeks. This was an interesting chain of activities and a major event in the ecosystem.
And so 2022 came to a close and it was a significant year for comdex ecosystem. The new year has began at a good pace and we hope to see even more growth this time!
About Comdex
Comdex is a DeFi infrastructure layer for the Cosmos ecosystem, It enhances seamless deployment of DeFi applications in the Cosmos ecosystem, powering DeFi in the multi-chain future.
Comdex is democratizing and revolutionizing the commodities trade industry, the ecosystem is designed to enable bridging of capital to assets across the DeFi and CeFi ecosystems. Comdex delivers a robust infrastructure layer that supports seamless creation and deployment of Dapps and enhance investor’s access to a broad range of assets that help them diversify and generate yield on investments.
