Exciting Monthly Recap on Comdex — May 2022
The inception of the blockchain has brought a better way to live, the expansion that comes with it through dapp, ecosystem and chain are numerous, with the ability to host more dapp and projects built on an ecosystem, the blockchain has evolved and decentralized finance has taken a new turn, the likes of Comdex has decentralized finance, changing the way we see asset liquidity and flow of capital, a seamless way to access assets on both CeFi and DeFi, Comdex is synthetic and built on Cosmos SDK. With many interoperable projects built on its chain, Comdex brings tokenization, synthetic exchange and assets, lending altogether bridging to other ecosystem are made possible through Comdex ecosystem, an automated market marker for trading all cAssets on Comdex, governance and native token to allow users interact with the chain, collateralization of assets with $CMDX assets, all this makes Comdex a vast ecosystem of the problem-solving blockchain base.
Over the years Comdex has solidified its code, expand its knowledge base, onboard more projects than its contemporary and shown the true meaning of decentralization, in doing this, updates are done to the Comdex ecosystem consecutively, from airdrop to dapp, project geared toward bringing more assets to users with Comdex chain being at the centre to providing a Defi layer on Comdex chain. The list is endless on what Comdex has done and what it’s set to do.
The month of May saw a transcending of Comdex to offer more assets, and expand its infrastructure to further cater for a larger blockchain solution that is solely based on the Comdex whitepaper outline.
The Composite $CMST token has been collateralised to be pegged at $1, a stable coin with the capacity to bring more collateralised assets to Comdex, made to be permissionless and can be minted through staking $CMDX. Composite goal on Comdex is a stable coin pegged to $1 that will be the major stability of token on Comdex, the governance token of Composite is $HARBOUR, serving as the basis of $CMST as a pegged token.
The pegging of $CMST to a $1 is based on arbitrage and token locking, as users witness a $CMST price above $1, they mint and lock the minted token for a higher than $1 price, as more $CMST is minted, it is used to buy back $HARBOR and burn. At $CMST price going below $1, it is encouraging to use it as collateral and pay fees. When this is done, the Comdex protocol sees to it that more $Harbour is used to buy back $CMST and burn. This cycle of token health keeps $CMST at $1. Maintain robust incentives to secure the Comdex chain.
An added value of the composite dapp to codex is its integration as a payment model, fast-tracking the enterprise model of Comdex. Presently holding a $160M trading traffic, this will enable a more utility of Comdex chain with the creation of NFT, tokenize more dapp coming on Comdex, other project outside Comdex can interoperate with it through Composite $CMST, be used as collateral in liquidity provision and many more.
Being a cross-chain staking platform on Cosmos ecosystem, the StaFi Hub was created to be the staking arm of Comdex with inter-blockchain communication (IBC). The StaFi Hub is collaborating with Comdex to mint rAssets, StaFi Hub did this by minting rCMDX and other tokens, with this, collateral exists on Comdex to various defi purposes. This enables collateral and staking at large, its useability goes to securing and validating the Comdex network, as this magnifies Comdex’s scope of reach to their chain, its vastness is done by the possibility of any rToken that could be created by StaFi Hub.
The whole Comdex community held a town hall meeting, a means to boost the growth of Comdex and check how progressive the Comdex plan has gone in bringing true decentralization through collateralised community assets, the Comdex. This gave way to comdex being the Defi layer infrastructure of Cosmos. Comdex ecosystem can now serve as the yardstick of DeFi on Cosmos.
At a staggering 14K telegram community users, 67% of its token staked, 490K+ transaction and 5 solid projects built on it, Comdex steps further with its assets, the likes of Commodo, a lending platform using $CMDO, $ShipFi, a real estate collateral way and NFT included using the $SHIP, having a stable coin $USCX. The Comdex ecosystem is large enough to contain all that its assets inclined, collateralized them, and bring Defi closer to its users.
Another project has come to notice the progress going on in Comdex, the likes of CrytpoNewZ awareness of Comdex to the goal of Defi was made on their publications blog. Another awareness came through holding a Gateway to Cosmos YouTube page, with an increased number of subscribers, Siddarth spoke about the benefit of Comdex to the cosmos chain, DeFi interoperability and the world of Assets infrastructure.
Comdex can now be explored with the Comdex.bigdipper.live to see wallet transaction, market cap and inflation rate, supply and community pool, the latest blockchain validators is shown through the Big dipper platform, and users having $CMDX in their wallet can see all their transaction on the Big Dipper.
There is no end to the Comdex chain progress, its interoperability is its strength, its cAseets offer more of having other network token on its chain, as this enables faster collateralization of assets, its goal is to make lending and borrowing of assets easier and seamless. All collaboration of Comdex with their chain revolve around this. Decentralization, DeFi, CeFi and the world of NFT are all impacted by Comdex chain protocol. NFT can be minted, and collateralized and lending is done with it either by holding any of Comdex dapp token, the protocol becomes strengthened by this usability.
Comdex still has a long way to go as other crypto users have seen its lending protocol, attention is growing on 26k Twitter followers with lots of DeFi developers calling Comdex for a partnership, the likes of Kado Money and Comdex working together while carrying along other Comdex dapp with it. Comdex resources can facilitate a much larger dapp, a canonical asset is coming onboard.
More updates are on the way to Comdex, providing larger scope of work and assets collateralization across all platforms, the growth of Comdex is the growth of Defi, as Defi aims to surpass the CeFI through Comdex AMA with top industry intellectual resources.
