Comdex and Its recent Progress so far
Borrowing the phrase of Abraham Lincoln, democracy is a government of the people, by the people, and for the people. Democracy is one word that people think of when people talk about freedom. This is because of the power given to the people to make decisions that are favorable to them.
With the above, I’m sure you will agree with me that the Cosmos ecosystem is practicing democracy, as it has given its users the power to control their finances, giving them access to a wide range of crypto assets to exploit.
After Comdex launched her mainnet sometime in late November, it held a Liquidity Bootstrapping pool, allowing community members to participate in genuine price discovery without restrictions (allowing them to buy her native utility token, CMDX, at prices favorable to them). What a way to show democracy! I believe that’s why their major aim is to democratize finance.
Let us look at some of the amazing features of the Comdex ecosystem, as well as its recent progress.
Comdex allows its users to stake their tokens (a practice of delegating their tokens to the validators) and earn rewards from them. One may ask, “How are the rewards accrued?” Well, the rewards are initially accrued when there is a general increase in the price of CMDX, and afterward, rewards are accrued from transactions fees in the platform, as its user base increases.
The $CMDX Token can be staked in three locations:
Another way Comdex allows users to accrue rewards is through its Liquidity Pools. Here, users can support, or help grow the ecosystem by providing liquidity. The liquidity provided helps to carry out transactions involving CMDX quickly and with minimal slippage. Rewards are generated for liquidity providers from both inflations and fees paid for swapping. The rewards are paid daily in OSMO, which is the native token of Osmosis DEX.
$CMDX currently has two active liquidity pools on Osmosis DEX, Join the pools here
- $ATOM /$CMDX: https://app.osmosis.zone/pool/600
- $CMDX /$OSMO: https://app.osmosis.zone/pool/600
To provide liquidity, the user must have an equal amount of the CMDX and the token in the selected pool(OSMO or ATOM). It is worthy of note that the tokens are locked for a period of time (1 day, 1 week, or 2 weeks). The rewards are higher when they are locked for longer periods, but one must remember that the locked tokens cannot be accessed during the locking period. In addition to the rewards given, there is an extra CMDX given to the liquidity providers.
Loads of rewards given by Comdex, right? But that’s not all, there are more benefits.
As proof of its support for democracy, Comdex allows holders of its tokens to share their views on how the platform should be governed. Comdex has already held two votes using the Osmosis platform. The first was to launch its LBP while the second was to incentivize its pools.
Comdex also announced that token holders will be able to vote on proposed partnerships, integrations, and asset listing on its platform.
In order to vote, a tiny amount of CMDX is staked, and the user would have to sign the transaction with their wallet for authentication.
More interesting updates
- Amazingly, Comdex has increased its Annual Percentage Return (APR). They have been increased to 115% on $CMDX/$ATOM and 195% on $CMDX/$OSMO pools, not forgetting the extra $CMDX which is added as rewards for the liquidity providers. It can therefore be called a dual reward pool.
- Comdex also introduced collateralized loans, where users can offer their cosmos-based assets to get access to liquidity (i.e., borrow funds). This way, there are no third-party involvements.
- Another great news to show improvement is that $CMDX pool liquidity has recorded a significant increase over the weeks (over 59% before the end of 2021). It has also been announced that total wallet addresses have exceeded 15,000.
Haven’t created a Comdex wallet, this article will work you through a detailed step-by-step guide on creating a $CMDX Wallet: https://oatmilkk.medium.com/how-to-create-comdex-wallet-address-e8e8205e505
Wrapping up for the year 2021, Comdex called for applications for ambassadors from interested individuals.
This shows that 2022 is going to be a great year for the Comdex community.
Comdex’s synthetics protocol unlocks access to a vast set of commodity debt assets and liquidity, making the flow of capital from DeFi to CeFi seamless.
For More Information about Comdex: