Comdex: The Journey in One Year
It is commonly said, "A journey of a thousand miles begins with a single step."
For Comdex, that single step began with launching the protocol on Cosmos. This step was taken to help them achieve the vision which was set when they started in 2018 - to create a product that would increase accessibility to financial services globally.
Though faced with a lot of challenges at that time, Comdex has stood the test of time and has become as great as we know it to be today. Some of the challenges it faced were:
- The bear season of 2018
- The infancy of Cosmos
- A decrease in retail interest,
- No significant institutional adoption, etc.
Comdex kept growing over time to become an ecosystem of solutions that would democratize finance and ultimately act as the bridge between DeFi and CeFi.
Before Comdex launched their Mainnet, they had developed some products with great functionalities. Some of the products are:
- Enterprise trading platform: This helps to solve problems of trust and efficiency in the commodity trade industry and SMEs/MSMEs have better access to financing.
- ShipFi: this application focuses on bringing trade finance debt and receivable assets on-chain to obtain liquidity. It was slated to be launched in 2022, and is still in the pipeline.
- Synthetics: Enables the creation of synthetics so that DeFi investors may get exposure to real-world assets.
You can read more about them here.
Let’s look at some of the milestones that Comdex has recorded as its Mainnet records a year of existence.
The Mainnet Launch
Comdex launched on the 21st of November 2021 with an initial set of 64 validators. The Comdex Mainnet went live with a 100,000,000 CMDX genesis supply. As at the launch of $CMDX, 12.5% of the genesis supply (12,500,000 CMDX) was in circulation. To allow participants acquire CMDX at a price that was favorable for them, Comdex held their LBP (Liquidity Bootstrapping Pool) on December 3rd, 2021.
There was a proposal (#3) to upgrade the Comdex Mainnet. Voting began on the 2nd of March 2022, and ended the next day. The proposal passed with 99.99% voting in favour of the Mainnet. The upgrade included the following:
- CosmWasm integration v0.22
- Tendermint upgrade v34.15
- Cosmos SDK upgrade 45.1
- IBC upgrade v2.0.2
On the 7th of March, the Mainnet was upgraded, and CosmWasm was integrated. CosmWasm is a smart contracting platform built for the Cosmos ecosystem. Its smart contracts employ Cosmos’ revolutionary InterBlockchain Communication (IBC) protocol, allowing it to execute interoperable, multi-chain contracts at once. Read more about CosmWasm here.
On November 17, few days to Comdex’s one year anniversary, there was a Mainnet upgrade to v5.0.0. The upgrade comes with some benefits, also giving user the opportunity to auto-compound their $CMDX. You can try it out here.
The native utility token of the Comdex chain is $CMDX. It serves a number of purposes, like:
- Collection of fees on utilisation of modules on the chain.
- Rewards collection, etc
The CMDX token is inflationary with an inflation of 30% set for the first year and a subsequent reduction of 25% in the inflation rate in each with the maximum supply capped at 200,000,000 CMDX. However, there was a discussion to change the inflation rate from 30% to 22.5% as per the $CMDX tokenomics. You can read it here. Voting was done and 100% voted in favour of the proposal.
It is often said that if you want to walk far, you should walk together.
Comdex did not come this far by being alone. It gave support to other protocols, and also enjoyed the support of others.
Partnering with other protocols brought numerous benefits to the Comdex community, such as staking opportunities, liquidity providing, security, portfolio management, etc.
Some of those partners include:
- Pulsar Finance: This gives users the opportunity to manage all their assets across DeFi from a single place.
- Axelar Network: This delivers secure cross-chain communication for Web3. Their infrastructure enables dApp users to interact easily with any asset or application, on any chain.
- OKCNetwork: OKC is compatible with EVM and IBC. It is a L1 blockchain network built on Cosmos that aims for optimal interoperability and performance.
- Gravity Bridge: This is an open and decentralized bridge that unlocks the power of interoperability and liquidity between blockchain ecosystems.
- Kujira, etc.
You can find some of the staking platforms here.
Comdex has been building a number of applications to offer amazing services to its community. Some of these applications are live, some are in the Devnet stage, while some are in the Testnet stage. They include:
- Enterprise Trading: This is a B2B application built to tokenize real world assets and facilitate instant trade, settlements and financing. It is LIVE.
- cAsset: This is a decentralized synthetics app that facilitates the creation of synthetics assets by collateralizing crypto assets. It is in the Devnet stage.
- Commodo - This is a decentralized, IBC-native, collateralized lending-borrowing protocol. Commodo is still in the testnet stage. You can test it here. You can also find a walkthrough guide here.
- CSwap - This is a hybrid DEX with AMM and traditional Orderbook mechanism to facilitate swapping and LPing of crypto assets. It is an orderbook-style interchain DEX built on Comdex. It has gone LIVE, and can be accessed through this link. A walkthrough guide is also provided here.
- Harbor - As Comdex continues to work towards launching the Composite $CMST stablecoin, the importance of Harbor Protocol cannot be overemphasised. Harbor provides the platform for the minting of the stablecoin. Users can deposit safelisted assets and mint $CMST against them. Harbor is LIVE, and can be accessed here. You can also use the walkthrough guide here.
As the day goes by, more users are making use of Comdex and its products. Some statistics are presented below:
- 80 active validators on Comdex-1 chain.
- 1M+ Transactions
- 11k+ Telegram community members
- 3+ Projects building on chain
- 38k+ Discord Community
For Comdex, this is just the beginning!
Comdex develops possible solutions for the decentralization of finance (DeFi) and the democratization of commodities by handing investors the knowledge of a widened scope of asset classes with rewarding features.