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Bought and staked some CMDX

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JK
@jk6276
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3 min read

A project I'm developing a keen interest in is Comdex. They are building a Dex for synthetic assets, focusing on Commodities, as well as some other use cases. Currently there is a Liquidity Bootstrapping pool underway on Osmosis. I just pulled the trigger and started accumulating CMDX.

In my post a couple days ago I looked at the launch, and the Liquidity Bootstrapping Pool. Also, @nulledgh0st posted a detailed guide to the process. Given my familiarity with Osmosis I figured it would not be an issue. So here is the step by step of what I did:

  1. Find some spare assets.
  2. Send them to Binance.
  3. Trade to ATOM.
  4. Then I hit a roadblock. ATOM withdrawals from Binance were suspended (native anyway). Impatient me figured I'd withdraw on BSC and then bridge across. But with Binance bridge now closed, I wasn't sure how to do that. So I waited for a while to see if they would restart ATOM withdrawals.
  5. After a couple hours, I got impatient. So I traded those ATOM's into LUNA.
  6. Withdrew LUNA to my Keplr wallet.
  7. Deposited to Osmosis.
  8. Traded to ATOM.
  9. Traded via the LBP into CMDX.
  10. I ended up doing this process twice for two different amounts that I gathered.

Where to stake CMDX?

My goal is to build a decent stake of CMDX for the long term. Getting these tokens I have just acquired staked is a priority. The Comdex team have tweeted out a couple of options to get started. As the chain does not have full Keplr access set up, other options are needed at this early stage.

I used the Omniflix option as it is a much more familiar project to me. But having a look at the Unagii app, it seems like a decent option also. But either way, they will prompt you to add the Comdex chain to Keplr. This will add a wallet in the "Beta support" section. I have no idea for Ledger or other options how this works, or even if there is any other options yet.

Once your wallet is linked, in my case to the Omniflix site, the UX is pretty good. A straightforward withdrawal from Osmosis to your wallet, and an equally straightforward staking process through the OmniFlix UI. Always remember to keep a little amount unstaked, to cover transaction fees when they come up. Inflation is running at 30% at the moment, and the current supply of CMDX has a very high staking level.

So there it is, the start of my Comdex stake. These tokens I acquired at an average price of $2.65 each. This price could fluctuate a lot, depending on how the remaining LBP process unfolds. However, when I add in my airdrop, then my average cost per token will come down significantly. What the final price from the LBP ends up is anyone's guess, but I'm hoping it is well supported and the price does not decline much more.

My CMDX is proudly staked with GhostStake - the validator for Comdex being run by @nulledgh0st. Please do your own research, this post is not financial advice, just my personal thoughts.

Thanks for reading,

JK.

EDIT

I just bought some more at $1.77 each. My average price now is $2.27 each if anyone is interested.

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