COMDEX: Synthetic Commodities and The Next Level Use of NFTs
Good morning Lions I trust you are enjoying the end of the year wind down and hopefully you are somewhere safe away with family or friends and enjoying your years end. With that in mind I am always looking out for wonderful new projects to follow and see how they progress and sometimes throw a few dollars at.
A project I was recently introduced to by @Jk6276 is COMDEX and if you would like to read JK6267 post you can find it here. But I thought I would throw together a bit about COMDEX and their unique style that will be used to trade CEFI.
What is COMDEX?
COMDEX is an enterprise trading platform built on an SDK rather than an API which means that an entire suite of development tools are being utilised rather than just data crunching and recording through an API. If you'd like to know more about API's and SDK's you can find out more information Here. COMDEX is it's own Block Chain utilising the Cosmos SDK suite.
COMDEX will enable users to collateralise the native Token CMDX it mint synthetic assets pegged to their native counterparts called cAssets on COMDEX. Investors will also be able to stake their CMDX tokens to help secure the network Source.
Image Source
CMDX can be staked on OMNIFLIX and if you do decide to jump in I would recommend supporting a fellow Lion @nulledgh0st who manages the WhisperNode and he can also be found on a number of other staking platforms. His commission price is decent at 10% and I know a lot of people think cheaper is better but if you go for 0 fee or low fee options you need to ask yourself how validators are paying for their operations or are they just seeking a significant amount of delegation to maintain a high voting weight.
A Real Use Case for NFTs
NFTs are an amazing feature on block chains and even though they are currently being used for art they have a far greater use case and capabilities, one that COMDEX is about to venture into.
COMDEX's Enterprise trading platform will create NFTs of real world commodities and enabling their vision of bridging Decentralised Finance and Decentralised Finance into the same place source. Image Source The project has already onboarded 18 organisations and is serving four countries.
Air Drop
Image Source COMDEX is currently undertaking an airdrop for token stakers in the above image which you can check to see if you have met eligibility requirements here. However, I believe the air drop is paid out in 90 day blocks a small part at a time. You can also purchase CMDX by purchasing Cosmos sending it to your wallet than heading here to swap to CMDX noting that you will need to have an account on OMNIFLIX to withdraw your tokens to which can be created and tokens staked Here
The Verdict
ETFs have been growing in popularity and I can't see why a similar service for crypto enthusiasts won't be as popular. COMDEX does have a competitor with Mir Finance over on Terra Network and we do know that the United States Securities and Exchange Commission (SEC) does not support the use of synthetic stocks source. However, this can be mitigated by not providing the service to American citizens as this is the avenue the SEC takes when sending out their subpoenas.
The onus will need to be on crypto enthusiasts to ensure they are meeting regulations within their own respective nation states but the project nonetheless seems to be getting off to a good start with some thorough ground work. If you would like to know more about the project you can visit the official COMDEX News Room to find out more information.
What are your thoughts?
Image sources provided supplemented with Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.
Posted Using LeoFinance Beta
