The Rare Gem Found At Cosmos Ecosystem
It's so glaring that since Comdex upgraded from a synthetic exchange to a DeFi infrastructure layer for Cosmos with a focus on decentralizing finance, a lot of tools, elements, new projects collaboration and many more are in the camp of Comdex Ecosystem coupled with testnet of projects built on Comdex chain.
August 2022 Comdex's Product Update
August 2022 was loaded with amazing updates from the developer team of the platform:
- cSwap:
This is an order book style interchain decentralised exchange and it's built on Comdex's chain. The testnet is live and traders are testing the interface and working operation of the DeX.
Check out cSwap: https://testnet.cswap.one For testing, you can request for the faucet of ATOM, CMDX & OSMO on official discord: https://discord.gg/yJEz7ekMrX
- Harbor Protocol:
This protocol has multiple functions, but it's simply the dApp on the Comdex chain which is powered by the Cosmos SDK and CosmWasm smart contracts to enable safe listed assets to be locked in Vaults and mint $CMST. In case you are new to what's $CMST, it is a collateralized stablecoin for IBC.
You can read more about Harbor Protocol
The testnet for Harbor Protocol was released recently and people ready started to interact with the protocol while minting $CMST.
A sample of user that already minted $CMST through Harbor Protocol can be found Here
- Commodo:
This is a lending/borrowing platform built on Comdex's chain. The testnet is loading and very soon it will be released for public testing be on the lookout.
- Deployment of $CMDX <> axlUSDC FIN Market
It's not news that the proposal to deploy $CMDX <> axlUSDC FIN Market at https://blue.kujira.app/govern/33 passed and the pair is now live for people to participate in liquidity bootstrapping.....
One of the products built on Comdex is Composite Money which is the Stable coin on the IBC network.
Do you asked which Composite Money are you talking about since we already experienced the fall of UST of LUNA which happened to be related to IBC gangs...
Let's dive into the importance of Composite Money $CMST
Volatility is the nature of cryptocurrency and this has affected the use of digital assets for the purchase of goods and services because the sudden change in the price of an asset can demand more quantity of that asset in order to purchase that goods or services and vice versa. This activated the need for a stablecoin in the space and this is to keep the purchasing order stable in the market.
The question is, what makes a stable coin stable?
Answer is Minting Mechanisms
There are two stablecoins attached to the minting mechanism and they are: Algorithm and Collateralized
As Algorithm Stablecoin, its mechanism relies on algorithm incentives to decrease or increase the supply to maintain its peg. This means that an algorithm stable coin is pegged on a value and never backed up by any asset.
On the other hand, Collateralized algorithm is issued with a collateralized asset as a value backed up by the supply. Here, the asset can be a commodity like gold, silver, or another altcoin. It can also backed with fiat.
In the case of high volatility, a stablecoin is then considered to be over-collateralized to maintain an excess of the liability of the stablecoin supply during market volatility.
Knowing the two stablecoin mechanisms, whether the stablecoin is the peg on fiat, crypto or commodities, it has to follow rebase or seigniorage algorithms or a combination of the two in some capacity.
What is the function of a rebate algorithm?
This algorithm controls the supply of stablecoin.
What is the function of seigniorage algorithms?
This algorithm uses a mint-burn model with two coins rebalancing values of each other.
It takes less than 5minutes to read about the functionality of these two model
Now, what do we need to expect from Comdex?
Comdex team is working tirelessly to bring to every Cosmos user a seamless environment to transact and not only the Cosmos users or IBC gang, but the entire crypto space including traditional institutions are also welcome.
All the major key features in decentralized finance are what Comdex gets involved in and should you have a question that is not clear to you, dive into any of the officials handles to submit your concerns.
Remember, $CMDX is the utility token of Comdex and can be purchased by you holding $ATOM which you push to Osmosis App, and right there you can trade (buy or sell).
Call To Service
We know that Cosmos ecosystem is known for its Fairdrop, Share drop or Airdrop, it's high time you get some $CMDX the utility of Comdex and preferably stake them.
Disclaimer: I am not a financial advisor, every piece of information submitted here is only an educational piece to propel you to study more.
Comdex Offical Handles
Posted Using LeoFinance Beta
