As Comdex network’s official governance token continues to make moves, let us take another comprehensive look at it. The $CMDX currency plays a major role in the Comdex community, fulfilling the goal of Comdex to become a ground for the democratization of decentralized finance.
Comdex has other tokens under its wing, which is the trend in many decentralized crypto organizations. These tokens include:
- $CMST (the Composite token), the stablecoin of the network, formerly known as $USCX.
- $HARBOR (a token for the Harbor Protocol), for the governance of the distribution of $CMST currency.
- cAssets (synthetic assets) that are physical-turned-digital commodities owned by Comdex users.
- An upcoming $SHIP token, to push the idea of ShipFi forward, bridging the worlds of both traditional and decentralized finance.
But the $CMDX currency is lord of all, as it remains the go-to means of exchange for most situations in the Comdex network.
Major CMDX Roles
Playing important functions in the Comdex network, $CMDX forms a dominant part of the community’s tokenomics.
The following are roles of the token.
- The voting and veto token of the community.
- Empowerment of Comdex’s staking economy.
- Secures the network via gas fees.
- Usage as collateral in the Comdex Commodo Bank, and the loaning of synthetic cAssets.
- Provision of liquidity.
- Distribution of rewards.
- Used by the Comdex’s Community Development Fund, to supply funds to aid the network’s expertise and researches.
The past nine months since the launch of the network’s secured blockchain has seen Comdex amass thousands of users, and is able to boldly say that they are definitely a network running via the InterBlockchain technology protocol, for the interoperability they offer with other blockchains.
In this interoperable blockchain, $CMDX is circulated to keep the Comdex tokenomics alive. The system of distributing the token establishes the periodic incentivizing of the members of the network… as appreciation for their role in uplifting it, and a method of encouraging more engagement by users.
Truly, this strategy has worked, as $CMDX has been rising in publicity in the months past, due to the airdrops and bonuses that drive the token’s mass adoption.
The Comdex network makes use of a big project which they term as the Community Development Fund. From this pool, twelve percent and a half of its shares are pointed towards funding the distribution of $CMDX.
Via the CDF, the publicity of the token is funded as well, to drive for more massive adoption, while supporting the building of newer decentralized applications within the Comdex ecosystem via grants.
In a bid to aid the development of the network, the $CMDX token is given as reward to those who have evidently contributed immensely to the network’s growth, such as providing liquidity to pools that support the trading of cAssets on cSwap.
Early providers of liquidity partook in the incentives of five million $CMDX in reward pools meant for them. This boosted thirst for liquidity provision, leading to a thriving market on the cSwap platform for synthetic assets. The $CMDX is a market maker, as evidently seen in the development of the Comdex network’s staking, liquidity, and synthetics markets.
The Web App
Now available within the Comdex network, the Comdex Web App gives you a free pass at exchanging your Cosmos tokens for Comdex, or vice versa. These tokens, such as the $ATOM, $XPRT, $MNTL, $AKT, and $DVPN tokens can be used for converting your physical commodities to digital synthetic cAssets, via $CMDX.
Every cAsset created on Comdex is a Collateralised Debt Position (CDP) that the borrower can close by returning the assets borrowed as debt. You pay $CMDX as gas fee when creating and closing CDPs. You can likewise perform exchanges via the $CMDX tokens, while you provide liquidity with your cAssets, and acquire the $CMDX tokens as rewards.
The gas fees you pay in form of $CMDX go to various designated pools carrying out different functions. Gas fees collected in the pool designed for stability makes sure that the distribution of cAssets is always increased and reduced periodically, to keep costs of cAssets are stable, and to incentivize providers of liquidity.
Comdex is a large decentralized synthetics protocol in the Cosmos crypto network. As a product of the Persistence platform, the Comdex network develops a large pool of possible solutions for the decentralization of finance, by handing over to investors the knowledge about a widened scope of asset classes and rewarding projects.
To keep up with all the updates concerning Comdex’s monetization processes, follow up the following links.
Web App: https://dev-cassets.comdex.one/