In today's project review, I will be looking at COMDEX an interchain DeFi infrastructure.
For the past months, the entire crypto market has been experiencing downward movement in terms of price action and development, and project upgrades for many projects have been affected due to a lack of funds. As the bear market still continues, there are projects that keep building in the midst of the bear and making sure they provide befitting platforms and solutions that meet up the needs of their users.
One of the projects that fall under this criteria is COMDEX.
Since the launch of the Comdex chain, COMDEX is known as the IBC-enabled DeFi Infrastructure Layer for building an interoperable ecosystem of solutions. This solution means that COMDEX is set to provide a variety of interoperable plug & play modules for projects to use to create their own DeFi platforms providing utility to the Cosmos community as well as DeFi users worldwide. With this understanding, the crypto community has ushered in three projects built on the Comdex chain.
The Three Major Projects Built On COMDEX are
- Harbor Protocol
- Commodo
- Cswap Dex
As Harbor Protocol
This is a protocol known as interchain stablecoin protocol. It enables safe listed assets to be locked in Vaults and Composite ($CMST) to be minted.
A little dive into Composite Money.
Composite ($CMST) is a stablecoin designed to represent purchasing power and is therefore soft pegged to $1; however, as the global macro landscape develops, that may be subject to change in the future. It has 3 major use cases which are:
- As a store of value
- As a medium of exchange
- As a Unit of Account
Learning more about Harbor Protocol, it was revealed that it enables market makers and users to capitalise on arbitrage opportunities with its StableMint feature ensuring Composite maintains its peg in secondary markets.
Note this: $CMST can be minted permissionless-ly as a debt against over-collateralized CDPs. Since it, Over-collateralized, it's then backed by excess collateral, and hence its supply is always less than the value of collateral locked in the Harbor Protocol.
As Commodo
Commmodo is a seamless borrowing and lending platform. In addition, it is a decentralized, open-source, IBC-native, collateralized lending-borrowing platform on Cosmos. As a user of the platform, you can earn interest simply by depositing assets to the platform and also you can overcollateralize assets to borrow from the platform by paying an interest rate.
With the design in place, Commodo is set to alleviate the pain points existing in current lending borrowing markets.
What makes Commodo different from other lending platforms are:
- Creation of isolated pools have pairings of collateral and lent assets. This reduces the impact of market volatility on protocol health.
- The platform has a distinctive architectural design with cPools and transit assets. This makes provides money markets that are secure, efficient, and have deeper liquidity.
Note that, Commodo aims to be fully decentralized and follow democratic governance.
Learn More Here
As for Cswap Dex
This is an orderbook-style Interchain DEX. Additionally, Cswap DEX combines the mechanism of the AMM-based liquidity pools with an orderbook-based system, allowing users to place market and limit orders while earning a yield on liquidity pools.
Note: This DEX is set to become a one-stop exchange that will provide its users with a seamless experience of trading IBC assets as well as other cross-chain assets.
cSwap make use of AMM liquidity pools and this brings cross-chain markets and limit orders to DeFi. With this model, cSwap become a go-to platform for traders and arbitrageurs, making them implement sophisticated trading strategies.
COMDEX Progress
A lot of proposals have been executed and there are still many ongoing to add value to the three platforms' builts on the COMDEX chain which revealed that the team is working tirelessly to provide a seamless platform for their users to use.
There are 79 validators very active on the chain with 35,213 wallet addresses, and 69.71% of $CMDX (Comdex utility token) are bonded, what a secured network.
There are a lot of development ongoing in the camp of COMDEX, keep an eyes on the official social media and follow the announcement.
Website: https://comdex.one