Comdex
Cosmos SDK
Comdex is an ecosystem of solutions focusing on democratizing finance and helping capital flow seamlessly from DeFi and CeFi. The Comdex ecosystem offers a couple of trading solutions such as the Decentralized Synthetics Exchange (built on Cosmos), the Enterprise Trading Platform (built on Persistence), and ShipFi.
APY | ~50% |
Compounding | Manual |
Reward Distribution Period | Every block |
Unbonding Period | 21 Days |
Validator Self-Bond Requirement | 0 CMDX, top 130 validators with highest total stake (self-bond + delegation) are active set |
Inflation | ~30% |
Figment Validator Address | comdexvaloper1y7u65dheha8e64k3l2vntd8mgt99vmmcwrf54j |
Recommended Wallet |
Double Signing | 5% |
Downtime | 0.01% |
Comdex is a decentralized synthetic asset exchange that aims to democratize finance further by improving access to financial assets and products that a large portion of the world currently can’t participate in due to regulatory constraints, geography and other complexities. The Comdex protocol, an IBC enabled chain built with the Cosmos SDK, allows users to trade derivatives of traditional financial assets.
Through Comdex’s “ShipFi” platform real-world investment assets can be digitized and then exchanged for trusted stablecoins. ShipFi creates unique fungible (exchangeable) tokens to represent these real-world assets. Through this process Comdex facilitates a direct flow of value between traditional assets and crypto assets.
Part 1 - Create a Cosmostation Wallet
Your first step is to create a Cosmostation wallet by either downloading the respective Google or Apple store based wallet or by selecting Web Wallet on cosmostation.io. For this example we are going to use the phone based app wallet.
Now that you have downloaded the app, tap the “Start” button in the bottom of the screen. After that the app will show you all the available mainnets for which you can set up a wallet.
For this tutorial we will select the Comdex mainnet. If you have previously created wallets for different mainnets you can easily create additional wallets for another mainnet, such as Comdex. In that case you go to settings and select “Add new wallet”.
Select the Comdex mainnet, tap “Create” and then select “Show Mnemonics” which will in turn prompt you to create a pin in order to see the mnemonics.
Make sure to write down the entire mnemonic phrase on paper or store it in a safe place. If you lose your mnemonic phrase you will be unable to recover assets stored in the wallet.
Now select “Create” and you will have created your Comdex mainnet wallet on Cosmostation.
Part 2 - Delegate/Stake your Comdex CMDX tokens
To start staking your CMDX tokens you need to send your CMDX tokens to your newly created Comdex wallet on Cosmostation. To send your CMDX tokens to your Cosmostation wallet, copy the address at the top of the app and then paste it in the wallet or exchange that currently holds your CMDX tokens. It should only take a few moments for the tokens to show up in your wallet.
Further down in your wallet overview you will find a button called “Delegate”. Once you select that button you will see a list of all available validators. You can then select Figment or any of the other validators.
Selecting a validator will give you a brief overview of the total bonded amount, an estimated annual percentage yield (APY), and the commission the validator charges.
You again select the “Delegate” button, fill in the amount you’d like to stake and tap “Next”. The Cosmostation wallet will then give you the option to add a memo but that step is just optional. Select “Next” again to reach the screen that shows the transaction fee. I have gone with the pre-selected “Low” fee at the center of the screen. At the bottom right again select “Next” again.
The following screen will show an overview of the amount you have selected to stake, the fee and the validator you have chosen. Double check and then click “Confirm” at the bottom right. The wallet app will then display a delegate Notice. Select “Continue” and you’ll reach the transaction details.
Once the transaction confirms, congrats! You have successfully staked CMDX.
Comdex uses delegated On-Chain Governance. Any CMDX holder can participate directly in Comdex governance via CLI.
Delegators inherit the vote of the validator they are delegated to unless the delegator actively submits a vote themselves, which overrides their inherited vote.
Comdex is a newly launched Cosmos SDK L1 and is IBC enabled. As a DeFi platform, the core team is planning to launch ShipFi. ShipFi will facilitate the digitization of trade finance debt products
What is Comdex?
Comdex is an ecosystem of solutions focusing on democratizing finance and helping capital flow seamlessly from DeFi and CeFi. The Comdex ecosystem offers a couple of trading solutions such as the Decentralized Synthetics Exchange (built on Cosmos), the Enterprise Trading Platform (built on Persistence), and ShipFi.
What is staking?
On a Proof of Stake blockchain, staking is the act of depositing tokens in order to become a validator; that is, to participate in proposing and attesting to transaction blocks. Anyone with a minimum necessary coin balance can validate transactions and earn staking rewards on these blockchains.
What is the name of the asset being staked?
The native token on Comdex is called CMDX.
What is the CMDX token used for?
The CMDX token is used to vote on governance proposals and to cover transaction fees as well as for staking purposes to secure the network. Apart from these use cases CMDX can be also used: To mint Comdex’s synthetic asset cAssets to be traded on the platform. As rewards for Comdex’s Liquidity Providers (LPs) and delegators CMDX tokens are being minted and burned to ensure the stability of the cAssets and the network’s solvency
Where can I explore the network and create a Comdex wallet?
Explorer: https://www.mintscan.io/comdex Wallet: we recommend using Ledger or Cosmostation
How long does it take to stake and unstake?
From the moment you initiate the unbonding process, it takes 21 days to unstake. During this time, you will not earn rewards. When the process is complete, you can transfer/trade your CMDX tokens.
Will I keep receiving rewards after I unbond?
No. Once you unbond you stop receiving rewards.
Which type(s) and what rate of rewards can I expect?
You should expect approx. a 50% APY.
When do rewards get distributed? Is staking income liquid or automatically staked?
Staking rewards get distributed every block (roughly 6 seconds). Figment is never in control of your rewards. As there’s no auto compounding feature on Comdex, staking income remains liquid and must be restaked manually.
How is staking income disbursed?
Block rewards are distributed every block (roughly 6 seconds) and proportionally to all validators relative to their voting power. This means that even though each validator gains CMDX with each reward, all validators will maintain equal weight over time.
Can I lose potential staking rewards?
Your potential rewards depend upon validator performance. When your validator is down, you will not be earning staking income.
Can my staked CMDX be slashed (seized or destroyed)?
Yes. Comdex applies slashing penalties to both double-signing and downtime: In the case of double-signing, which occurs when your validators sign two blocks at the same height, the protocol will slash all stakes by 5%. In case of downtime, when the validator misses more than 95% of the last 10.000 blocks, both validators and delegators would be slashed by 0.01% on all stakes.
What is the total supply of the CMDX token?
The total maximum supply on Comdex is capped at 200,000,000 CMDX.
What is the rate of new issuance (aka "annual inflation") for CMDX? How does the token supply change?
To be a truly interoperable synthetics protocol Comdex must capture a broad user base from the Cosmos ecosystem, therefore the CMDX token distribution model and release schedule incentivize active participation from a significant portion of the Cosmos ecosystem members. The CMDX inflation rate is set at 30% for the first year and a subsequent reduction of 25% in the inflation rate in each.
Do I maintain custody of my CMDX tokens?
Who or what controls my staked tokens? Yes, Figment is non-custodial, which means we are never in control of your staking income and staked asset. Figment has partnerships with a number of top-in-class custodians: For inquiries, please contact [email protected]
How are decisions about Comdex made and executed?
Comdex uses delegated on-Chain Governance. Any CMDX holder can participate in protocol governance via CLI. Delegators inherit the vote of the validator they are delegated to unless the delegator actively submits a vote themselves, which overrides their inherited vote.
Last modified 5mo ago