Supercharging Comdex: CosmWasm, Incentivized DEX Testnet & More

The Comdex chain is about to undergo some fairly significant upgrades to set it up for the future. It’s an exciting time, with an incentivized testnet of the synthetics platform coming soon, and mainnet launch expected to follow in Q2. The team recently released the roadmap for 2022, and it’s packed with exciting stages to look forward to. The first step in this process will be the upcoming chain upgrade, including most notably the addition of CosmWasm to the chain.

Source: Comdex Twitter account

So, what changes are coming?

The chain is upgrading to the latest versions of a few modules, being the base Tendermint protocol to v34.15, the Cosmos SDK to v45.1, and IBC upgrading to v2.0.2. These updates are all relatively unexciting from a non-technical perspective, basically just bug fixes and tweaks to improve things. Nothing in these changes really stands out as hugely important to discuss, but it is good nonetheless that the Comdex chain will be upgraded to the latest, most up-to-date version of these important protocols.

The big thing in this upgrade is undoubtedly the addition of CosmWasm. Comdex joins a growing number of chains that have added the CosmWasm module, including Terra, Juno, Secret, and soon Osmosis. This module has significant potential, as it enables smart contracts in an environment tailored to the Cosmos eco-system, that can work across chains.

The future of IBC involves a lot more than just the ability to send tokens across chains, as has mostly been what has happened so far. IBC is a communications protocol and will do so much more. Having the ability to use IBC and launch smart contracts across chains will undoubtedly make for a rich, and interesting environment moving forward. Not only can smart contracts be launched and built on the Comdex chain, but they can also interact with other chains. For example, contracts could be set up on Comdex that could trigger a call to a lending protocol on Osmosis, or Juno. Cross-platform contracts that link Comdex’s synthetic commodity tokens to platforms on Terra, or Secret could make for some fascinating and unique possibilities.

Source: Tweet by Aniel Essien

More on the roadmap

The synthetic platform will use a Collateralized Debt Position (CDP). The benefit of Comdex over other CDP platforms is that it will hold multiple different cosmos assets backing it as the collateral. This is another way that IBC gives Cosmos eco-system chains an advantage. When the platform launches, it will begin with Gold, Silver, and Crude Oil as the commodities available to mint synthetics, and trade or pool into LPs, and ATOM, XPRT, AKT, and DVPN will be the initial assets that will be able to be used as collateral. It is also interesting to note that obviously oracles will be needed for the pricing of the commodities, with Band being the first.

In the near future, an incentivized testnet will be set up to allow users to test and trial the platform. This will give the team feedback and bug testing while the Dex is being finalized. The Dex is expected to go live in late Q1 or Q2. Once this happens, Governance will be able to expand the range of Cosmos assets that can be used as collateral, and the team will work with Band to add more oracles for more synthetic commodities.

Source: Comdex roadmap

Longer-term plans

A bridge to Ethereum is in the plans for Q3, along with migrating an existing Enterprise Trading Platform onto Comdex. This platform was built by the Comdex team and has been in operations for a while already, currently on the XPRT chain.

Towards the end of the year, the team plans to enable leverage and options trading, and launch a native stable coin called USDX. This could take the form of a hybrid algorithm and collateralized stable, with CMDX mint and burn function, or also mint via collateralizing other Cosmos assets. This is still to be confirmed and is currently still in the planning stages.

The other exciting feature planned for the end of the year (Q4) is the launch of the ShipFi platform in Comdex. And the announcement for this in the recently published roadmap included a teaser for a possible airdrop of a new SHIP token, which will be the native token for this platform.

Further info:

A great source of information about Comdex is the team's official blog. The team regularly updates the community, with newsletters and details about new releases and updates put out regularly.

Aside from that, a great interview recently by Cryptocito with Comdex co-founder Siddarth Patil is a good resource to learn about the project and get an explanation of what's coming. You can find that interview here.

Of course, the best way to keep up to date is to follow the team on Twitter.

Make sure you keep accumulating your CMDX. The ideal way to build a long-term position on the platform is to accumulate a stake now. Once the main Dex is live, building LP positions in a CMDX/sGOLD LP for example will be much easier with a solid daily staking income flow. That is just one of many strategies available with a solid staking return. Please also consider staking to our Whispernode validator!

This post is not financial advice and readers are advised to complete their own research.

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Cosmonaut & Partner @WhisperNode 🤐 Validating: $SCRT | $OSMO | $EVMOS | $ATOM | $JUNO | $LUNA | $AXL | $CMDX | $DVPN | $STARS | $CHEQD | $MNTL | $KUJI | $NOM

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Cosmonaut & Partner @WhisperNode 🤐 Validating: $SCRT | $OSMO | $EVMOS | $ATOM | $JUNO | $LUNA | $AXL | $CMDX | $DVPN | $STARS | $CHEQD | $MNTL | $KUJI | $NOM

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