Detailed explanation of Comdex: How to facilitate seamless deployment of DeFi applications on Cosmos?

Original author: Revelo Intel

Translated by: Deep Tide TechFlow

Comdex is the first layer of infrastructure in the Cosmos ecosystem, aimed at facilitating the seamless deployment of DeFi applications in the Cosmos ecosystem, and enabling multi-chain communication and capital transfer between CeFi and DeFi. To achieve this, Comdex provides plug-and-play customizable modules, such as:

- CDP module, used to create debt assets that enable IBC assets to be used as collateral.

- Asset tokenization module, representing RWA (Real World Assets) as on-chain NFTs.

- DEX is used to build decentralized exchanges based on AMM, facilitating asset exchange between IBC-supported assets.- P2P trading, creating on-chain peer-to-peer markets.

路线图

translates to

Roadmap

in English.

- Comdex was established in 2018 and deployed on Cosmos to meet the scalability and privacy requirements of its enterprise transaction platform, which was eventually launched one year later.

- In 2020, due to regulatory barriers for cross-border fiat payment channels (such as face-to-face KYC/AML) and the lack of native DeFi on Cosmos, the team shifted its focus and began building the Comdex chain.

- By the fourth quarter of 2021, Comdex's mainnet was ready and deployed with the native CMDX token.

- The initial product suite of Comdex includes Harbor Protocol, which is a CDP platform that supports the CMST stablecoin; cSwap, an AMM DEX based on a hybrid order book; and Commodo, a decentralized currency market protocol. These three initial primitives will be deployed between November 2022 and January 2023. Over time, the ecosystem will grow to support a wider range of applications, such as synthetic assets, trade financing, perpetual futures, and more.

Token Situation

Comdex Ecosystem

Harbor Protocol - CMST

Harbor Protocol is a cross-chain stablecoin protocol that allows the creation of CDPs (Collateralized Debt Positions) by locking whitelisted collateral assets to mint CMST. CMST is a fully collateralized stablecoin that supports IBC and is native to the Comdex ecosystem.

Composite, also known as CMST, is a stablecoin designed to represent purchasing power, with each unit pegged to 1 US dollar. Its mechanism design follows the MakerDAO standard applicable to DAI: CMST can be minted as debt by over-collateralizing a CDP (Collateralized Debt Position) without permission to support its value.

- As a value storage tool, CMST does not depreciate over time. As a stablecoin, it aims to represent the purchasing power of token holders.- CMST is the price unit and standard measurement tool in the Comdex ecosystem. This is achieved by being pegged to 1 US dollar.- CMST serves as an exchange medium, facilitating the purchase and sale of goods and services on various Comdex and IBC-enabled platforms.

Harbor Protocol consists of three main modules:

- The Vault module allows for the minting of CMST using whitelisted collateral assets.

- Locker module allows users to earn interest from their CMST holdings.- Collector module, collects fees and conducts auctions when the total amount exceeds a certain threshold.

cSwap

cSwap is a cross-chain DEX with an order book based on Comdex.

As a DEX that enables IBC, cSwap provides cross-chain markets and combines AMM-based liquidity pools with order book-based mechanisms. This makes features like limit orders and equal-weight pools possible, promoting trading at minimal cost.

cSwap differentiates itself from most liquidity pools by integrating an order book that tracks buy and sell orders.

cSwap's order book has two types of orders: limit orders and market orders.

A limit order is a transaction that is executed only at a specified price.

Market orders are trades executed at the best available price in the market.

Commodo

Commodo is a Comdex-based IBC native lending platform; users can deposit collateral to obtain debt from the lending pool and lend out protocol assets.

Lenders can provide assets to the agreed-upon lending pool, making them available to borrowers and receiving payment at a floating interest rate, without the need to negotiate terms such as loan maturity, interest rates, or collateral requirements with peers or counterparties.

The potential use cases for Commodo include:

- Shorting assets. For example, assets that users are bullish on can be borrowed into the initial pool, while assets that users want to short can be borrowed out. Then, the borrowed assets can be sold in DEXs like cSwap in hopes of a subsequent price drop. When the price drops, users can buy back the asset and repay the loan to make a profit.

- Get leverage. For example, you can deposit OSMO and borrow CMST or ATOM. These assets can be exchanged for more OSMO and lent out again, which can be repeated multiple times.

- In order to capture token incentives added to any specific market, or simply earn income from yield-bearing assets through liquidity mining.- Increase staking rewards income. For example, ETH can be staked as stETH to earn staking rewards, then used as collateral to obtain ETH loans, re-staked for higher returns, and repeat the process. Similarly, users can use Stride to stake ATOM as stATOM, lend it out through Commodo, borrow ATOM, and repeat.

This protocol does not guarantee liquidity; instead, it relies on an interest rate model that incentivizes liquidity.

- When the demand for a certain asset increases, the liquidity (the amount of tokens available for depositors to withdraw or borrowers to borrow) will decrease. Therefore, the interest rate will increase to attract more depositors and discourage borrowing.- When the demand for a certain asset decreases, the liquidity (the amount of tokens available for depositors to withdraw or borrowers to borrow) will increase. As a result, the interest rate will decrease to attract more borrowers and suppress the enthusiasm of depositors.

Comdex Enterprise

Comdex's enterprise trading platform uses digital assets as collateral to facilitate cross-border transactions of physical goods and RWA (real-world assets). Comdex Enterprise's vision is to fundamentally change the basic process of global commodity trading by minimizing settlement time and maximizing efficiency.

Comdex Enterprise provides the following solutions:

- Transaction process management: Traders can maintain and exchange critical transaction files and information, all of which are stored securely and immutably on the blockchain.

- Use real-time chat, shared document views, document annotations, and electronic signatures to conduct real-time transactions.

- Settlement of transactions on the blockchain requires only a small fraction of the cost and time.

- Advanced trade financing with transaction process visibility or reputation scoring.

These products have significant advantages in reducing settlement time, KYC, AML, and member checks between trading parties, as well as optimizing the trading workflow. Key information can be simplified and processed securely and tamper-proof.

Enterprise Trade is the first platform launched by Comdex. In the past, it attracted 18 organizations from Southeast Asia as initial customers of the platform, processing over 160 million US dollars worth of tokenized goods. However, the long-term vision of the platform is to achieve payment settlement and financing through CMST. However, CMST is still in its early stages.

cAsset

cAsset is a synthetic protocol that allows traders to access synthetic assets on-chain. This will enable users to trade commodities and bet on their price movements without worrying about logistics friction. There are four different types of commodities:

- Agriculture: wheat, sugar, cotton, rice, corn, etc.;

- Livestock/Meat: beef, pork, chicken, etc.;

- Energy: petroleum, electricity, ethanol, natural gas, etc.;

- Metal: gold, silver, platinum, copper, lead, aluminum, etc.

By combining the concept of synthetic assets with decentralized technology, cAsset aims to become a revolutionary trading platform that changes the way market participants engage in commodity trading.

Users will be able to conveniently trade, borrow, and synthesize income-generating assets from their personal devices.

The minter can create and open CDPs (Collateralized Debt Positions) to obtain newly minted cAssets. CDPs can accept whitelisted assets as collateral and must maintain a minimum collateralization ratio to prevent liquidation (default is 150%).

Liquidity providers add equal amounts of cAsset and CMDX to their respective cSwap pools. In return, they can earn profits from protocol fees and external incentive rewards, which are based on their liquidity share in the pool.

ShipFi

ShipFi is a platform that allows real-world investment tools to be tokenized and exchanged with trusted stablecoins. This feature has three main purposes:

- Provide a decentralized platform for the issuance and fundraising of investment tools.

- An alternative token that represents ownership of investment instruments issued by a representative.

- According to the revenue generated by the liquidity provider, stablecoins should maintain consistent returns.

When someone provides liquidity to the investment tools listed on ShipFi using stablecoins, the user will receive a fungible token representing ownership of the deposit. Next, the user can stake LP tokens to earn stablecoin rewards and SHIP token incentives.

Due to the fact that the investment tools on ShipFi will conduct off-chain transactions after deployment, the source of real data related to the investment tools is crucial for protocol maintenance. This will be achieved through a deployment proof system that tracks all transaction records and legal documents involving all investment tools.

Zenscape

Zenscape is the validator department of Comdex in the encryption industry. Its purpose is to increase Comdex's participation and visibility in the entire Cosmos ecosystem. Zenscape collaborates with Comdex to provide infrastructure support services, such as:

- IBC relay setup and maintenance, to ensure reliable communication between chains and enable users to transfer their assets between chains.

- Based on Tendermint's chain snapshot.

- Public RPC (Remote Procedure Call) is provided to offer RPC/REST endpoints, ensuring high availability for Cosmos Hub and other ecosystems.

Token Issuance

Comdex's token issuance costs are divided into the following parts, with 100 million CMDX minted at genesis and unlocked after 48 months.

Airdrop: 12.5% (12.5 million CMDX):

- 2.5 million CMDX will be unlocked when listed, followed by unlocking 2.5 million CMDX every three months until a total of 12.5 million CMDX has been distributed.

- Every 3 months is equivalent to $140,000, calculated at $0.056/CMDX.

Community Development Fund: 12.5% (12.5 million CMDX):

- The CMDX allocated to the community development fund will be unlocked three months after listing, and an equal amount of CMDX will be released every quarter until the 30th month after listing.

- Each quarter is equivalent to $93,000, calculated at $0.056/CMDX.

Reward: 25% (25 million CMDX):

- Early liquidity providers will be rewarded.

- 5 million CMDX in total incentives will be unlocked upon listing, followed by 3 million CMDX unlocked each quarter for the next two quarters.

- Afterwards, 2 million CMDX will be unlocked in each of the following four quarters.

- In the following six quarters, each subsequent quarter will unlock 1 million CMDX.

按照解锁顺序计算，每个季度相当于：
According to the unlocking sequence calculation, each quarter is equivalent to:

- The first two quarters, each equivalent to $168,000, calculated at $0.056/CMDX.

- The next four quarters, each equivalent to $112,000, are calculated at $0.056/CMDX.

- The next 6 quarters will each be equivalent to $56,000, calculated at $0.056/CMDX.

国库：25%（2500 million CMDX）：

- Funds used for running and maintaining the protocol.- 5 million CMDX tokens will be unlocked at the time of listing, and then 1.25 million CMDX tokens will be unlocked every quarter until the 48th month after listing.

- Equivalent to unlocking $70,000 per quarter, calculated at $0.056/CMDX.

Team and Advisors: 25% (25 million CMDX):

- Tokens allocated to team members and advisors will be released over a period of 3 years, with a 12-month cliff period starting from TGE, followed by monthly unlocks for the next 24 months.

- After unlocking, it is equivalent to $58,000 per month, calculated at $0.056/CMDX.

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