In today's article, a discussion on persistence one's application which is looking to disrupt a trillion dollar market in worldWide commodity trading, this app is called Comdex. After recently onboarding up to Fifty validators on the platform's testnet, Comdex was fully launched on the mainnet on the 20th of November, 2021. Before going through the details of the product, a brief description of the Persistence platform is highly necessary.
PERSISTENCE ONE
Persistence One platform is basically a platform that allows users or developers associated with them build various institutional DeFi applications. Persistence also looks to sustain and develop global exchange simplicity, meaning that cross border negotiations and transactions will become faster and immensely efficient. Persistence has put in a network that will fuel the debt-market which links various lenders and borrowers around the ecosystem. With the real life asset-tokenization, Decentralized Exchange, and the debt-market, efficiency in lending is fully automated. The system has integrated advanced techs and application products to solve the various issues concerning Decentralized Finance platforms. Comdex isn't an exception as it fulfills this purpose.
COMDEX
Comdex is basically a community based synthetics trading product developed to simply democratise digital finance through the deterioration of intricacies in order to access financial investments on various assets. Through the product's protocol, refined on the cosmos network, various individuals now have the ability to collateralize or leverage off their own assets in order to be exposed to a vast array of inflation-eliminated assets.
Through the combination of the chain network's great immutable properties and the IBC's features of interoperability, the synthetic based protocol of Comdex enables different investors with a wide range and seamless access of commercial assets. By developing solutions around the ecosystem, Comdex looks to develop links for the migration of capital from Decentralized Finance to the Centralized finance ecosystem.
Features of The Product
Asset holders on the Cosmos network like ATOM, AKT or CMDX operators are given the ability to collateralize assets in order to mint the cAssets, this cAsset can then be utilized on the cSwap network to exchange synthetic based commodities.
From the start, Comdex facilitated the development of the cAssets through the lock-up of single-asset form as the collaterals. But Right Now, they have prospects of diversifying the ways of this system by supporting the individuals with the ability to lock-up a lot of assets as collaterals.
The automated process for cAsset development on the medium is achieved via CDP. In every CDP, a placed minimum ratio of the collaterals must be sustained in order to make sure that the position of open-debt is continuously protected from price movements.
cSWAP DESCRIPTION
cSwap network basically allows individuals on the platform to swap or exchange cAssets via the AMM. The AMM was made to facilitate asset swapping without interferences from intermediaries of centralized network.
Individuals on the medium referred to as LPs (Liquidity Providers) put in their assets or funds in the liquidity pools which helps facilitate cSwap exchanges, in order to gain CMDX rewards.
Making Exhanges on any kind of cAsset can only be fully enabled if the Liquidity pool placed for that exact asset or fund is developed. For that, individuals have to put in pairs of cAssets which are of varying-ratios into the placed pool. Once done, users can then commence cAsset swapping.
CONCLUSION
Comdex was mainly developed to improve the accession to finance by bringing down restrictions and intricacies. Because of the development of the product, individuals on Cosmos network can now diversify their various investments through the access of a vast array of synthetic based assets which target great returns. Comdex is just one of the great products Persistence has innovated to help facilitate the Decentralized Finance Ecosystem. It is truly a great product for both the DeFi and CeFi industry.