$CMDX token — Airdrop eligibility and Use Cases
An airdrop always feels like heaven and many users within the Cosmos ecosystem have been receiving lots of love letters from cosmos-based projects. One of such love letters received was from Comdex, a synthetic assets protocol built on cosmos. Did everyone get a share of Comdex’s little gift? This blog post goes to talk about the criteria for selecting those who are eligible for the airdrop and also going further to give a brief description of this token and when we expect to see it live!
The CMDX Airdrop
Like most airdrops, the CMDX airdrop came like a gift but had certain criteria for eligibility. This criteria was pretty easy and must have been good news for enthusiasts within the Cosmos ecosystem. First of all, Comdex announced an airdrop for holders and stakers of Persistence gem, XPRT with a snapshot said to have been taken on the 8th of October, 2021 at 3:30 PM UTC+1. Much later, as anticipated they also announced an inclusion of ATOM holders and stakers into the pool. There is still talk that LUNA holders and stakers might also be included but it is not yet confirmed. To check eligibility, a user would go to airdrop.comdex.one. This now brings us to the Comdex platform and a brief description of the CMDX token. You must be holding at least one token of the network that should qualify you for the airdrop. That’s holding 1 $XPRT or 1 $ATOM. That’s pretty much beautiful. Also, they looked at the state of the accounts with wallet addresses that were in the vesting or unbonding period (at the time of the snapshot) were deemed ineligible for the airdrop. Another factor stated was that the tokens (ATOM and XPRT) must have been kept in non-custodial wallets as at the time of the snapshot. Examples of these wallets include the Cosmostation Wallet, Keplr wallet and also the Persistence native web wallet. Funds in exchanges were ineligible for airdrop. They also excluded LP of tokens from the airdrop.
Comdex is the flagship dApp of the Persistence ecosystem. Other products within the ecosystem includes pSTAKE which aims to help stakers unlock the liquidity of their staked assets and earn extra rewards in the DeFi space. Assetmantle, another dApp, is set to be launched on the 15th of November, 2021. It will be the first NFT marketplace in the Cosmos ecosystem. With Comdex, we would see a project that would democratize commodities through interchain synthetic assets. With Comdex, we would get to understand what synthetic assets bring to the larger financial sector and also get to view them in a better way. The Comdex Mainnet is set to launch on the 20th of November, 2021 and we will be seeing the CMDX token coming to life. Now let’s talk about the CMDX token and what it brings to the Comdex platform.
We know for sure that those who have seen that they’re eligible for the CMDX airdrop are itching to see the 20th of November and get their hands on this gem that is pushing the narrative for synthetic assets and commodities trading on Cosmos. What role will the CMDX play in the Comdex platform?
- The $CMDX token would serve as the native token of the Comdex platform. Like other native tokens, it would look to power the staking economy of the platform. Stakers would help to secure the network by staking their CMDX tokens on the platform. Transaction fees on the platform would also be paid for with the $CMDX token.
- The $CMDX token would also help with collateralization on the Comdex platform. Users would be able to mint synthetic assets on the Comdex platform while using CMDX as collateral. Creating and trading cAssets would be made seamless too.
- Governance is also another important part of blockchain technology these days and the Comdex platform is not left out. Normally, token holders of certain platforms are made eligible to take decisions on events within the platforms. The $CMDX token would not be left out of this as critical decisions would be sorted out by token holders as they get to vote on these processes.
- Like other exchange platforms, liquidity providers within these platforms get rewarded in the native token of the projects. Others who help with critical decisions (including LP) would be rewarded with the $CMDX token also.
- The $CMDX token would also help to maintain the stability of cAssets as some tokens would be minted and burned periodically to maintain net debt.
Let’s embrace the beauty that is Comdex as we explore the benefits that users can derive from the decentralized nature of synthetic assets.
Thank you Persistence. Thank you Comdex.