Sold all my Comdex bag

Part of my crypto downsizing over the last year or so has involved exiting projects that I was once bullish on. Top of this list has been Comdex - CMDX.

Image Source: Pixabay

Why was I bullish?

Comdex launched during the good times for the Cosmos eco-system, with a central focus being plans to establish a collateralized synthetic commodities platform. Deposit major Cosmos eco-system tokens, Mint cAssets (like cGOLD, cSILVER, cOIL) as synth's, and potentially provide liquidity for these assets in a Dex. This idea was appealing to me, and at one point CMDX was one of my biggest bags.

You can sense my bullishness in a couple of posts from a year or so ago:

• Comdex, an interesting bear market option - didn't turn out to be that way - price back then was up around the $5 mark, currently it is trading at $0.03.

• A plan is forming - as Comdex's platforms finally started to come to life, after many delays and some controversy, I was still looking for angles to make the most out of it. A lot of what was in this plan never eventuated, and the plan would not have worked very well.

Why I sold out?

Part of my exit from this project was enforced by my need to liquidate crypto to fiat during my unemployed phase. As time went on, it became increasingly apparent that the promised "synthetic commodity assets" platform was not going to happen. The "Com" part of Comdex (commodity) has not eventuated at all.

As my main purpose for the investment failed to happen, the project did continue to develop. The team seemed to pivot after the LUNA/UST collapse to focus on a collateralized stablecoin. This still held some promise, and it is a live product that has been launched, and is useable on Comdex's platform and other parts of the cosmos.

But in the end, nothing about Comdex is now unique, it has no point of differentiation. It has a Dex that is clunky, and it pales in comparison to other Cosmos dex's like Osmosis. A confusing UI and an ever declining token price, along with a wierd Parent/child pool arrangement (where you have to have liquidity in a certain pool to earn yield on other pools) make this Dex complex and unappealing. The stable has failed to gain much traction, and a highly involved and complex airdrop of its governance token has flopped. Likewise lending platforms are inferior to other options in the cosmos.

Nothing about Comdex in its current form is unique. It is all just inferior (in my humble opinion) alternatives to other protocols around. USDC and USDT are coming to Cosmos, so the stable is less required, also other protocols have launched stables as well. Mars is a better lending platform, Osmosis is a better Dex. So it all just feels like Comdex is a flop.

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Moving on.

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As a little footnote, I'd like to draw everyone's attention to the Cosmonauts On Hive community. It has had little activity, but now that you can post in to it from Leofinance easily, it would be a great place to share all posts related to the Cosmos eco-system, and try to build this community group up.

I plan to get in touch with @coinlogic.online, or @thelogicaldude to see if they want to come back and work with us to build this niche, and hopefully fill this community up so we can promote it and potentially onboard some Cosmonauts.

Worth a try anyway, I think this iteration of "communities" from Leofinance will work better than the previous version on the old UI. A good idea, but it never gained much traction.

Join the Cosmonauts On Hive and you can post into this niche, while still earning LEO and HIVE if your content is deserving of curation.

Posted Using LeoFinance Alpha