Comdex is a decentralized synthetic asset exchange that aims to democratize finance further by improving access to financial assets and products that a large portion of the world currently can’t participate in due to regulatory constraints, geography and other complexities. The Comdex protocol, an IBC enabled chain built with the Cosmos SDK, allows users to trade derivatives of traditional financial assets.
Through Comdex’s “ShipFi” platform real-world investment assets can be digitized and then exchanged for trusted stablecoins. ShipFi creates unique fungible (exchangeable) tokens to represent these real-world assets. Through this process Comdex facilitates a direct flow of value between traditional assets and crypto assets.
Part 1 - Create a Cosmostation Wallet
Your first step is to create a Cosmostation wallet by either downloading the respective Google or Apple store based wallet or by selecting Web Wallet on cosmostation.io. For this example we are going to use the phone based app wallet.
Now that you have downloaded the app, tap the “Start” button in the bottom of the screen. After that the app will show you all the available mainnets for which you can set up a wallet.
For this tutorial we will select the Comdex mainnet. If you have previously created wallets for different mainnets you can easily create additional wallets for another mainnet, such as Comdex. In that case you go to settings and select “Add new wallet”.
Select the Comdex mainnet, tap “Create” and then select “Show Mnemonics” which will in turn prompt you to create a pin in order to see the mnemonics.
Make sure to write down the entire mnemonic phrase on paper or store it in a safe place. If you lose your mnemonic phrase you will be unable to recover assets stored in the wallet.
Now select “Create” and you will have created your Comdex mainnet wallet on Cosmostation.
If you want to connect through your Ledger please follow this guide.
Part 2 - Delegate/Stake your Comdex CMDX tokens
To start staking your CMDX tokens you need to send your CMDX tokens to your newly created Comdex wallet on Cosmostation. To send your CMDX tokens to your Cosmostation wallet, copy the address at the top of the app and then paste it in the wallet or exchange that currently holds your CMDX tokens. It should only take a few moments for the tokens to show up in your wallet.
Further down in your wallet overview you will find a button called “Delegate”. Once you select that button you will see a list of all available validators. You can then select Figment or any of the other validators.
Selecting a validator will give you a brief overview of the total bonded amount, an estimated annual percentage yield (APY), and the commission the validator charges.
You again select the “Delegate” button, fill in the amount you’d like to stake and tap “Next”. The Cosmostation wallet will then give you the option to add a memo but that step is just optional. Select “Next” again to reach the screen that shows the transaction fee. I have gone with the pre-selected “Low” fee at the center of the screen. At the bottom right again select “Next” again.
The following screen will show an overview of the amount you have selected to stake, the fee and the validator you have chosen. Double check and then click “Confirm” at the bottom right. The wallet app will then display a delegate Notice. Select “Continue” and you’ll reach the transaction details.
Once the transaction confirms, congrats! You have successfully staked CMDX.