MultiSwap Launch on Comdex: Enabling Crosschain Swaps to Comdex

Hey folks! Nick Odio here - Chief Growth Officer at Ferrum Network. I wanted to hop in here and let everyone know that Ferrum is quite keen on integrating our multichain DEX aggregator, MultiSwap, with Comdex.

Just to provide a bit of a background on Ferrum, we’ve been around since 2018. Ferrum is one of those rare projects that has not only survived but thrived during multiple bear markets. The main reason for this is because we’ve continued to build products and services that people want, starting with our suite of Staking as a Service products to Iron Vest, a white label linear release and claiming portal. These Blockchain as a Service products have been utilized by over 200 projects across a multitude of EVM and non EVM ecosystems and have allowed us to scale the team to be able to focus on something a bit more ambitious which is ushering in the age of something we’re calling Interoperability 2.0.
Eventually this will include a multichain messaging engine built using Substrate called Quantum Portal that we hope to integrate with appchains in the Cosmos ecosystem such as Comdex. However, in the meantime, we would like to kickstart our relationship with the Comdex ecosystem by integrating MultiSwap. The objective here is to reduce the layers of friction that exist between users and the Comdex ecosystem by providing a seamless way for folks to move assets from a multitude of networks to Comdex.

To do this, we will tap into existing DEX liquidity from the likes of Cswap. Since MultiSwap is an aggregator and does not host any of its own liquidity, it will have a positive impact on not only the ability for users to migrate capital to the network but also on pre-existing DeFi platforms by encouraging volume and TVL.

To provide a bit of context regarding where we’re currently at with MultiSwap, we’ve already conducted swaps between Cosmos based appchain Cudos, whom we’ve had a longstanding relationship with, and EVM networks. Meaning altcoins on EVM networks have been successfully swapped from Metamask to Keplr wallets for CUDOS at transaction speed which is pretty exciting to watch! So as you can see, some of the work has already been done on the CosmWasm side so we’re looking to dive deeper into the Cosmos ecosystem and we’d love to pursue Comdex next!
So without further ado, here is the proposal. Looking forward to hearing everyone’s thoughts!


Title and brief description of the project:
MultiSwap powered by Ferrum Network is a smart routing multichain aggregator that enables multichain swaps between EVM and non-EVM compatible networks alike. MultiSwap allows users to securely swap ANY ASSET for ANY ASSET on ANY NETWORK to ANY WALLET at transaction speed.

We are looking to integrate our entire suite of products with the Comdex network, but for the purposes of this proposal, the product that we will be focusing on is MultiSwap.

The Ferrum team has developed Multiswap cosmwasm contracts and frontend multiswap service that supports Keplr wallet. This provides us with an excellent starting point to integrate Comdex.

Motivation behind the project (objective / anticipated impact)
The motivation for creating MultiSwap was to resolve the current pitfalls that plague many of the interoperability protocols on the market today. By removing the ‘lock/burn and mint’ mechanism involved in cross-chain protocols and reinventing the architecture behind the way assets are transferred across networks, our objective is to improve the security, efficiency, efficacy, and experience for end users.

Why did we choose to build on Comdex?
We’re choosing to build our product on Comdex for a few reasons:

  1. Cosmos is one of the largest ecosystems in Web3 and with the Comdex ecosystem and Cswap being one of the leading DEX’s in the Cosmos ecosystem, a Comdex integration is an obvious choice.

  2. Being a non EVM compatible L1, we feel like Comdex will need as many avenues as possible to help port liquidity between EVM and Non EVM compatible networks and Comdex to make assets on the network more composable.

  3. Ferrum wants to familiarize itself with Comdex and its language in order to bring other Ferrum products and incubated projects, present and future, to the Comdex network. A bi-product of this will allow Ferrum to introduce early stage projects that we are incubating through Ferrum Advisory Services, to Comdex.

Benefits for the Comdex Ecosystem

We are presenting a few advantages of using MultiSwap over existing bridge solutions between Cosmos and other networks.

  • No slippage on single asset for single asset swaps: One of the key issues detected on Axelar USDC bridge is axlUSDC requires liquidity on each EVM network. Therefore, there is slippage when converting USDC to axlUSDC. When moving from Arbitrum to Comdex, USDC on Arbitrum needs to be converted to axlUSDC on Arbitrum. Only after that takes place can the token finally be bridged to axlUSDC on Comdex. Furthermore, to bridge $9K worth of USDC it would cost roughly $60 in slippage(0.66%).
  • Oracle driven swap: Multiswap can provide oracle driven swap for bluechip assets that have high liquidity on other networks. This will help users easily swap assets like USDC, ATOM, BTC to be used on the Comdex apps without going to third party chains like Osmosis. This is very useful for the pool bootstrapping periods, when the liquidity on pools is not sufficient.
  • One-click UX: Users can bridge from one chain to another using a wide range of assets using a single interface.
  • Low fees: Since the entire operation is done using a single interface, users experience reduced bridging and swapping fees as they do not pay fees accrued from various 3rd party apps.
  • Fee share to liquidity providers: Liquidity providers can stake a wide range of assets supported on MultiSwap, providing real-yield on the assets. The Cosmos ecosystem mostly relies on inflationary tokens derived from its Proof of Stake consensus mechanism. Therefore, there are not enough real-yield income opportunities.
  • Onboarding non-Cosmos ecosystem users directly into the Comdex ecosystem: Ferrum already supports several EVM/non-EVM chains and continuously adding new chains, thus providing direct connection between those chains and Comdex. Direct connection would help a lot for users to come in than using all the technical routes that Cosmos users are using.
  • CMDX token expansion: If Comdex desires, we can support the deployment of CMDX to other EVM chains that we support and add CMDX liquidity to MultiSwap to be used as a Foundry Asset.


Team Members

Naiem Yeganeh, PHD - Founder, CEO and Lead Developer

Having worked as a software engineer at the likes of Microsoft and Amazon to leading a core machine learning team at Bloomberg, Naiem is the mastermind behind the products at Ferrum. His technical prowess has laid the foundation for Ferrum’s success.

Naiem is the one who established the node infrastructure for MultiSwap and will be responsible for maintaining and managing the node infrastructure for the Comdex integration. Naiem will also be handling code reviews throughout the integration.

Email: Naiem.Yeganeh@Ferrum.Network

Ian Friend, ESQ - Co-Founder and COO

Ian worked for many years as a lawyer before meeting Naeim in 2018 and deciding to embark on the Ferrum journey. Ian is one of the most beloved founders in the space and is the face of the company. The confidence that he has been able to instill not just in the community but also the multitude of projects that Ferrum has advised is invaluable to the success of Ferrum.

Ian is not only the co-founder but the face of Ferrum. He will be handling much of the day to day educational materials alongside members of our marketing team. Podcasts, YouTube interviews, and community engagement are all areas in which Ian will provide his expertise.

Email: Ian.Friend@Ferrum.Network

Taha Abbasi - Chief Strategy Officer

Taha has co-founded a multitude of companies including a wildly successful software development house called Web N App. Taha has worked as the CTO of multiple companies including National Geographic - Singapore and has led teams responsible for the Mars 2020 and Europa missions at NASA.

Taha serves as the CSO at Ferrum and oversees the development of Ferrum’s wide array of products. He is also the senior architect and will be designing and creating the architecture for the Comdex integration.

Email: Taha.Abbasi@Ferrum.Network

Nick Odio - Chief Growth Officer

Nick is a serial networker. From being heavily involved in the music industry, working with Grammy award winning artists, to leading field operations divisions for companies, Nick has extensive experience in areas related to strategic partnerships and relationship management, as well as strategic initiatives.

Nick Odio is our Chief Growth Officer at Ferrum. He is responsible for drafting the proposal. He is also one of the main spokespersons for Ferrum Network alongside Ian Friend and will be doing a lot of the PR related items as it pertains to MultiSwap alongside members of the marketing team. He will also play a vital role in the adoption of MultiSwap from a business development perspective as he will find and encourage partner projects to leverage MultiSwap within the Comdex ecosystem and beyond. He and Nichell Logue will oversee any logistical elements to the process as it pertains to the relationship between Ferrum and Comdex .


Nichell Logue - EVP Operations

Nichell served as both a Project Manager and ultimately a Team Leader at CSC for over a decade before joining Ferrum. CSC ​​is the world’s leading provider of business, legal, tax, and digital brand services to companies around the globe. At Ferrum, Nichell plays an integral role in ensuring the internal operations of the company are running smoothly. She’s a genius in terms of creating SoPs for the otherwise overwhelming amount of moving pieces at the company and also heads up our HR department.

Nichell is the EVP of Operations at Ferrum. She handles all of our HR related items as well. There’s a good chance that we will seek to source additional engineers in an attempt to speed up the timeline we provided. Nichell will play a vital role in sourcing that talent. Her and Nick Odio will oversee any logistical elements to the process as it pertains to the relationship between Ferrum and Comdex .

Email: Nichell.Logue@Ferrum.Network

Hasnat Malik - Director of Projects

Hasnat is the director of projects at Ferrum. Hasnat is responsible for making sure that the plan which is approved is also compatible with the other products at Ferrum. Any updates or upgrades happening for the products during the integration period are also implemented for Comdex integration to make sure all products are updated constantly.

Maiwand Sultan - Senior Project Manager

Maiwand will be the project manager for the integration and will be your primary POC. Maiwand will be making sure the milestones are delivered on time and everything is followed as per the initial approved plan.

Salman Haider - Lead Blockchain Architect

Salman has a rich-experience of 7 years working in corporate companies from being a Software Engineer to CTO. He had worked with Etisalat (Largest Telecom Network in Asia) & Avanza Innovations as a Senior Blockchain Engineer & Project Head of UAE Trade Connect (UTC - National Trade Finance Platform) and implemented the Blockchain Solutions in 13+ National Banks of UAE. . He has been working in Blockchain Space for the past 2 years with an in-depth and diverse experience in developing & Architecting Complex Blockchain Systems. He also teaches Blockchain Architecture at Althash University as an Associate Professor & Faculty Chair.

Salman Haider is our Senior Blockchain Architect at Ferrum Network with 7 years of hands-on experience of Architecting & Developing the secure Web 2.0 and Web 3.0 Complex Software Systems. Salman has expertise with Casper, Pocket & Algorand to name a few and has skillset in Solidity, RUST, COSMOS, PyTeal, and more. Salman will be our Senior Engineer working on this integration and will be leading our engineering team. Salman will also be the lead engineer in developing the smart contracts. His expertise will be very handy to get the delivery over the line within the delivery time period.


Jun Kai - Cosmos Engineer

Jun has 8 years of experience in programming. In the early days, he worked as a web developer. Since 2017, he has been working as a blockchain engineer. Jun’s core expertise are blockchain core development including chain level DeFi and NFT development, bridges & security management. Jun is responsible for implementing MultiSwap core components on Cudos with COSMWASM. This includes FIBER Engine, FIBER Router, Fee Manager and Node Infrastructure

Zikriya Mushtaq - Sr. Backend Engineer

Zikriya is an experienced backend engineer with 9 years of development experience. Zikriya started his career as an Android developer before he moved to backend development in 2017. He iis responsible for backend integration required to support data structures, token lists, and other supporting APIs required to provide a smooth and secure interface for frontend to backend interactions.

Abdul Ahad - Software Engineer

Abdul Ahad is a full stack resource with a lot of Web3 and React experience. He will be the lead frontend engineer for Comdex integration. Ahad will also be responsible for building the UI and integrating it with smart contracts.

Muhammad Haris - Software Engineer

Haris is also our full stack front end engineer who will be assisting Ahad with UI throughout the integration period.

Amir Hassan - Senior Quality Assurance Engineer

Amir will be the designated QA engineer for Comdex integration. He will be testing everything from end-to-end during the sprint cycles to make sure the quality is maintained.

Sheraz Riaz - Senior DevOps Engineer

Sheraz is the Dev-Ops engineer at Ferrum. He will be responsible for creating CI/CD pipelines for deployment.


[Number] [USD Equivalent in CMDX]

1 5,000

2 15,000

3 15,000

4 5,000

Total: 40,000 USD denominated in CMDX


Each milestone provides the following: Milestone title, Milestone summary / objective, Deliverables Summary Table per example

Milestone #1:

Milestone Title:

Scoping and Defining Resources for Comdex MultiSwap Integration

Milestone summary / objective:

Deadline will be 2 weeks post execution of the proposal

  • Scope out the integration of Comdex with MultiSwap, including details about MultiSwap setup on Comdex.

  • Determine if Comdex integration can also support multi-chain DEX based liquidity options for bridge liquidity or if a 2 way liquidity pool bridge with on-bridge liquidity is the only feasible option.

  • Define resources and work required to integrate and start integration.


  • Scope document for token bridge

Both documents need to enlist the risks and potential mitigatory and contingency measures against those defined risks. This will help us with early identification of blockers and possible solutions.

Milestone #2:

Milestone Title:

Build, Deploy, and Internally QA MultiSwap Shell App

Milestone summary / objective:

  • Build and deploy a shell app that will allow swaps among:
  1. Comdex <> Ethereum

  2. Comdex <> BSC

  3. Comdex <> Polygon

  4. Comdex <> Avalanche

  5. Comdex <> Arbitrum

  6. Comdex <> Cudos

  7. Comdex <> Other networks if integrated prior to milestone commencement

  • Integrate MultiSwap with one of the Comdex’ compatible wallets

  • Share shell app with internal QA and incorporate QA feedback


  • UI deployment for bridge interaction

  • Smart Contract Deployment of bridge

  • Comdex compatible wallet integration

  • Ability to run swaps among:

  1. Comdex <> Ethereum

  2. Comdex <> BSC

  3. Comdex <> Polygon

  4. Comdex <> Avalanche

  5. Comdex <> Arbitrum

  6. Comdex <> Cudos

  7. Comdex <> Other networks if integrated prior to milestone commencement

  • Internal QA feedback incorporation

Milestone #3:

Milestone Title:

MultiSwap Mainnet deployment, testing and incorporation of final feedback

Milestone summary / objective:

  • Deploy Comdex integration with MultiSwap on mainnet

  • Incorporate audit feedback if audit is completed

  • Conduct internal testing

  • Share with Comdex and incorporate the final feedback


-Ability to conduct swaps across below networks with Comdex:

  1. Comdex <> Ethereum

  2. Comdex <> BSC

  3. Comdex <> Polygon

  4. Comdex <> Avalanche

  5. Comdex <> Arbitrum

  6. Comdex <> Cudos

  7. Comdex <> Other networks if integrated prior to milestone commencement

  • Able to add/remove liquidity on all networks

  • Comdex signs off on mainnet testing

Milestone #4:

Milestone Title:

Achieve Performance Based Volume Metrics

Milestone summary / objective:

Reach a certain amount of volume (tbd by Comdex and Ferrum) that is sourced from Cswap or other native DEX’s on the network if applicable.


Relevant Links:

Audit Reports:

MultiSwap Architecture Doc

Multiswap cosmwasm contracts

Market fit:

MultiSwap does not utilize a “lock/burn and mint” protocol. These are the most commonly used mechanisms in the space currently to bridge or swap assets across networks. These types of protocols are also the same ones that have been the targets for many of the cross-chain exploits that have plagued the industry in recent months. Most recently and most notably, the Multichain hack. By removing the ‘lock/burn and mint’ mechanism involved in standard bridges and reinventing the architecture behind the way assets are bridged, our objective is to improve the security, efficiency, efficacy, and experience for end users. These architectural advantages that MultiSwap provides are extremely important to understand when determining the problem that we are addressing and how it is different from existing solutions.

  1. Given the fact that Ferrum uses a 2 way bridge LP system as opposed to the aforementioned “lock/burn and mint”, MultiSwap lends itself very well to interoperability with non EVM compatible networks. Hence why projects like Algorand, Cudos, and Casper have given grants to Ferrum to bridge their non EVM compatible networks with the world of solidity.

  2. As a result of the aforementioned architectural advantages, projects building on Comdex would not need to worry about losing nuances embedded in their token contracts such as reflection (RFI), dividend, or burn mechanisms. Due to the nature of “lock and mint” bridges, standard generic open zeppelin contracts are being minted on the destination chain. This strips the bridged asset of its inherent functionalities.

  3. These architectural advantages also play a major role in the security of the bridge. In short, the fact that the bridging contract never has control over the token contract of any asset using the protocol, means that exploits involving upgradeable mint functions or large amounts of liquidity being held on the bridge cannot be carried out.

  4. Our 2 way bridge LP system also allows for not only multi chain bridging of Token A on Network A for Token A on Network B but also allows for the multi chain swapping of Token A on Network A for Token B on Network B. Most interoperability protocols are simply bridges, however MultiSwap is a multi-chain aggregator and swapping protocol that uses the APIs from DEXs on various networks, tapping into DEX liquidity to support the bridge liquidity. This will not only make assets on Comdex more composable but it will also encourage an immense amount of TVL and liquidity.

  5. Finally, no other bridge on the market adds utility to the token that is being bridged. With our unique “bridge swap fee” mechanism, projects who list on our bridge can set customizable fees that are charged in their native token. Some projects choose to burn those fees thus making their asset deflationary, others choose to use it for rewards to incentivize staking or adding liquidity, others simply use it as a revenue source. These fees can be distributed via our Tax Distributor to as many wallets as desired.


So far, we are compatible with Ethereum, Polygon, BSC, Cudos, Fantom, Arbitrum and Avalanche. At the time of writing testing is being conducted on bot Neon and Kava. We have received grants from EVM compatible networks such as Polygon, Harmony, Moonriver, and Shiden, as well as non EVM compatible chains like Algorand, Casper, and Cudos to integrate their networks with MultiSwap. Currently, we are in talks with many other EVM and non EVM compatible networks as we aim to be the most interoperable project and bridge on the market.

5. Budget and Costs

Grant Proposal

In order to expedite the process of integrating Comdex with MultiSwap and to encourage the growth of the Comdex Ecosystem, Ferrum Network is requesting a grant in the amount of 1,200,000 CMDX.

Use of Proceeds

The funds from the grant will be used to fund the allocation of engineering, project management, support and executive resources to integrate Multiswap with Comdex over the next quarter and to support the adoption and acceleration of the evolution of this product on Comdex in the following quarters.

We feel that this is the best path forward for Ferrum to be able to justify prioritizing this integration. With a small but quickly growing team, we need to be cognizant of our backlog of items and how this affects our overall roadmap. However, a relationship that entails the aforementioned items, we believe, is crucial to the execution of our overall mission to break down barriers to mass adoption and to the overall success of Ferrum Network. On the same token, through this relationship we intend to add an immense amount of value to and aid in the expansion of Comdex!

6. Reporting Commitments

Ferrum Network vows to provide Progress Updates to the Foundation every month to any of the information provided above:

• Progress reports: detailing how our project is advancing, including any deviation from the initial plan or if you expect such deviations in the future.

• Financial reports: expenses and other items related to the use of our budget, including any deviation from the initial plan or any expected deviations.


Nick Odio - EVP of Strategic Partnerships & Growth at Ferrum Network


Thanks for your very very elaborate proposal!

Some points:

  • I guess you will be needing a TL:DR version when bringing this on-chain, otherwise the proposal text will be huge.
  • Also please make clear in an early stage that you want to go for a grant, I was reading the text until chapter 3 before it became clear that you want to request a grant for the work being done.
  • Another question as devils advocate; we have a couple of DEXxes in the ecosystem, with Osmosis being the biggest. Did you also already speak with them or did you start at Comdex?
  • The pay for the first 2 milestones already make up for a rough 2/3 of the requested grant whereas it takes a rough 50% of the time. I would rather see that it is more heavy on the actual deployment, since that will be the actual moment where it starts to add value. More like a Pareto would be good for me; with a rough 80-20 rule in place, making sure there is some pressure on achieving the deliverables to secure the pay.
1 Like

Hey there Leonoors! Thanks so much for the valuable feedback. Let me do my best to address your points.

  • Great point regarding the TL/DR. We can definitely distill this down quite a bit.
  • Good point about leading with the grant part. We’ll make sure to do that in the proposal.
  • We are currently not in talks with Osmosis. Comdex is the only DEX related appchain that we are talking with.
  • Well received regarding your point for the way that the milestones are split. How would you feel about an even 200k each across the first 4 milestones with the 5th and final milestone being 400k?

Looking forward to hearing back from you on these points and hopefully moving this to the next phase.

Hi @FerrumNetwork

thanks for your feedback!

Can I ask out of curiousity why you are not exploring Osmosis as well?

Regarding payment on the milestones, looks much better imo.

Hi @Leonoors_Cryptoman! Sorry for the delayed response on this. As I mentioned earlier, we are CURRENTLY not in talks with Osmosis but we have spoken with them in the past. However, we had a really good rapport with @Ismail from Comdex which I think is a real testament to the support that the guys over here provide. This made us feel like it was something worth pursuing. That being said, we are still of course exploring Osmosis as well just not as actively at this given moment. Given the relationship we’ve been able to establish with the Comdex team we wanted to focus our energy here for the time being.


Thanks for your reply!

And a sound reasoning and good for me ^^
Thanks for your honesty.


Thats great to know, Glad to know that you have good rapport with the team & want to focus our energy here . That is very important for building in bear market.
Will be looking forward to the progress .

1 Like

Hey folks! Just wanted to provide an update here. We recently updated our milestones according to some of the feedback we received from @Ismail and @Siddarth. We wanted to include a performance/metric based milestone in the proposal. Hope you guys like the changes!

Cc: @VilSa_9 @Leonoors_Cryptoman

1 Like

Did you adjust the text on top?

Or will you post a new proposal draft?

Hey @Leonoors_Cryptoman! I was actually able to edit the original proposal. After having a call with Ismail and Siddarth, we agreed that the milestones could be a bit more defined. So the edits were minimal and in line with what the Comdex team was asking for. The changes are already reflected in the original proposal. I hope this answers your question.