$CMST is the stablecoin name that Comdex team decided, but due to a lot of community people requesting a new token ticker for our stablecoin we have decided to open this forum thread for people to discuss and suggest new names.
Team will go through all the suggestions and shortlist the best ones and put poll to let the community decide the best one.
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Tickers with a reference to the US dollar work the best for me. It easily shows what it is about. And why not give the name some exposure to Comdex (free marketing). USDC would be the easiest one but something is telling me that one is already taken. USCD maybe…? Would also make it very clear for other stable currencies, like EUCD for example. Which obviously isn’t an advantage you have with CMST.
On a side note: I hope $CMDX stakers will earn fees from CMST transactions and minting, similar to the models like Terra and Agoric. I think one thing that became very clear is when people can be part of a stablecoin network and earn tx fees from it (in stables), then you have a very loyal user base, almost evangelistic.
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Personally, I think it would benefit Comdex in the long run if it moved away from using the term “stablecoin”.
A term that is more appropriate and representative what it is being built would probably be a useful signal to the market, particularly regulators, financial institutions, and key market watchers.
Terms such “collateralizedcoin”, “assetbackedcoin”, “bondedcoin”, “digitalpapercoin”, may be more appropriate and representative. Is there an English major in the house that could help? Or someone in PR/Marketing? The term “stablecoin” seems to be rather toxic at the moment.
I personally liked the name Composite. I thought the name was helpful in communicating that it was backed by various digital assets.
Staying away from the word “dollar” in the name I think is also important right now in terms of being truthful to what it is, given that it won’t be backed by any dollars. As we have just learned, so many defi users and stablecoin holders actually don’t have a very high financial literacy rate. I think using the word “dollar” in the name only adds to the confusion the general public has about what stablcoins are and what they aren’t. While we may all know the difference, most people you meet at your local grocery store won’t. We should aims to reduce that confusion for those people instead of adding to it.
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