BERA and LDO markets are now live for trading
GMX is introducing a BERA/USD perpetual swap market for the new Berachain token, as well as launching a LDO/USD market for the token from Lido Finance.
GMX announces the introduction of a BERA/USD market for the just-launched Berachain token, as well as a market for LDO/USD. Both perpetual swap markets are on Arbitrum and allow users to Long or Short with up to 50x leverage, while benefitting from GMX’s self-custody and fast onchain execution.
Exec Summary
GMX lists a perpetual swap market for BERA/USD on Arbitrum, following the just-concluded TGE event for the Berachain token.
GMX has also created a perpetual swap market for LDO/USD, the token from the renowned Ethereum-staking protocol Lido Finance.
The two new markets are synthetic perp swaps, backed by WETH-USDC liquidity pools. These GM pools have been included in GLV [WETH-USDC]
The GLV vault will dynamically route additional WETH-USDC liquidity to the BERA and LDO markets as demand from traders for these assets increases
Details of the BERA Market
BERA/USD is a synthetic perpetual swap market, facilitated by a GM liquidity pool containing WETH and USDC. This market allows users to Long or Short the BERA token with up to 50x leverage. Spot trading is not available; it can not be supported through synthetic markets.
To learn more about GMX’s various market types, and how synthetic markets enable efficient trading of assets even when they are not natively supported on the blockchain, view the GMX documentation.
The BERA token serves as the native gas and staking token of Berachain, an EVM-identical Layer 1 blockchain powered by the Proof-of-Liquidity consensus mechanism. Alongside the BERA token, the blockchain utilises BGT, a non-transferable governance and rewards token.
Details of the LDO Market
The LDO/USD market for the token from Lido Finance is, similarly, a synthetic perpetual swap enabling users to Long or Short with up to 50x leverage. The underlying GM liquidity pool that facilitates the LDO market holds WETH and USDC.
GMX has integrated Chainlink Data Streams to provide reliable pricing for all its markets in a decentralised manner. Data Streams are low-latency oracle feeds optimised for perpetual DEXes, which aggregate market data from various sources. GMX is the exclusive launch partner for Chainlink Data Streams.
LDO is the governance token of liquid staking protocol Lido. LDO tokens are used to govern the Lido DAO, which oversees Lido Finance's development.
GM Liquidity Pools and GLV
The synthetic LDO and BERA markets are both supported by WETH-USDC liquidity pools. Like all GMX liquidity pools, these GM pools are open for deposits from users. Users can provide liquidity to either pool and earn fees from trading and market-making activity on that market.
Additional liquidity is dynamically allocated to the BERA/USD and LDO/USD pools through GMX’s GLV [WETH-USDC] vault. The GLV Vaults hold multiple GM pool tokens and periodically rebalance their liquidity towards the top-performing pools. By reallocating their liquidity based on pool utilisation, GLV can be viewed as an enhanced version of GLP that maximises capital efficiency for LPs.
As a liquidity provider, this means you can:
Purchase GM tokens to provide liquidity directly to just the BERA or LDO pool, using WETH or USDC, and earn fees from that pool only
Or purchase GLV [WETH-USDC] to provide liquidity across all synthetic GMX markets based on WETH-USDC liquidity pools, including both these new markets.
How to Provide Liquidity to GLV or a GM Pool
Choose your desired liquidity pool in the drop-down menu under Buy GM or under ‘Pools’. Alternatively, select GLV to provide liquidity to GMX’s new auto-optimising liquidity vaults, which offer balanced exposure to an index of GM pools
Click the Buy button
Enter the amount you would like to supply to support trading on GMX and earn rewards with
Click the blue Buy button and confirm the token allowance and onchain transaction
As a liquidity provider in any of GMX’s innovative GM liquidity pools, you are:
exposed to price movements of the underlying asset(s)
subject to trader PnL, as long as the pool is not precisely 50:50 balanced between Longs and Shorts. Adaptive funding rates typically bring the pool back to balanced Open Interest, resulting in only a slight (and generally positive) effect on LPs from trader PnL in the long term.
earning fees from market-making and trading activity at the pool’s listed rate (estimates are based on the performance of the past seven days). These fees are auto-compounded into the pool, automatically increasing the value of your GM tokens.
There are no lock-up periods for providing liquidity on GMX; you can exit your GM position whenever you choose.
For a comparison of the performance of the GM pools against other benchmark LP positions, refer to the GMX Dune Dashboard.
Join the GMX community:
Website: https://gmx.io/
Twitter: https://twitter.com/GMX_IO
Telegram: https://t.me/GMX_IO
Announcements: https://t.me/GMX_Announcements
Discord: https://discord.gg/H5PeQru3Aa
Github: https://github.com/gmx-io
Documentation: https://docs.gmx.io/