GMX announces the launch of a BNB market on Arbitrum, supported by LayerZero bridged wBNB.
The wBNB token will be supported by notable partners like Radiant, Camelot, TraderJoe & the Stargate bridge.
Leading protocols on Arbitrum and Avalanche are excited to collaborate to support a LayerZero OFT* for wBNB (Wrapped BNB) to be deployed on the largest EVM-based L2 and alt-L1 by TVL and transactions.
Stargate, GMX, Radiant, Camelot and TraderJoe, who collectively represent the largest cross-chain bridge, perpetual exchange, native lender and the two leading native dexes, will all support this joint ecosystem effort.
Each protocol will work to bring BNB – the largest crypto asset after Bitcoin and Ethereum, with many millions of tokenholders – deeper into DeFi across multiple blockchains. This move will offer DeFi users valuable new opportunities for swapping, leveraged trading, borrowing, lending and liquidity provision.
The joint effort will, over time, continue to be expanded with additional ecosystem partners committed to increasing access to this leading crypto asset.
A BNB trading market is now live on GMXv2 on Arbitrum, with bootstrap incentives for early liquidity providers.
The $WBNB token can be bridged over from its native BNB Chain through Stargate.
*LayerZero’s Omnichain Fungible Token (OFT) Standard allows fungible tokens to be transferred across blockchains without asset wrapping, middlechains, or liquidity pools.