GMX announces the launch of new ATOM, NEAR and AAVE markets on Arbitrum
The synthetic ATOM and NEAR markets support the trading of perpetual futures, while the bridge-based AAVE market also supports spot swaps of the AAVE token.
GMX is excited to announce the listing of three new markets on GMX V2 on the Arbitrum blockchain - AAVE, ATOM, and NEAR.
Trading markets for all three tokens are now live on GMX V2 on Arbitrum. Early liquidity providers to the GM pools underlying the AAVE, ATOM, and NEAR markets will benefit from bootstrap incentives.
Synthetic or asset-backed markets
The ATOM and NEAR markets are Synthetic perpetual futures markets, backed by WETH/USDC. The AAVE market is backed by AAVE/USDC, with Aave tokens bridged through the canonical Arbitrum bridge. This allows GMX to support a spot trading market for AAVE, alongside a perpetual market.
To learn more about the differences between synthetic and asset-backed markets, please take a look at the protocol documentation about GMX V2's varying market types.
Expanding the DeFi ecosystem
The establishment of these three new markets on GMX provides DeFi users with attractive new opportunities for swapping, leveraged trading, and liquidity provision.
With the simultaneous listing of three composable perpetual and spot markets, GMX reinforces its ambition to create the most liquid on-chain trading markets for all top crypto assets.
Robust price feeds for the new markets are being provided by Chainlink Data Streams on Arbitrum. Chaos Labs has provided technical recommendations for the initial listing parameters.
AAVE is the governance token of the well-known non-custodial lending and borrowing market of the same name. AAVE, initially called ETHLend, is considered a pioneer in decentralised finance.
Please note: the $AAVE token can be bridged over from Ethereum Mainnet via the official Arbitrum Bridge. Click here to bridge your $AAVE tokens over to Arbitrum now.
The creation of a liquid AAVE market on Arbitrum, backed by AAVE tokens bridged over from the Ethereum blockchain, allows the popular token to become even more deeply integrated into DeFi.
ATOM is the token of the decentralised blockchain ecosystem Cosmos, known for Tendermint and its ‘Internet of Blockchains’ design philosophy. NEAR, lastly, is the token of the NEAR Protocol, a fast Proof-of-Stake blockchain that uses sharding technology for its scalability needs.
All three crypto assets are popular among traders and tokenholders, ranking at the top in terms of liquidity, trading volume, open interest and market cap.
Disclaimer
This announcement is for informational purposes only and does not constitute legal, financial, or investment advice. GMX or any other parties make no warranties or representations regarding the accuracy, completeness, or suitability of the information presented and will not be liable for any losses, damages, or adverse consequences that may arise in relation to this announcement.
It is strongly advised to undertake your own due diligence and seek advice from relevant professionals before making decisions based on this announcement.