GMX announces the launch of PEPE and WIF markets on Arbitrum
The WIF/USD and PEPE/USD markets on GMX V2 offer both perpetuals and spot trading, backed by their native tokens and USDC
GMX is excited to announce the listing of two popular meme assets for trading: PEPE and WIF (dogwifhat). Both assets now have perpetual futures and spot markets on GMX V2 on the Arbitrum blockchain.
The new meme markets offer Arbitrum users the chance to engage in spot swaps, margin trading, and to earn fees from providing liquidity to GMX. The WIF/USD and PEPE/USD markets are backed by their native tokens, bridged over to Arbitrum.
As part of its decentralised finance ecosystem, GMX aims to provide the most liquid on-chain trading markets for all major crypto assets. The introduction of markets for WIF and PEPE is a significant step in this direction.
Price feeds for the two tokens have completed testing and are now live on Chainlink Data Streams’ timestamp-based oracles, available to GMX as of the recent V2.1 update.
Chaos Labs has provided recommendations for initial listing parameters, as well as outlined the risks and opportunities associated with these markets.
Bridging & Providing Liquidity
The market for WIF perpetual futures is a WIF/USD market, backed by bridged WIF tokens and USDC on the long and short sides, respectively. As this is a fully asset-backed market, spot trading for WIF is now also available on GMX.
WIF tokens can be bridged to Arbitrum through the Portal bridge (via Wormhole). Note that you need to use the transfer mode under ‘Advanced Tools’, and hold WIF in the wallet you connected for the transfer option to show.
The PEPE market is a PEPE/USD perpetuals market, with bridged PEPE tokens and USDC as backing assets. As with WIF, this asset-backed market also offers PEPE spot trading.
PEPE tokens can be bridged to Arbitrum via the Stargate bridge built on LayerZero. Users can also swap for PEPE directly on Arbitrum, as some liquidity is already available on the chain.
Liquidity providers can now deposit into the GM liquidity pools for WIF and PEPE, to support trading on GMX and earn a large share of the generated fees.
Bonus ARB incentives will be airdropped to early liquidity providers to the pools backing these two new meme markets. These liquidity incentives — part of GMX’s ongoing Arbitrum STIP-Bridge campaign, which also lowers trading fees on GMX V2 — help bootstrap sufficient market liquidity.
Collaborating protocols within the Arbitrum ecosystem can also build added-value DeFi instruments on top of the new GM liquidity pools.
Synthetic & Fully-backed Markets
GMX V2 offers two types of markets: synthetic markets and fully asset-backed markets. An example of a fully-backed market is the current ETH-USD perpetuals market backed by ETH-USDC. An example of a synthetic market is the existing DOGE/USD perpetuals market, backed by ETH-USDC as the assets on the long and short side.
Please read the protocol documentation about GMX V2's varying market types to learn more about the important differences between synthetic and fully-backed markets.
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Documentation: https://docs.gmx.io/
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.