GMX introduces an EIGEN/USD perpetual swap market, following the launch of Eigenlayer’s token
The new EIGEN/USD market on Arbitrum is a synthetic market backed by a WETH-USDC pool. Provide liquidity to the GM pool now to earn fees, or trade EIGEN permissionlessly straight from your wallet.
GMX has launched an EIGEN/USD perpetual futures market on Arbitrum. Users can now trade Eigenlayer’s token on margin with up to 50x, while benefitting from fast onchain execution and full self-custody.
The ambition of GMX is to offer the most liquid on-chain markets for all top crypto assets, while democratising liquidity provision to provide users with superior on-chain earning opportunities. Being able to list EIGEN soon after its token launch signals an intention to experiment with faster asset listings for leading tokens.
Market Parameters & Liquidity
The new market is a synthetic EIGEN/USD market, facilitated by an underlying WETH-USDC liquidity pool. This perpetual swap market allows users to trade EIGEN with up to 50x, while not supporting spot swaps.
A price feed for EIGEN is being provided by Chainlink Data Streams, the low-latency oracle solution optimised for perpetual exchanges for which GMX is the exclusive launch partner. Technical recommendations for the EIGEN market’s initial listing parameters were provided by security partner Chaos Labs to the GMX DAO.
The EIGEN/USD market has directly been added to GLV [WETH-USDC], the recently introduced GMX Liquidity Vault. GLV dynamically allocates liquidity to its underlying GM markets based on the level of demand, ensuring available liquidity is automatically optimised on GMX.
Read more about GLV in the recent launch announcement article.
Providing Liquidity to a GM pool
Select your desired liquidity pool in the drop-down menu under Buy GM, or under ‘Pools’. Or, select GLV to provide liquidity to GMX’s new auto-optimising liquidity vault, which offers balanced exposure to a mix of GM pools.
Click the Buy button
Input the amount you would like to supply to support trading on GMX, and earn rewards on
Click the blue Buy button, and confirm the token allowance and onchain transaction
Please note: As a liquidity provider in any of GMX’s single-asset or dual-asset GM liquidity pools, you are:
exposed to the price movements of the underlying asset(s)
exposed to trader PnL, as long as the pool isn't precisely 50:50 balanced between Longs:Shorts. Funding rates generally bring the pool back to balanced Open Interest, resulting in only a small (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 past seven days’ performance). These fees are auto-compounded into the pool, automatically increasing the price of your GM tokens.
About Eigenlayer
EigenLayer is a protocol built on Ethereum that introduces restaking, a new concept in crypto-economic security. Restaking involves taking staked Ethereum and repurposing it to enhance security on other protocols. This essentially creates a pool of restaked assets that other DApps can utilize.
Users who stake ETH directly or with a liquid staking token (LST) can choose to opt in to EigenLayer smart contracts to restake their ETH or LST. This extends crypto-economic security to additional applications on the network and allows users to earn extra rewards.
Join the GMX community:
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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.