GMX introduces TON/USD and TRX/USD perpetual swap markets
GMX has launched new synthetic markets for TON (Toncoin) and TRX (TRON), backed by WETH-USDC pools. Liquidity will be dynamically allocated to the GM pools by GLV, to ensure healthy markets at launch.
Perpetual swap markets for TRX/USD and TON/USD have been introduced on GMX. Users can now trade both tokens at up to 50x on Arbitrum, while benefitting from self-custody, deep liquidity and fast onchain execution.
Exec Summary
GMX lists TON/USD and TRX/USD perpetual swaps
TON/USD and TRX/USD GM pools added to GLV [WETH-USDC]
Mint GLV to provide liquidity on GMX with optimal capital efficiency
Low-latency price feeds for TON & TRX are provided by Chainlink Data Streams
GLV Liquidity & Market Characteristics
The new markets are synthetic and supported by underlying WETH-USDC liquidity pools. This allows users to trade TRX and TON perpetual swaps at up to 50x via the app.gmx.io frontend. Spot trading for these two assets is not available as the markets are synthetic.
The TRX and TON liquidity pools have been included in GLV [WETH-USDC], one of the innovative GMX Liquidity Vaults (GLV). By adding these pools to GLV, liquidity will automatically shift to these markets to meet trader demand.
This unique mechanism allows GLV to support many synthetic markets simultaneously. Currently, GLV [WETH-USDC] underpins 16 markets, with liquidity routed to the highest-performing pools automatically:
GLV can be viewed as an enhanced version of the GLP pool from GMX V1. It acts as an index of GM pools, dynamically rebalancing liquidity to the pools with the highest utilisation, thereby generating fees from those. As a result, GLV provides liquidity providers with a balanced product that offers stable, risk-adjusted returns and optimal capital efficiency.
For more details about GLV and its advantages, refer to the launch announcement: https://gmxio.substack.com/p/gmx-introduces-gmx-liquidity-vaults
Chainlink Data Streams, the leading low-latency oracle solution for Perpetual DEXes, provides the price feeds for the TON and TRX assets.
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 vault, which offers balanced exposure to various 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
Please note: As a liquidity provider in any of GMX’s single-asset or dual-asset 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. Funding rates typically 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 value of your GM tokens.
For a comparison of the strong performance of the GM pools against other benchmark LP positions, please visit the GMX Dune Dashboard.
Join the GMX community:
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Announcements: https://t.me/GMX_Announcements
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Documentation: https://docs.gmx.io/