GMX introduces XLM and RENDER perpetual swaps
Users can now trade RENDER and XLM at up to 50x on GMX, while enjoying self-custody, deep liquidity and fast onchain execution. Liquidity is dynamically allocated to these synthetic markets via GLV.
GMX is announcing the introduction of two new trading pairs: XLM/USD (Stellar) and RENDER/USD (The Render Network). The launch of these perpetual swaps is part of GMX’s continued effort to broaden its available markets and cater to the demands of its ever-growing user base. Whether you’re an experienced trader or new to the world of perpetual futures, GMX offers a user-friendly platform to explore these assets.
Exec Summary
GMX lists XLM and RENDER perpetual swaps
XLM/USD has been included in GLV [BTC-USDC], and RENDER/USD has been added to GLV [WETH-USDC].
The two GLV vaults will auto-optimise the liquidity available to these markets.
Chainlink Data Streams provides robust, low-latency price feeds for XLM and RENDER.
Mint GLV now to automatically provide liquidity to the best-performing markets on GMX and earn with maximum capital efficiency
XLM & RENDER GM Markets
Starting today, GMX users can trade the altcoins XLM/USD and RENDER/USD on Arbitrum at up to 50x via the app.gmx.io front-end. Built on the Arbitrum and Avalanche blockchains, GMX offers a seamless, decentralised and secure trading experience.
The XLM and RENDER markets are synthetic perpetual swaps, with reliable pricing facilitated by Chainlink’s low-latency Data Stream oracles. Data Streams are data feeds specifically optimised for perpetual DEXs, for which GMX is the exclusive launch partner.
The XLM/USD market is supported by a GM liquidity pool that contains BTC-USDC, rather than XLM tokens. Similarly, the RENDER/USD market is supported by a GM liquidity pool containing WETH-USDC. The key feature of these markets is that they are backed by assets different from the ones being traded, which is what makes them synthetic markets.
Spot trading for the XLM and RENDER tokens is not available on GMX, as these are synthetic markets.
The core contracts of GMX V2 can technically support a wide variety of assets, collateral types, and market structures. This flexibility has allowed the protocol to realise nearly 70 trading markets: two dozen backed by their native assets, and many more synthetically-backed markets. Additional ones are now being introduced on a weekly basis.
Liquidity and GLV
XLM/USD has been included in GLV [BTC-USDC], while RENDER/USD has been added to GLV [WETH-USDC]. These GLV vaults will auto-optimise the liquidity available to these markets. They do this by dynamically rebalancing the liquidity deposited in GLV based on trader demand.
The GLV vaults can be considered an upgraded version of the GLP pool from GMX V1. It functions as an index of GM pools, dynamically reallocating liquidity to those pools with the highest utilisation. As a result, GLV offers liquidity providers a well-balanced product that delivers excellent risk-adjusted returns and maximises capital efficiency.
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 vaults, which offer balanced exposure to an index of 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
Exposure as a Liquidity Provider on GMX
As a liquidity provider in any of GMX’s innovative 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. Adaptive 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 performance of the past seven days). These fees are auto-compounded into the pool, automatically increasing the value of your GM tokens.
There are no lock-up periods for providing liquidity on GMX; you can exit your GM position whenever you want.
For a comparison of the performance of the GM pools against other benchmark LP positions, please refer to the GMX Dune Dashboard.
Join the GMX community:
Website: https://gmx.io/
Twitter: https://twitter.com/GMX_IO
Telegram: https://t.me/GMX_IO
Announcements: https://t.me/GMX_Announcements
Discord: https://discord.gg/H5PeQru3Aa
Github: https://github.com/gmx-io
Documentation: https://docs.gmx.io/