GMX launches a market for SATS (Ordinals) on Arbitrum
The synthetic SATS/USD market on GMX V2 allows users to trade SATS perpetual swaps at up to 50x. Provide GM or GLV liquidity now to earn from fees, or trade SATS straight from your wallet.
GMX is glad to announce the listing of another popular asset from the Bitcoin domain: SATS (Ordinals/BRC-20). A synthetic perpetual swap market for SATS/USD is now live on GMX on the Arbitrum blockchain.
The new SATS/USD perpetual swap market allows users to trade the BRC-20 token with up to 50x, permissionlessly and without having to deposit funds.
The introduction of a market for SATS, alongside the earlier listing of STX and ORDI, further aligns GMX with the expanding Bitcoin Layer-2 and BRC-20 domain.
Chainlink Data Streams is providing a price feed for the SATS token. Data Streams are the low-latency oracle feeds optimised for Perp DEXes, for which GMX is the exclusive launch partner.
Liquidity & Market Parameters
The SATS market is a synthetic perpetual swap market, supported by a WBTC/USDC GM liquidity pool. WBTC and USDC serve as the pool tokens on the long and short sides, respectively.
Liquidity providers can now deposit into the GM: SATS/USD liquidity pool, to support trading on GMX and earn 63% of all the fees generated by the pool. To learn more about how synthetic markets work on GMX, read the Documentation here.
The SATS/USD market has also been included in GLV [BTC/USDC], the newly introduced GMX Liquidity Vault. Adding the new market to GLV ensures that liquidity can always meet trading demand, as GLV dynamically shifts its liquidity to the markets with the highest utilisation.
Keep in mind, as a liquidity provider in GLV or one of GMX’s GM markets, you:
are exposed to the price movements of the underlying asset.
earn fees from the pool at the listed APY rate. These fees are auto-compounded, automatically increasing the price of your GM tokens.
are exposed to traders’ Profit & Loss, at times when the pool isn't 50/50 balanced between longs and shorts. Due to funding incentives, pools tend towards balanced Open Interest.
About SATS
SATS is one of the leading BRC-20 tokens, and brands itself as ‘the most memeable memecoin on Bitcoin Chain’.
SATS is short for Satoshis, the smallest unit of Bitcoin: each Bitcoin is divisible into 100,000,000 Satoshis, and one Satoshi equals 0.00000001 BTC. On the Bitcoin blockchain and in its source code, all amounts of Bitcoin are denominated in satoshis.
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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.