GMX launches APE/USD market on Arbitrum for the new omnichain ApeCoin token
Users can now trade APE on both spot and margin, facilitated by the asset-backed GMX V2 market. Early liquidity providers to the underlying APE/USDC GM pool will benefit from ARB rewards
GMX is excited to list the APE token from the ApeCoin community, following the launch of APECHAIN. With the APECHAIN infrastructure layer for the ApeCoin ecosystem launched as a Layer-3 Arbitrum Orbit chain, it is now an opportune moment to introduce the APE token for trading on GMX.
Liquidity, Bridging & Market Parameters
The APE/USD market is an asset-backed market, supported by a liquidity pool consisting of APE tokens and the USDC stablecoin. As a result, GMX now supports both perpetual swaps and a spot market for APE.
Please note: this market uses an updated version of the APE token, based on the LayerZero OFT standard, for Omnichain Fungible Token. This allows the APE token to be transferred across multiple blockchains without asset wrapping, middle-chains, or liquidity pools.
The APE community has created this multichain OFT version of the APE token as part of the launch of their new Arbitrum Orbit-powered APECHAIN. The APE token OFT is therefore present on Arbitrum One and Ethereum, as well as on the ApeChain layer-3 blockchain.
Early liquidity providers to the APE/USDC GM pool underlying the APE market benefit from bootstrap rewards, in addition to earning 63% of all pool fees. View the opportunities for onchain liquidity providers in the GMX dApp.
The new market is powered by low-latency price oracles from Chainlink Data Streams. The team from Chaos Labs, one of GMX’s main security partners, has provided recommendations for the initial listing parameters for APE.
About the ApeCoin community
ApeCoin has found new expression in crypto through art, gaming, entertainment, and events. APE is a token made to support what’s next, controlled, and built on by the community. ApeCoin serves as the official native currency of the APE ecosystem.
APECHAIN will serve as a decentralised protocol layer for community-led initiatives that drive culture forward into the metaverse, built on top of Arbitrum, the leading Ethereum scaling solution. ApeChain is governed by APE holders and secured by industry leaders. The token will also be used to pay transaction fees on the network.
Connect with 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/
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.