GMX launches markets for ENA and MELANIA
GMX now supports MELANIA/USD and ENA/USD perpetual swaps, with up to 50x leverage. The market for the MELANIA token complements the market for TRUMP, which was introduced just days ago.
By popular demand, GMX announces the introduction of the new trading pairs MELANIA/USD and ENA/USD (Ethena). Both markets allow users to Long or Short with up to 50x leverage, while benefitting from GMX’s self-custody and fast onchain execution.
Exec Summary
GMX lists a perpetual swap market for MELANIA/USD on Arbitrum, following the recent introduction of TRUMP/USD
GMX lists a perpetual swap market for ENA/USD, the governance token from Ethena Finance
Both markets are synthetic, backed by WETH-USDC liquidity pools. These pools have also been included in GLV [WETH-USDC]
The GLV vault will dynamically route additional WETH-USDC liquidity to the MELANIA and ENA markets when their utilisation rises
The MELANIA/USD Market
The MELANIA/USD market on GMX is a synthetic perpetual swap, facilitated by a GM liquidity pool containing WETH and USDC. Leverage is available up to 50x.
The GMX Listing Committee worked diligently to establish this MELANIA market quickly, following the launch of the new U.S. President’s memetoken just three days prior.
Pricing for both the MELANIA token and ENA token is provided through Chainlink Data Streams, a low-latency oracle feed that aggregates data from various market sources in a decentralised manner.
The ENA/USD Market
The ENA/USD market is, similarly, a synthetic perpetual swap offering trading at up to 50x leverage. The underlying GM liquidity pool supporting the ENA market holds WETH and USDC.
Learn more about Synthetic markets by reading the GMX documentation.
ENA is the token from Ethena Finance, the DeFi protocol behind the popular USDe synthetic stablecoin. The ENA token is the governance token of the Ethena ecosystem.
GM Liquidity and GLV
Both synthetic markets are facilitated by WETH-USDC liquidity pools, which — like all GMX liquidity pools — are open for deposits from all users. By providing liquidity to the GM pool, users can earn fees from trading activity and market-making.
Additionally, extra liquidity is dynamically allocated to the MELANIA/USD and ENA/USD pools through GMX’s GLV [WETH-USDC] vault. GLV vaults contain multiple GM pool tokens and automatically rebalance their liquidity between these markets based on their utilisation.
As a liquidity provider, this means you can:
Purchase GM tokens to provide liquidity directly to just the MELANIA or ENA pool, using WETH or USDC, and earn fees from that pool only
Or purchase GLV [WETH-USDC] to provide dynamic liquidity across all synthetic markets based on WETH-USDC liquidity pools, including both these new markets.
Data on the successful performance of the GLV vaults has been added to the GMX Analytics Dashboard on Dune.com:
GLV vaults periodically rebalance their liquidity towards the top-performing synthetic markets on GMX, automatically optimising your LP deposits. By dynamically reallocating the liquidity, GLV can be seen as an enhanced version of GLP that maximises capital efficiency.
Providing 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 provide liquidity on GMX and earn rewards with
Click the blue Buy button and confirm the token allowance and onchain transaction
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 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 choose.
For a comparison of the performance of the GM pools against other benchmark LP positions, refer to the GMX Dune Dashboard.
Join the GMX community:
Website: https://gmx.io/
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Announcements: https://t.me/GMX_Announcements
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Github: https://github.com/gmx-io
Documentation: https://docs.gmx.io/