GMX lists PENDLE/USD and introduces a Single-Token Pool for the GMX/USD market
A new perpetual swap market has launched on GMX: PENDLE/USD. A new single-asset GMX/USD [GMX] pool has also been introduced, allowing LPs to provide 100% GMX liquidity to the GMX market.
Users can trade PENDLE/USD perpetual swaps with up to 50x on GMX as of today, while enjoying self-custody, deep liquidity and fast onchain execution.
A new Single-Token Pool for the GMX/USD market has also been created: GMX/USD [GMX]. This GM pool allows liquidity providers to support trading on the GMX market by providing only GMX tokens as liquidity, avoiding exposure to USDC and the potential impermanent loss that comes with it.
Exec Summary
GMX lists PENDLE/USD perpetual swap market on Arbitrum
PENDLE/USD is a native asset-backed market. The underlying pool is GM: PENDLE-USDC.
GMX also introduces a Single-Asset Pool for the GMX market, GM: GMX/USD [GMX]
Mint GM: PENDLE-USD or GM: GMX/USD [GMX] to provide liquidity and earn fees
PENDLE Market Parameters & Liquidity
The PENDLE/USD market is a native asset-backed market, supported by a liquidity pool consisting of PENDLE tokens and the USDC stablecoin. As a result, app.gmx.io now supports perpetual swaps at up to 50x, along with a spot market for PENDLE.
A robust price feed for PENDLE/USD is being provided by Chainlink Data Streams, which is a low-latency data solution optimised for perpetual exchanges by GMX partner Chainlink.
GMX/USD Single-Token Pool
Additionally, a Single-Token Pool for the GMX/USD market has been introduced: GMX/USD [GMX]. This new liquidity pool complements the existing GMX-USDC pool for the GMX/USD market, but has no stablecoin element. Instead, the volatile token (GMX) is used to back both Long and Short positions.
Traders can select which pool to use based on which one offers the best execution. A ‘Pool’ toggle can be found underneath the leverage slider on the trade screen.
This single-sided GMX pool allows liquidity providers to support trading on GMX/USD by providing pure GMX tokens as liquidity, avoiding the rebalancing that occurs in standard GM markets and liquidity pools.
A Single-Token Pool offers several unique benefits:
Earn fees from supporting trading while maintaining your full GMX exposure and avoiding impermanent loss
Attract a new set of liquidity providers to GMX, unlock greater market liquidity, and reduce circulating supply
Provide integrations with a composable, highly correlated yield-generating product
Click here to read more about the distinct characteristics of GMX’s Single-Token Pools, and the opportunities they unlock for liquidity providers.
How to Provide Liquidity to 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
Your exposure as a GMX LP
As a liquidity provider in any of GMX’s 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.
For a comparison of the 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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Github: https://github.com/gmx-io
Documentation: https://docs.gmx.io/