GMX Rush continues with $350,000 in incentives for DeltaPrime to support growth of GM pools
DeltaPrime will use the funds to boost the adoption of its GMX V2-based products available on Avalanche.
DeltaPrime, a DeFi margin protocol, will be benefitting from Avalanche Rush, the long-running incentive program by the Avalanche Foundation. This is being made possible through decentralised perpetual exchange GMX, which will be providing $350,000 in incentives to DeltaPrime from its GMX Rush fund.
The incentive funds will be distributed over a period of four months to support the growth of DeltaPrime's GMX V2 products. DeltaPrime will use these funds to reward users who lend their funds to the integrated GM pools, deepening the liquidity available to traders on GMX.
How DeltaPrime works
DeltaPrime is a rapidly growing decentralised borrowing and investing ecosystem on Avalanche and Arbitrum. With DeltaPrime, users can lend out their funds, or invest with borrowed funds, across the most popular protocols on the blockchain.
Users of DeltaPrime can borrow up to 5x their collateral from lenders, simply by depositing any supported (LP) asset — such as GMX’s GM tokens. As a result, lenders utilise a larger part of their capital, borrowers can borrow more, and partner projects achieve increased TVL and volume. Additionally, this opens up opportunities to hedge price risks, while multiplying rewards.
DeltaPrime’s ability to lend undercollateralised and trustlessly, allows it to reach very high utilisation ratios. This high utilisation ratio means a more efficient lending system, with more of the supplied capital being reinvested into the Avalanche DeFi ecosystem.
GMX’s role in the Avalanche ecosystem
GMX is a permissionless protocol that enables users to participate in a decentralised spot and perpetuals exchange. The GMX protocol deployed to Avalanche in January 2022 and has been a leading platform for on-chain trading ever since, facilitating over $27 billion in volume on the chain. Users can trade top crypto assets while maintaining custody of their funds, benefiting from low fees and the EVM-compatible blockchain's sub-second finality.
Deep integration with other respected builders on Avalanche, such as DeltaPrime, allows the GMX protocol to keep expanding its offerings — and solidify its role as the composable, foundational base layer for DeFi on the blockchain.
DeltaPrime has been live on Avalanche since 10 January 2023, amassing $18M in TVL, and facilitating over $1B in volume. Over the past year, more than 4,500 Avalanche users have used the DeltaPrime protocol.
DeltaPrime’s lending fosters growth within the GMX ecosystem as well. The platform supports both GMX’s GLP liquidity index token and its newer GM pool tokens. The GLP token was very popular on DeltaPrime, resulting in DeltaPrime contributing significantly to GLP’s growth on Avalanche. With the launch of GMX V2, the GLP model is slowly being phased out in favour of more scalable single-asset liquidity pools, the GM pools.
By supporting these GM tokens as well, DeltaPrime now helps to deepen the liquidity of GMX V2’s GM markets on Avalanche. This further enhances the user experience for traders on GMX, and users of other protocols on Avalanche that build on GMX’s composable DeFi ‘lego blocks’.
How to use GM tokens on DeltaPrime
GMX’s composable GM tokens can be imported into the Prime Account straight from the wallet, after which users can directly borrow with their desired risk profile.
Borrowed assets can then be used to mint more GM, increasing the fees and Rush rewards your Prime Account receives. Depending on which asset is borrowed, this can simultaneously increase or decrease your price exposure to GM.
As a DeltaPrime user, this means added opportunities with full control over your risk/reward. As a GMX V2 user, this collaboration means markets with deeper liquidity to trade on. And for Avalanche, this means improved utilisation of the funds already available on the chain.
Connect with GMX:
Website: https://gmx.io/
Twitter: https://twitter.com/GMX_IO
Telegram: https://t.me/GMX_IO
Discord: https://discord.gg/H5PeQru3Aa
To keep up with all the developments in the GMX ecosystem, subscribe to the community’s weekly Blueberry Pulse newsletter.
Connect with DeltaPrime:
Website: https://deltaprime.io
Demo: https://x.com/DeltaPrimeDefi/status/1722630148179235209
Twitter: https://twitter.com/deltaprimedefi
Discord: https://discord.com/invite/9bwsnsHEzD
About Avalanche:
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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.