It has been an exciting week since the launch, and there is much more planned for the following weeks.
An update on the progress since 01 Sep 2021:
~$150 million has been traded on GMX
~$300,000 in fees have been earned by the protocol
~$900,000 added to the floor price fund
We’ve also finally managed to acquire the https://gmx.io/ domain and will be updating links to this site tomorrow.
Floor Price Fund
From the protocol’s GMX-ETH liquidity on Uniswap, 85.31 ETH (~$282,000) of fees have been received. The protocol-owned liquidity currently holds 1853 ETH (~$6.1 million). Of the 1853 ETH, 10% will be moved to the floor price fund.
This brings the total floor price fund’s worth to ~$4.5 million. An initial 30% of these funds will be allocated to be deposited as GLP and provide liquidity for newly listed assets.
Community Developer Program
We’ve had amazing community developers helping to build the ecosystem of GMX. To continue encouraging this building, we propose to use the marketing and partnership fund for community developer rewards as well.
Proposed recipients:
300 GMX to zhongfu for building the GMX positions bot
1000 GMX to itburnz for building the GMX leaderboard
If anyone is interested in expanding the ecosystem of GMX, please reach out to the contributors.
All projects have also been added to the GMX Dashboard.
Pricing Improvements
The improved pricing contracts have been deployed, and users will now be able to trade with much smaller spreads.
GLP100
Currently, most DEXes offer liquidity provision in single or paired assets. This is useful for users who prefer custom exposure and actively managing their holdings.
While it is tempting to steer GLP in the same direction and split GLP into multiple variants, we believe there is an unserviced group of users who desire exposure to the top cryptocurrencies without having to manage multiple individual tokens. To have an index; similar to the S&P 500.
As more tokens get added, the GLP token can fill this gap. Our vision for GLP is to be a diversified index of top and upcoming cryptocurrencies, all being used in a highly capital-efficient way while generating yield for holders.
To gradually work towards this goal, we will be aiming to list more assets on 21 Sep 2021; the planned assets to be listed are LINK, UNI and USDT.
Aggregators
Integrations with aggregators are in progress, and we should be able to update on this in the next week or so.
Vesting
Vesting of Escrowed GMX tokens as well as transfers of staked tokens is planned for 1 Oct 2021.
Advanced Orders
Once all the immediate tasks are completed, we will resume the final testing of limit, stop-loss and take-profit orders. After determining that all orders will be reliably executed, we will launch advanced orders on both Arbitrum and Binance Smart Chain.
Next Steps
After advanced orders are live, the core focus would be on growing the reach of the core product with referrals and trading competitions.
Connect with us:
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
Disclaimer:
The information, content, and materials provided here are for general informational purposes only and do not constitute financial or investment advice, nor a legally binding agreement.
Note that discussions and voting involving contributors may occur on GMX DAO social media platforms, but contributors are independent actors, and nothing discussed or proposed should be understood as an obligation for an individual contributor to act.
Please conduct your own research and consult with appropriate professionals before making any decisions based on the information provided on this website.