GMX V2, powered by Chainlink Data Streams, is now live on Arbitrum mainnet
GMX V2 is now using Chainlink Data Streams live on Arbitrum mainnet! By integrating Data Streams, GMX can provide real-time pricing updates and quicker on-chain transactions. The result is strengthened protocol performance and data security, along with help with mitigating frontrunning risks. Execution speeds should also be noticeably faster.
V2’s Unmatched UX: Web2 Speed With Web3 Security
The integration of Chainlink Data Streams, Chainlink’s new low-latency oracle solution, is designed to address the latency-sensitivity of derivatives exchanges and other high-precision DeFi products, through an oracle solution that aims to deliver fair, accurate, and high-frequency market data in a pull-based manner.
All of this is underpinned by Chainlink’s industry-standard and battle-tested infrastructure, with data cryptographically signed by a decentralized oracle network and verified on-chain.
By integrating Data Streams’ on-demand oracle infrastructure for V2, GMX is able to support trading with real-time price updates and faster on-chain execution while also enhancing protocol performance, hardening data security, and helping to mitigate frontrunning and price manipulation risks.
Data Streams enable the delivery of:
An unmatched UX—GMX V2’s CEX-like trading experience is underpinned by low-latency market data and ultra-fast transaction settlement, all without compromising transparency and decentralization.
Improved capital efficiency—Greater access to market data beyond prices, such as market liquidity and volatility, enables improved capital efficiency practices.
Protection from frontrunning—Data Streams’ “Commit-and-reveal” architecture has sub-second data delivery and preserves transaction privacy prior to execution, helping mitigate frontrunning.
Credibly neutral execution—Leveraging Chainlink Automation, powered by a decentralized network of world-class node operators, removes the risks of centrally managed solutions withholding data or trading against observed prices and profiting from abusive pre-positioning.
Sustainably Scaling DeFi
Developing an on-chain perpetual exchange that provides a comparable level of performance to Web2-based markets while maintaining Web3 security standards is a significant achievement that will help scale DeFi.
A fee structure has been set where 1.2% of total fees generated by GMX V2 and later protocol versions will be paid to Chainlink service providers in exchange for the usage of the low-latency oracles and long-term technical support. This arrangement helps support the economic sustainability of the infrastructure underlying the GMX protocol.
“We’re excited to help pioneer the next generation of DeFi by enabling unmatched speed and resiliency on GMX V2 through the use of Chainlink Data Streams,” said Johann Eid, Chief Business Officer at Chainlink Labs. “As GMX V2 proves, Data Streams enable DeFi protocols to provide CEX-like speeds whilst maintaining the high-security guarantees of Web3.”
“GMX V2 going fully Live on Arbitrum mainnet is a pivotal moment for the protocol,” said X, dev at GMX. “Chainlink Data Streams’ low-latency market data and ultra-fast transaction settlement enables GMX V2 to provide a CEX-like experience, all without compromising on the core principles of transparency and decentralization.”
Chainlink is the industry-standard Web3 services platform. It has enabled trillions of dollars in transaction volume across DeFi, on-chain finance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink empowers developers to build feature-rich Web3 applications with seamless access to real-world data, off-chain computation, and cross-chain interoperability across any blockchain, providing global enterprises with a universal gateway to all blockchains.
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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.