Markets for MANTRA and MAKER are now available for traders and LPs
Traders can now trade the OM and MKR tokens permissionlessly with up to 50x leverage, while LPs can earn rewards by depositing to GLV or the GM pools
GMX is launching markets for MKR/USD and OM/USD, creating new opportunities for DeFi traders and liquidity providers. Both perpetual swap markets are on Arbitrum, allowing users to go Long or Short with leverage of up to 50x. Traders will benefit from GMX’s self-custody, transparent pricing, and fast onchain execution, while liquidity providers can support these markets to earn pool fees.
Exec Summary
GMX has created markets for OM/USD (Mantra) and MKR/USD (MAKER) on Arbitrum
The two altcoin markets are synthetic perpetual swaps
OM/USD is supported by a BTC-USDC liquidity pool, while MKR/USD is backed by a WETH-USDC pool.
These two GM pools have been integrated into the GLV vaults, facilitating dynamic liquidity allocation for these markets
OM Market Details
The OM/USD market offers perpetual swaps for the token from Mantra DAO and its RWA-blockchain Mantrachain. This market reliably tracks a price average of OM/USD using a low-latency Chainlink Data Streams feed, enabling seamless trading. Leverage of up to 50x leverage is available to traders via the app.gmx.io interface.
The OM market is synthetic, supported by a GM liquidity pool holding BTC and USDC. You can provide liquidity to this GM pool using either BTC or USDC on Arbitrum, to earn rewards from trading activity and market-making.
Users can also easily provide liquidity to a range of synthetic markets through GLV. For more details about GLV and the opportunities available as an LP on GMX, see the Liquidity section below.
MKR Market Details
The market for MKR/USD offers traders the opportunity to long or short the token from DeFi protocol MakerDAO (a.k.a. SKY) with up to 50x leverage. As with all GMX markets, pricing is facilitated in a decentralised way by Chainlink Data Streams, a pull-based sub-second oracle model.
MKR/USD is supported by a liquidity pool holding BTC and USDC. Liquidity can be provided to this GM pool using either BTC or USDC on Arbitrum, to earn pool fees.
Liquidity: GLV Vaults and GM Pools
There are two opportunities available for liquidity providers on GMX:
Purchase GM tokens to provide liquidity to a single isolated pool, allowing you to earn 63% of all trading and market-making fees that specific pool generates. These fees are auto-compounded into the GM token price for you.
Alternatively, purchase GLV tokens to provide liquidity across a range of synthetic GMX markets based on that liquidity pair (BTC-USDC or WETH-USDC).
GLV offers a straightforward way for users to provide liquidity, similar to GLP from GMX V1. It is an innovative vault solution built on top of the individual GM liquidity pools.
The GLV vaults hold multiple GM tokens, and automatically rebalance their liquidity towards the best-performing pools. This model maximises capital efficiency for liquidity providers, while ensuring that liquidity is directed toward the markets that are in demand from traders.
Data for Liquidity Providers
Insightful data dashboards are available for users providing liquidity on GMX. To evaluate the base performance of the GLV vaults on Arbitrum and Avalanche, see:
https://dune.com/gmx-io/gmx-analytics#v2-glv-pools
This section of the main GMX Analytics Dashboard displays the long-term price trends of the two GLV vaults, as well as GLV’s performance compared to a standard Uniswap V2 LP position with the same two assets (the Benchmark Comparison).
To see the long-term development in the prices of GM, and how GM pools perform against a standard Uniswap V2 LP position with the same assets, see this segment:
https://dune.com/gmx-io/gmx-analytics#v2-gm-pools
For detailed performance data on the isolated GM pools, as well as GLV [BTC-USDC] and GLV [WETH-USDC], please visit the upgraded V2 LP Dashboard:
https://dune.com/gmx-io/v2-lp-dashboard
This Dashboard allows you to compare the performance of GM and GLV against each other, as well as against any of the following benchmarks, across multiple timeframes:
- Uni V2 Positions (Long-Short)
- The Long Token
- The Short Token
- Any other GM pool or GLV
How to Provide 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 support trading on GMX and earn rewards with
Click the blue Buy button and confirm the token allowance and onchain transaction
Exposure as an LP on GMX:
As a liquidity provider in any of GMX V2’s GM liquidity pools, you:
hold a roughly 50/50 mix of the stablecoin USDC and a volatile crypto asset, typically ETH or BTC.
have exposure to price movements of these underlying assets
earn fees from market-making and trading activity at the pool’s indicated rate, which is based on performance over the past seven days. These fees are auto-compounded into the pool, which increases the value of your GM tokens.
can be subject to trader Profit & Loss in the short term, at times when the pool is not perfectly balanced between Longs and Shorts. However, adaptive funding fees typically restore balance to Open Interest, resulting in only slight and generally positive effects on liquidity providers from trader PnL in the long term.
There is no lock-up period for providing liquidity on GMX; you can exit your GM or GLV position whenever you want.
Join the GMX community:
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
Documentation: https://docs.gmx.io/