Markets for MONERO, MOODENG, PI, and CURVE are now live on GMX
The 4 new high-leverage perpetual swap markets offer interesting new opportunities for traders and liquidity providers
GMX has introduced new markets for XMR/USD and CURVE/USD, as well as the more recent tokens MOODENG and PI. The four markets on Arbitrum allow traders to go Long or Short on these assets with leverage of up to 50x, directly from their self-custody wallets. Liquidity providers can earn market-leading rewards by depositing in the yield-optimising GLV vaults that back these new markets.
Executive Summary
GMX has created markets for PI/USD (Pi Network), MOODENG/USD (Moo Deng), CRV/USD (Curve Finance), and XMR/USD (Monero)
All four markets are synthetic perpetual swaps on the Arbitrum blockchain
The yield-optimising GLV vaults dynamically allocate liquidity to these new markets
The new markets for XMR, CRV, MOODENG and PI are synthetic in nature. Users can seamlessly trade perpetual swaps for these assets, as the markets reliably track the price averages of these tokens. However, these markets do not support spot swaps (as the underlying liquidity differs from the traded assets).
Low-latency Chainlink Data Streams feeds provide transparent, oracle-based aggregated price data for these assets, as well as all other GMX markets. These pull-based, sub-second data feeds ensure robust and fair asset pricing, protecting both traders and LPs from market manipulation.
Monero Market Details
The XMR/USD market enables frictionless leverage trading for the Monero token.
This XMR market is synthetic, facilitated by a GM liquidity pool holding BTC-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 provide liquidity to a group of synthetic markets through the capital-efficient, dynamically rebalancing GLV vaults. This is a straightforward LP solution that requires minimal management.
See the Liquidity section below for more details about the GLV product and the significant opportunities available as an LP on GMX.
Curve Market Details
The synthetic market for CRV/USD allows traders to long or short the token from the long-standing DeFi protocol Curve Finance.
CRV/USD is supported by a liquidity pool holding WETH and USDC, which has been integrated into GLV: [WETH-USDC]. Liquidity can be provided directly to the GM: CRV-USD pool or to this GLV vault (using either WETH or USDC on Arbitrum), to earn pool fees.
MOODENG Market Details
The MOODENG/USD market enables seamless perpetual swaps for the meme token from famous pygmy hippo Moo Deng.
The Moo Deng market is synthetic, with a BTC-USDC pool underlying it and facilitating the liquidity for trading. This liquidity pool has been included in GLV: [BTC-USDC].
PI Network Market Details
The PI/USD market on GMX enables users to long or short the token from Pi Network, a popular digital currency known for being mined on your mobile phone.
The synthetic PI/USD perpetual swap market is supported by a BTC-USDC liquidity pool, and will receive liquidity from GLV: [BTC-USDC] when trader demand increases.
Liquidity: GLV Vaults & GM Pools
There are two opportunities available for liquidity providers on GMX:
Buy GM tokens to provide liquidity to a single isolated pool, allowing you to earn 63% of all fees that the pool generates from trading and market-making. These fees are auto-compounded into the GM token price for you.
Alternatively, buy 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 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 liquidity is directed toward the markets in demand from traders.
Note: there is no lock-up period for providing liquidity on GMX; you can exit your GM or GLV position whenever you want.
Data for Liquidity Providers
More than 13,000 users provide liquidity on the GMX platform. Helpful data dashboards have been made available to them.
To evaluate the base performance of the two GLV vaults on Arbitrum and Avalanche, see the upgraded Pools page of the dApp and the main GMX Analytics Dashboard on Dune: https://dune.com/gmx-io/gmx-analytics#v2-glv-pools
This section displays the long-term price trends of GLV and its performance compared to a Uniswap V2 LP position with the same two assets (the Benchmark Comparison).
To see the long-term development in the prices of the GM pools and their comparative performance, view this segment: https://dune.com/gmx-io/gmx-analytics#v2-gm-pools
For granular performance data on all the isolated GM pools, as well as GLV [BTC-USDC], GLV [WETH-USDC] and GLV [AVAX-USDC], visit the refined V2 LP Dashboard here:
This sophisticated dashboard allows you to compare the performance of GM and GLV 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
Liquidity providers can also get the following information against the benchmark:
Pool Performance
Fee APR
Pool PnL APR (as a result of trader PnL)
How to Provide Liquidity to GLV or a GM Pool
Visit the recently revamped https://app.gmx.io/#/pools/
Select your preferred auto-optimising GLV liquidity Vault or GM liquidity pool, and click ‘Details’.
Review the performance, composition, and involved exposure
Under ‘Pay’, input the asset and amount of funds you would like to supply to 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 GM liquidity pool, you:
Hold a roughly 50/50 mix of the stablecoin USDC and a volatile crypto asset, typically ETH or BTC.
Have exposure to the price movements of these underlying assets
Earn fees from market-making and trading activity at the pool’s indicated rate (‘FEE APY’). These fees are directly compounded into the pool, which automatically increases the value of your GM tokens.
Can be subject to traders’ Profit & Loss in the short term, when the pool is not perfectly balanced between Longs and Shorts. However, adaptive funding fees typically restore balance to Open Interest quickly, resulting in only small and often positive effects on liquidity providers from trader PnL in the long term.
Join the GMX community:
Website: https://gmx.io/
Twitter / X: 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/
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