GMX Deploys to Avalanche, Bringing Low Slippage Spot and Perpetual Trading to DeFi Users
This integration gives users access to deep liquidity pools with zero impact trades, while taking advantage of Avalanche’s low fees, high throughput, and sub-second finality.
GMX, a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades, is now live on Avalanche. Through this integration, users can trade AVAX, BTC, and ETH with up to 30x leverage, with lower risk verifiable liquidation directly from their Metamask Wallet.
Additionally, users can receive passive yield and earn GMX (the governance token) by staking GLP (the liquidity token). As one of the newer additions to the space, GMX’s hybrid spot-derivatives launched on Arbitrum, quickly growing to a $100m liquidity pool and over $10B of total volume. GMX distributes its trading fees between protocol stakers that hold GMX or GLP. On GMX’s perpetual exchange, users can easily swap or leverage trade (up to 30X) AVAX with no slippage and no liquidation wicks, thanks to the Chainlink oracle price feed. Since launching on Avalanche, GMX has seen significant growth with over $1B transactions in less than two weeks.
- Total Volume: $3,501,137,220
- Total Fees: $4,431,418
- GLP Pool: $87,324,987
- Total Users: 3,656
On GMX, trading is supported by a multi-asset pool that enables liquidity providers to earn from swap fees, asset rebalancing, leverage trading, and market-making. It provides traders with a bird’s eye-view of reliable price feeds that can inform them when liquidation occurs, protecting their positions from temporary wicks. GMX also allows traders to enter and exit positions with minimal spread and zero price impact, saving them from high costs, and as a plus, allowing them to get an optimal price for their trades. The platform is designed to have a user-friendly swap interface that enables traders to swap from any supported asset into their selected position easily.
“We are very excited to see GMX launch on Avalanche, the help provided by AVA Labs in publicizing the launch as well as connecting us with partners has been invaluable” said X, the protocols lead developer. “We look forward to improving on the protocol and forming strong partnerships on Avalanche to increase the usability and accessibility of the platform for all users”.
GMX benefits from Avalanche’s highly secure and low fee chain that has made it a preferred DeFi destination. This expanding DeFi ecosystem gives GMX the opportunity to grow its volume with a large pool of active traders and diversify its utility to other DeFi protocols, including potential partners building products and integrations on top of GMX’s pools. By leveraging Avalanche’s high throughput, GMX can now receive price oracle updates in a more constant manner, and over time working with leading oracles (Chainlink and exchange price feeds) will further optimize the platform’s trading experience. Existing GMX users on Arbitrum will be able to bridge over their GMX tokens to Avalanche using Synapse.
For more information on the GMX integration please visit: https://gmxio.gitbook.io/gmx/.
About GMX
GMX is a decentralized on-chain spot and perpetual exchange that supports low swap fees and zero price impact trades, Users can trade AVAX, BTC, and ETH with up to 30x leverage and lower liquidation risks directly from their Avalanche and Arbitrum Metamask wallets. The platform is supported by GLP, our multi-asset Liquidity pool which earns passive yields and our GMX governance token.
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GMX Deploys to Avalanche, Bringing Low Slippage Spot and Perpetual Trading to DeFi Users was originally published in Avalanche on Medium, where people are continuing the conversation by highlighting and responding to this story.
