GMX
2023
October 13: GMX’s STIP proposal reaches quorum
October 2: Chainlink’s Data Streams integrated
September 25: Chaos Labs releases GMX V2 Risk Portal platform
- Provides overview on risk metrics for the V2 platform.
September 22: Full security analysis of Chainlink’s automation contracts for the GMX V2 system by Guardian Audits
August 23: Updated GMX V2 contracts with Chainlink real-time feed integration deployed to the Arbitrum Goerli testnet
August 18: GMX V2 listed on InsurAce
August 10: The bug bounty program expands to cover V2 contracts
August 9: MUX Protocol integrates V2
- One-stop access for leveraged trading.
August 8: GMX V2 goes live.
- The second iteration of the GMX protocol is now live on Arbitrum and Avalanche mainnet.
- For Traders
- Multiple collateral types can be used for positions, e.g. opening a 0.1 ETH position with 1 ETH of collateral for a low cost and low leverage ETH long
- Faster execution speed and lower slippage, the new oracle system signs prices every block, this helps to ensure that orders get executed at the closest execution price possible even if there are a high number of transactions
- Low fee swaps from 0.05% to 0.07%
- For Liquidity Providers
- Pools and markets are now isolated, so liquidity providers can customize exposure to only the tokens that they prefer
- Stronger incentives for balancing the open interest for longs and shorts: this helps to automatically hedge pools against trader profits
- Increased swap incentives help to keep the tokens in the pool balanced and allow the pool token’s price to more closely track the underlying assets, for more predictable returns
August 6: Tradao integrates V2.
- Tradao is the First Web3 Derivatives Portfolio Tracker that covers all GMX_IO traders.
August 1: Snapshot V2 Genesis Parameter passes.
- Recommendations are seen here.
July 26: V2 Genesis Risk Framework by Chaos Labs is live.
- The genesis param recommendations are the outcome of a rigorous research process. This process involved conducting millions of market stress scenarios and Monte Carlo simulations at scale.
July 19: Snapshot v2 fee split passes.
- An allocation of 10% of protocol fees for which GMX stakers & GM liquidity providers participate be allocated to the GMX Treasury.
July 10: Native USDC added to GLP for Arbitrum.
June 30: GMX’s Avalanche Rush Incentives received by Struct Finance.
- Struct is focused on decentralizing Structured Finance.
June 27: Snapshot on Multiplier Point passes.
- Implement wallet % caps on the amount of active Multiplier Points utilizable for fee distribution.
- Majority voted for a 200% active MP cap on fee boost.
June 12: GMX V2 Testnet publicly available.
May 25: Integration with Yama Finance
- Yama is an omnichain stablecoin facilitating extremely high leverage and liquidity.
- The first $plvGLP auto-compounder – $YPlvGLP
May 5: Integration with Dolomite.
- A next-gen money market and margin trading protocol on Arbitrum.
April 28: Trading competition partnership with GammaSwap and Rysk Finance announced.
April 26: Proposal for integration with Chainlink’s new oracles passes.
- This proposal allocates 1.2% of the GMX V2 protocol fees to Chainlink for future development work and support of the low-latency oracles used by GMX V2.
- This ensures long-term access to the independent, transparent, & low-latency data that is essential for GMX’s success.
April 13: Integration with Etherdrops Bot.
- Receive real-time notifications about open Long/Short/Liquidation positions on Tracked Wallets.
April 3: GMX will post articles on Substack instead of Medium.
March 31: Subgraph to collect APR info for synthetics markets added.
March 10: Interface component to claim funding fees for synthetics added.
March 3: Subgraph and interface for the synthetics trade history added.
February 14: Trading View integrated.
February 10: GMX Sherlock contest goes live with 217,500 USDC in rewards auditors and security researchers who find code vulnerabilities.
February 2: Governance vote in favor of completing an OTC treasury swap between GMX and Gammaswap treasuries of $100,000 worth of esGMX and Gammaswap GS tokens. The esGMX from the trade will be permanently locked, with the proceeds from staking esGMX used to fund grant programs to build vaults or structured products leveraging GMX & GammaSwap, driving more fees to both platforms
2022
December 31: Community votes in favor of ending esGMX emissions for GLP and GMX based on the agreed-upon schedule.
October: GMX listed on FTX, Binance, Crypto.com, Nexo, Kucoin.
October 21: Community votes in favor of creating a labs entity for GMX community members to contribute under as well as to apply a Business Source License to the code created by the GMX DAO.
October 3: Synthetics contracts code published.
- The goal of Synthetics is to provide a wide range of assets to trade.
- New permissionless asset markets could be added to GMX.
- Users will be able to make spot swaps, and trade with leverage.
- Trigger orders are included so users can market orders, limit orders, stop-loss, and take-profit orders.
- Synthetics Market on GMX requires 3 tokens: one used for long, one used for short, and one used as an index token.
- E.g. a SOL market could include SOL as the token backing longs, a stablecoin as the token backing shorts, and SOL as the index token.
August: BTC.b added to GLP on Avalanche.
- BTC.b is a native version of BTC bridged to the Avalanche network using Avalanche’s Bitcoin Bridge; it doesn’t use any wrappers.
- WBTC is still included in the GLP pool on Avalanche.
May 6: GMX listed on MEXC.
April 27: Referral program goes live.
- Users can generate their own affiliate referral link to earn rebates, and use other people’s links when trading for fee discounts.
March 24: 1.5% price move rule to close a position in profit is removed.
- This was something that users were not used to experiencing on other protocols, so some thought it was best to remove it.
- Added a 1-second delay between when a user submits an order and when the position is opened to prevent front-running.
March 8: GMX listed on Bybit.
January 20: GMX-AVAX liquidity pool goes live on Trader Joe.
January 6: GMX protocol goes live on Avalanche.
- Swaps and leverage trading up to 30x are available.
- GMX stakers and GLP holders receive AVAX instead of ETH as part of their fee distribution.
- 50k esGMX (escrowed GMX) tokens per month used as liquidity incentives for GLP holders on Avalanche.
- Starting in April, incentives were reduced to 25k esGMX per month, concluding in December, 2022.
2021
December 20: GMX contracts deployed on Avalanche.
December 16: Partnered with OlympusDAO.
December 15: Gambit protocol USDG holders stop receiving WBNB rewards, users could redeem USDG for BUSD 1-1 at anytime.
December 8: Gambit protocol on BSC begins closing operations.
- Team begins ceasing operations for Gambit protocol and USDG token on BSC.
- The decision was made to prioritize launching on Avalanche and to keep GMX product consistent across all chains.
- The team will consider relaunching on BSC when it makes sense and when RPC issues are more manageable.
December 7: GMX Blueberry Club NFT public mint goes live.
- Anyone who staked GMX and earned esGMX was entitled to a free GBC NFT.
- Public sale price was 0.03 ETH.
- 5,000 esGMX a month is distributed among GBC NFT holders.
December 3: DAI added to GLP.
December 2: GMX becomes most used protocol on Arbitrum with ~80k unique monthly users and ~30k transactions per day.
November 22: FRAX added to GLP.
November 22: GMX Blueberry Club NFT is designed.
November 13: Protocol reaches $5 billion in volume traded.
November 4: First Community trading competition goes live.
September 21: LINK, UNI, & USDT added to GLP.
September 15: GMX.io website domain goes live.
September 6: GMX token goes live on Arbitrum.
- Trading and staking of GMX tokens live.
- Trigger orders also implemented on Arbitrum.
- Trigger orders allow users to make market orders, limit orders, stop-loss, and take-profit orders.
September 1: Minting & redeeming of GLP goes live shortly after.
August 31: Arbitrum is available to the public.
August 12: Protocol reaches $1 billion in volume traded.
July 15: (Now called GMX after rebrand of Gambit) GMX token contracts deployed on Arbitrum mainnet.
July 12: GMX integrated into Synapse bridge from Arbitrum to Avalanche.
July 8: Updated Tokenomics.
- This update moved away from users minting a stablecoin by depositing whitelisted assets, and introduced the GLP token model that is used today.
- GLP is a liquidity pool made up of whitelisted assets: GLP is minted when users deposit one of the whitelisted tokens into the pool.
- Users own a percentage of the GLP pool equal to how much they deposited.
- GMX fees are split 70% to GLP, and 30% to staked GMX holders.
- Introduced GMX price floor fund, which would include ETH and GLP as backing.
June 22 – July 6: The migration period from BSC to Arbitrum goes live.
- Arbitrum deployment combined 4 tokens from Gambit and XVIV into one token: GMX.
- XVIV (token with floor price), XLGE (XVIV protocol liquidity provider token), GMT (Gambit governance token), and xGMT (Gambit fee receiving token) could be burnt to receive GMX IOU tokens.
- GMX IOU token holders would then go on to receive GMX tokens when Arbitrum mainnet launched and contract could be deployed.
April 28: Gambit goes live on BSC.
April 3: GMT governance token pre-sale launched.
February 26: Gambit Protocol announced.
- Gambit was to be a soft-pegged, interest-generating stablecoin.
- Whitelisted assets could be used to mint USDG.
- Users could deposit collateral to go long; collateral would also be used to generate fees that would be used to pay USDG holders.
- A burning mechanism similar to that used by XVIV token would be used to maintain the gUSD peg in case of depeg.
2020
November 10: Protocol first launched as XVIX.
- The protocol was based around the XVIV token, which drew inspiration from Ampleforth Protocol’s AMPL token.
- XVIV token was designed to peg itself using “unique tokenomics and supply properties”.
- XVIV utilized non-uniform rebasing, which means that certain addresses, such as Uniswap liquidity pools, would not experience token rebasing, and token burns.