GMX Next Few Months Plans
We have the following plan for the next few months:
- Improve platform monitoring
- Review and increase operational security
- Support synthetic markets
- X4 / new chains
Improve platform monitoring
We aim to bolster the security and dependability of the platform by boosting surveillance of keeper statuses and RPC problems. This will enable us to tackle any arising difficulties much more quickly.
Review and increase operational security
Given the expansion of our platform, we believe it is necessary to dedicate time for a comprehensive review of our operational security, including domain name servers and website hosting setup. This will allow us to identify any potential areas for enhancement.
Support synthetic markets
Once the basics have been improved, our next priority should be enhancing both the product and user experience. The X4 update outlined a plan for a PvP AMM, which would allow us to offer more trading choices and let users take an active role in any market while still gaining returns.
Our aim is that the final product will enable support for many kinds of tokens, with greater liquidity than any other platform. As we develop the model further, the details of implementation may change.
X4 / new chains
X4 and fresh networks can be developed following the backing of simulated markets. Both endeavors carry a great capacity to attract more users and we have received positive responses concerning X4 from other protocols thus far.
The advantage of favoring synthetics over X4 is that its implementation will be more rapid, as users can utilize it when it debuts. In contrast, X4 needs to be finished and protocols need to be established before it can be adopted, thus taking longer for its adoption.
It is difficult to predict which chains will be most popular in the near future. We believe that the ones we are currently on have a good chance of leading the pack, so ensuring our product is optimally beneficial for users should be our main priority. Nonetheless, we will remain in contact with teams from different blockchains and if there appears to be a major advantage to launching on one of them, it may take precedence over working on synthetics.
Development of the interface will be carried out in parallel to the tasks mentioned above. A few of the tasks planned are:
- Position sharing
- Trading view integration
- One minute charts
- Trade history improvements
- Close a position and receive any supported token
Given the queries about the long-term sustainability of this endeavor, we think it is prudent to respond. The development fund stores roughly 1.8 million USDC at present, enough to last until March 2024. When the PvP model initiates in 2022, we may suggest dedicating a portion of fees to the fund.
If the PvP AMM is launched in approximately three months, the product could be allowed to operate for a while and 10% of charges can be allocated to a treasury at the beginning of 2023. This fund would expand until the start of 2024.
The goal of this treasury is to support and coordinate contributors for the long run. To accomplish this, we can allot 1/365 of the treasury to contributors each day in 2024. Half of it would be allocated as USDC while the rest would be used to purchase back GMX and then distribute it as esGMX to contributors. This esGMX would vest over 365 days without any other conditions.
All those who have contributed to the development, marketing, moderation and user support of GMX shall be granted a portion of the treasury annually. We strive to create a unified and dedicated community that will continually work towards enhancing and advancing the protocol over time.
For Immunefi’s bug bounty, the initial suggestion was to fund it via a floor price. Biscuitpimp proposed an alternative approach, allowing up to 2% of the GLP pool as payment for the bounty. A procedure could be established and activated through a multi-sig composed of Immunefi and GMX members that can only be triggered once. It is important to note that this will only be enacted in the case of a major bug being found. Bug bounties are limited to 10% of potential impact, hence utilizing this would protect a big part of the pool’s resources. We will assess this more thoroughly and come up with a plan for consideration.