The past week since the launch has been exhilarating and there are even more activities lined up for the upcoming weeks.
An update of the progress since 01 Sep 2021:
- ~$150 million has been traded on GMX
- ~$300,000 in fees have been earned by the protocol, including Gambit fees
- ~$900,000 added to the floor price fund
At last, we have obtained the https://gmx.io/ domain and will be changing the links to this site tomorrow.
Floor Price Fund
From the protocol’s GMX-ETH liquidity on Uniswap, 85.31 ETH (~$282,000) of fees have been received. The protocol owned liquidity currently holds 1853 ETH (~$6.1 million). Of the 1853 ETH, 10% will be moved to the floor price fund.
Additionally, 22,960 GMX (~$446,000) received from fees will be burnt.
This yields a total value for the floor price fund of approximately $4.5 million. Of this sum, 30% will be set aside and put into GLP to supply liquidity for recently listed assets.
Community Developer Program
We propose to utilize the marketing and partnership fund to incentivize the fantastic community developers who have been instrumental in constructing the GMX ecosystem.
Proposed recipients:
- 300 GMX to zhongfu for building the GMX positions bot
- 1000 GMX to itburnz for building the GMX leaderboard
If anyone would like to broaden the GMX ecosystem, please contact the team and we will offer assistance where possible.
GLP100
At present, most decentralized exchanges (DEXes) provide liquidity for single or paired assets. This is beneficial for users who want to control their investments and manage them actively.
Tempting as it may be to steer GLP towards a single direction and divide it into several versions, we are of the opinion that there is a segment of users who want to invest in the leading cryptocurrencies without having to juggle multiple coins. This is akin to the S&P 500 index.
GLP token can fill the need as additional tokens are introduced. Our aim for GLP is to create a multi-faceted index of leading and upcoming cryptos, optimally utilizing capital while producing a return for holders. Once the GMX DAO is established, new tokenomics will be utilized to maintain this index.
To move steadily in the direction of this objective, we intend to list additional assets on September 21st, 2021. These assets include LINK, UNI and USDT.
Aggregators
We are currently working on integrating with aggregators and should have an update within the next seven days.
Vesting
Vesting of Escrowed GMX tokens as well as transfers of staked tokens are planned for 1 Oct 2021.
Advanced Orders
Once all the urgent jobs are finished, we will go back to testing limit, stop-loss and take-profit orders. Once we make sure that all orders have been successfully executed, we will introduce more sophisticated instructions on both Arbitrum and Binance Smart Chain.
Next Steps
Once pre-orders become available, the primary focus will be on increasing the reach of the main product through referrals and trading contests.
Work will also start on X4. The previous token, X1, was XVIX, with a minimum price. X2 was BULL and BEAR tokens with leverage. Gambit was X3 and GMX is an improved version of that product. We anticipate introducing something unique to the existing GMX system with the launch of X4.
In addition to X4, it would be intriguing to explore something outside of the DeFi sphere. Non-Fungible Tokens are an option, with the concept of using Multiplier Points as a form of payment for creating or improving them.
We have a passion for designing blockchain-based items, to keep trying out new ideas and make applications that people find pleasurable.
