GMX is a decentralized exchange that offers leverage trading, liquidity provision, and swapping on Arbitrum and Avalanche blockchains. Users on this platform can trade with leverage, become liquidity providers, and perform swapping.
Leverage Trading and Liquidity Provision on GMX
Traders on GMX can choose a minimum leverage level of 1.1x and a maximum level of 50x for long and short trades. If a trader deposits $1000 into @GMX_IO as collateral, they can borrow up to $50,000 from the liquidity pool. Liquidity providers purchase the $GLP token using selected stablecoins and major cryptocurrencies like ETH, BTC, and AVAX. They become counterparties for traders on @GMX_IO and earn a significant share of GMX platform revenues.
GLP and GMX Tokens
The GLP token is the liquidity provider token for the GMX platform. The GMX token is the native governance and utility token of the GMX protocol. The price of GLP is less volatile than the price of GMX since it is not traded on exchanges, and its asset pool contains approximately 50% stablecoins. The GLP price is determined by the sum of the value of all assets in the index plus traders' profits/losses divided by the number of $GLP tokens.
GMX Revenues and APR Rates
@GMX_IO revenues include swap fees, leverage trading fees, liquidations, and minting/burning $GLP. The APR rate for GLP fluctuates depending on the GMX protocol's revenues in the past week. Using the pilot version of GMX enabled by @dappOS_com provides access to the GMX exchange on Avalanche using the #dappOS #Web3 operating protocol. The integration aims to offer Web3 users seamless trading between different blockchains.
GLP Staking Event and Rewards
A guide on staking GLP provides information about an ongoing event that runs from March 17, 2023, to April 7, 2023, offering a reward pool of $20,000 USD. The event offers various benefits for participants, including purchasing and staking #GLP, earning rewards in $AVAX, referring friends for bonuses, and participating in the share-to-earn carnival.
Event Benefits and Reward Distribution
The first benefit allows participants to purchase and stake $GLP and share a prize of 6,000 USDT. Participants must buy at least 50 GLP and hold them for a minimum of 72 hours to receive $5 USDT tokens as rewards. Rewards are granted on a first-come-first-served basis.
The second benefit offers three times higher rewards for staking GLP. Participants can earn rewards in $AVAX while staking GLP, and #dappOS provides double rewards. The total additional reward pool is limited to $2000 USD and also operates on a first-come-first-served basis.
The third benefit allows participants to refer their friends and share a prize of 12,000 USDT. For each referred friend, both the referrer and the referred receive a bonus of $2 USDT. There is no limit to the number of invited friends; however, the total reward pool is capped at $4000 USD. The top 20 referrers on the leaderboard will receive an additional $3 USDT bonus.
Participants can view their estimated rewards on the leaderboard page and must provide a non-exchange wallet address to receive their rewards. The share-to-earn Carnival is another opportunity for participants to earn a reward of $1000 USD in USDT. To participate, users must upload a video of their staking process and share it on Twitter and/or Discord/Telegram groups using the hashtags #GMX #GLP #dappOS. The best videos will be rewarded.
The GLP Expert program encourages participants to learn more about GMX and dappOS and earn rewards. Participants can learn about GLP by reading several articles, including one from #Binance Academy, and complete a ten-question quiz. Two hundred users who complete the task will be randomly selected and rewarded with $2.5 USDT each.