GMX Proposes Chainlink as Oracle Partner for GMX V2

On April 6, GMX proposed Chainlink as its oracle machine partner for GMX V2 to make its agreement more flexible and decentralized. Chainlink’s new low latency oracle machine is designed to meet the needs of perpetual contract exchanges and other price sensitive DeFi products, and provide detailed real-time market data for GMXV2’s cryptocurrency and non cryptocurrency markets.

GMX proposal to allocate 1.2% of all fee income to Chainlink

Introduction

On April 6, GMX, a decentralized exchange platform, announced its plans to make agreements more flexible and decentralized by partnering with Chainlink as its oracle machine partner. Chainlink, widely regarded as the most trusted and secure oracle network in the blockchain industry, will provide detailed, real-time market data for GMX V2’s cryptocurrency and non-cryptocurrency markets.

Background

In recent years, the blockchain industry has gained enormous popularity, and blockchain-based financial products have emerged as an alternative to traditional financial products. Peer-to-peer transactions, no intermediaries, decentralization, transparency, and security are some of the key benefits of blockchain and DeFi (decentralized finance). DeFi has become more popular since mid-2020, and the total value locked (TVL) in DeFi in February 2021 had reached almost $44 billion, according to DeFi pulse.

GMX V2

GMX is a decentralized exchange that started operations in 2019, designed to provide a non-custodial trading experience while retaining high-level security. The first version of GMX allowed users to trade in different cryptocurrencies without the need for a centralized authority, making GMX a popular DEX for cryptocurrency traders. Recently, GMX announced its plans to launch its V2, aimed at providing more agility and flexibility to its users. GMX V2 will offer perpetual contract exchanges and other price-sensitive DeFi products using Chainlink’s new low latency oracle machine.

Chainlink Partnership

Chainlink’s oracle machine will be used to provide real-time data for price feeds to GMX V2’s non-cryptocurrency markets. The low latency oracle machine is designed to meet the needs of perpetual contract exchanges and other DeFi products that require accurate, reliable data about the price of assets. Chainlink’s oracle machines are known for their reliability, security, and transparency, making them an ideal partner for GMX V2.

Benefits of Partnership

GMX V2’s partnership with Chainlink represents a significant step towards a more decentralized and reliable exchange. By using real-time data provided by Chainlink, GMX V2 can ensure that its contract exchanges and other DeFi products are always accurate, up-to-date, and more importantly, executed automatically without the possibility of downtime or other system failures. In addition, partnership with Chainlink will provide more liquidity to the GMX platform, increasing the trading volumes and revenue.

Conclusion

With the announcement of GMX V2 partnership with Chainlink, DeFi enthusiasts can look forward to more agile, secure and flexible DeFi products. By choosing Chainlink as their oracle machine partner, GMX V2 has ensured the accuracy and real-time execution of their contract exchanges and other DeFi products, and has taken a significant step towards a more decentralized exchange. GMX V2 is set to launch in the near future, bringing with it a new era of DeFi products, and exciting times for the crypto community.

FAQs

**Q1. What is GMX V2?**
GMX V2 is the latest version of the decentralized exchange platform, GMX. It offers perpetual contract exchanges and other price-sensitive DeFi products using Chainlink’s new low latency oracle machine.
**Q2. What is Chainlink?**
Chainlink is a trusted and secure oracle network in the blockchain industry, providing detailed, real-time market data for blockchain-based financial products.
**Q3. What are the benefits of GMX V2’s partnership with Chainlink?**
The partnership with Chainlink provides more liquidity to the GMX platform, increasing trading volumes and revenue, and offers a more reliable and decentralized exchange by using Chainlink’s oracle machines.