HomeNewsChainlink and GMX DAO Unite: Pioneering Decentralized Perpetual Exchanges with Advanced Oracle...

Chainlink and GMX DAO Unite: Pioneering Decentralized Perpetual Exchanges with Advanced Oracle Solutions

- Advertisement -
  • GMX DAO partners with Chainlink to integrate new oracles for enhanced security and user experience.
  • Chainlink’s low-latency oracles to provide real-time market data and effective frontrunning mitigation for GMX V2.

GMX DAO Announces Partnership with Chainlink for Oracle Integration

GMX DAO recently announced that their proposal to integrate Chainlink’s new oracles has passed the Snapshot vote with overwhelming support from community members. This integration aims to enhance the security and user experience of the GMX platform.

- Advertisement -

Strengthening Decentralization and Boosting Protocol Resiliency

The proposal discussed the opportunity to make Chainlink the official oracle partner for GMX V2 and establish GMX as the exclusive launch partner for Chainlink’s new low-latency oracles. This partnership will further strengthen the decentralization of GMX and enhance the protocol’s resiliency.

Access to Real-Time Market Data for Crypto and Non-Crypto Assets

With Chainlink’s new oracles, GMX V2 will gain access to real-time market data for both crypto and non-crypto assets. These oracles offer ultra-low latency price updates and effective frontrunning mitigation while being highly gas-efficient to meet the needs of GMX traders.

- Advertisement -

Allocating GMX V2 Protocol Fees to Chainlink for Future Development

The 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 independent, transparent, and low-latency data essential for GMX’s success.

A Crucial Partnership for GMX’s Oracle Infrastructure and Continued Expansion

This partnership forms a vital part of the infrastructure for GMX’s oracle needs and aligns Chainlink with GMX’s continued expansion in the decentralized perpetual exchange space. GMX DAO expressed gratitude to Chainlink and their extended community for their support in this partnership.

- Advertisement -
Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
- Advertisment -spot_img