As part of the proposal, a portion of the fees generated by GMX will be paid to support Chainlink's oracle infrastructure.
SAN FRANCISCO, April 24, 2023 /PRNewswire/ -- GMX, the largest decentralized perpetual exchange operating on Arbitrum and Avalanche, and Chainlink, the industry-standard Web3 services platform, today announced that the GMX community has voted to integrate Chainlink's new low-latency oracles for financial market data. GMX will join as the launch partner of the new solution, integrating the low-latency oracles in its upcoming protocol GMX V2 to support perpetuals, swaps and liquidity.
The low-latency oracles are a new standard in ultra-fast oracle infrastructure, and serve as a major step forward for improving the security, decentralization, and user experience of the DeFi economy. The proposal can be found on the GMX snapshot page.
Chainlink's new low-latency oracles are a major innovation that address a significant DeFi pain point — the extreme latency-sensitivity of derivatives exchanges and other price-sensitive DeFi applications. Low-latency oracles address this concern by providing secure access to high-quality market data in a pull-based manner, all while keeping Chainlink's industry standard and battle-tested infrastructure, where data is cryptographically signed by a decentralized oracle network and verified on-chain.
In the case of GMX, the integration is set to enhance the decentralized exchange's performance, harden its data security, help mitigate the risks of frontrunning, and provide long-term sustainable access to essential Web3 infrastructure. The Arbitrum testnet now has a beta version of the low-latency oracle deployed, and testing by GMX core contributors is ongoing. *For more on Chainlink's low-latency oracle solution and the importance of addressing the latency challenges in Web3, check out the following Chainlink blog post.
"We're excited to see our community approve this integration and for GMX to be the launch partner of Chainlink's new low-latency oracles," said X, development core contributor of GMX. "GMX contributors have been working with Chainlink Labs since last year on the specifications of these new oracles, and we're excited to contribute to establishing a long-term self-sustainable oracle network."
"Chainlink Labs has been committed to the support and growth of DeFi since its very early days," said , VP of Go-To-Market at Chainlink Labs. "With this collaboration, we mark a new milestone for the space and its race towards mass adoption. The low-latency oracles will bring the industry one step closer to the performance level that currently exists outside of it, while our economic alignment helps set the foundation for a more sustainable ecosystem. We're excited to keep building this space with leading projects such as GMX, one block at a time until DeFi becomes a leading and secure global financial system."
The passing of this proposal represents a major step forward for oracle sustainability as Chainlink continues to deliver on its Economics 2.0 vision, following other programs such as and .
As the Chainlink Staking protocol evolves over time to support a greater scope of data feeds and oracle services, a portion of the fees from this proposal are planned to be sent directly to stakers as user fee rewards for their work increasing the -economic security of Chainlink services utilized by GMX.
Learn more about Chainlink by visiting or reading the developer documentation at . To discuss an integration, .
GMX has worked collaboratively to create a robust ecosystem, with over 100 DeFi integrations. With GMX V2, any asset with a Chainlink low-latency price feed may be transacted on the exchange, and order execution is guaranteed, further optimizing the on-chain trading experience. Discover GMX at , and connect with the community through: