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 Int...
- 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.
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Dear community members,
GMX is pleased to announce that the proposal to integrate @chainlink's new oracles passed the GMX DAO Snapshot vote with overwhelming support. We'd like to thank everyone who participated.This integration enhances both the security and UX of GMX. pic.twitter.com/8mmQyluYMP— GMX(@GMX_IO) April 25, 2023
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.
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The proposal addressed the opportunity of making Chainlink the official oracle partner for GMX V2, and making GMX the exclusive launch partner of their new low-latency oracles.
Thereby further strengthening the decentralization of GMX and boosting the protocol's resiliency.
— GMX(@GMX_IO) April 25, 2023
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.
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.