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Home Altcoins

GMX DEX Adopts Chainlink’s Low-Latency Oracles to Enhance Security and User Experience

by Dan K
Apr 25, 2023 - 8:09 am
in Altcoins
GMX logo and Chainlink logo side by side, symbolizing their collaboration on low-latency oracles integration

GMX Tokenholders Vote for Chainlink Oracles

Over 96% of GMX tokenholders voted in favor of using Chainlink’s low-latency oracles. These oracles will be integrated into GMX v2 to provide more granular real-time market data and improve the security of the decentralized exchange. The new oracles were developed in collaboration with GMX core contributors.

Enhanced Security and Decentralization

Johann Eid, the head of integration at Chainlink Labs, states that the low-latency oracles will increase the tamper-resistance of GMX when settling user trades, which strengthens the overall security of the platform. The oracles will also further decentralize the protocol, contributing to a better user experience.

Meeting DeFi Speed Requirements

Chainlink’s low-latency oracles use the same oracle node operators and data aggregation mechanisms as their existing reference feeds but operate at a higher frequency. This pull-based mechanism is designed to meet the speed requirements of DeFi derivatives trading.

Reducing Exposure to Stale Prices

The integration of Chainlink’s low-latency oracles will reduce the exposure to stale price execution and value extraction for GMX derivative traders, according to Twitter commentator Aylo. A beta version of these oracles tailored to GMX is already available on the Arbitrum testnet.

Chainlink’s Compensation

In return for their services, Chainlink will receive 1.2% of protocol fees generated by the low-latency oracles from the GMX protocol. These fees include margin trading fees, borrow fees, and swap fees. Chainlink plans to continue refining its oracle services as GMX evolves and expands.

Not the First DEX to Use Low-Latency Oracles

GMX is not the first perpetual DEX to adopt low-latency oracles. Synthetix, an on-chain derivatives platform, integrated a similar solution earlier. GMX, which launched on Avalanche in January 2022, currently has a combined total value locked of $669 million across the two networks.

Conclusion

The integration of Chainlink’s low-latency oracles into GMX marks a significant step forward for the decentralized exchange, enhancing security and user experience while also meeting the demands of DeFi derivatives trading. As more DEXs adopt these advanced oracles, the overall efficiency and reliability of the DeFi ecosystem will continue to improve, attracting more users and fostering further growth in the sector. This collaboration between GMX and Chainlink demonstrates the power of innovative solutions in addressing the evolving needs of the rapidly expanding decentralized finance landscape.

Tags: BlockchainChainlinkCryptocurrencyGMX
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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