OpenSwap Bridge Founder #5 GMX ($GMX)
We are delighted to announce GMX as our 5th partner to join the OpenSwap Bridge Founders Program!
More info about our Bridge Founder Program can be found here.
GMX is a decentralized exchange that supports both spot and perpetual trades that are both low in fees and leads to 0 price impact. This means that other than normal swaps, it also supports opening leveraged long and short positions with features such as partial liquidations, dynamic pricing, and SL/TP (Stop-loss/take-profit) just like a centralized exchange but more. A special multi-asset pool approach is taken to facilitate the trades. GMX currently has $93.35m on Avalanche and $257.3m on Arbitrum, which leads to a combined TVL of $350.64m and has executed over $30 billion in on-chain leveraged trades!
How it Benefits GMX and OpenSwap
During the testnet phase, we would be including $GMX tokens for users to swap, exposing their project to our testnet users. Meanwhile, GMX ’s users can also try out this brand new crosschain swapping solution that OpenSwap is offering. This would enable users to easily purchase $GMX with stablecoins like USDT and any other tokens from other chains.
One of the unique features the OpenSwap Bridge offers is that we allow users from different chains to purchase a token. For example, $GMX is a token that exists on Avalanche and Abritrum. Traditionally, if users from a different chain like Binance Smart Chain, Polygon, or Fanton want to purchase $GMX , they would need to convert and bridge their tokens to AVAX or other supported chains for gas and to swap for GMX tokens.
With the OpenSwap Bridge, users can simply use any token they have available and our hybrid smart routers along with the Bridge Trolls will be able to deliver $GMX tokens directly to the users. OpenSwap Bridge’s Any-to-Any swap was also enabled on testnet, allowing users to conveniently try swapping for GMX tokens with any tokens from our supported chains!
What this means for the GMX Community upon OpenSwap Bridge Mainnet Release
First, the aforementioned enablement of crosschain swap will of course be available on the mainnet. With OpenSwap’s cross-chain bridge and hybrid smart router integration, $GMX will be exposed to liquidity from all other chains we support.
Users can cross-chain swap for $GMX tokens directly and be able to access GMX token’s liquidity. This would ultimately build towards a higher volume, benefiting both token holders and liquidity providers.
In the future, when our OpenSwap Bridge supports Fantom and Polygon, our project vaults can also serve as middlemen for $GMX holders, helping them to bridge their $GMX tokens back and forth between different chains.
Quick Guide for our friends at GMX
- Adding the network to Metamask
Simply click the network button on the top bar and select a network; a prompt will pop up on Metamask. Click approve and the network will be added to your Metamask automatically. Change the network to Avalanche Fuji C-Chain testnet so that no real funds are used.
Currently, our bridge supports Kovan (ETH testnet), Binance Smart Chain Testnet, and Avalanche FUJI C-Chain (AVAX testnet). Other wallets might not be supported as of this moment so Metamask is recommended for trial.
2. Getting testnet tokens
Simply go to these sites and get testnet tokens. We recommend getting some testnet BNB to get started. You will also need these tokens for gas fees later on.
3. Select “BSC” as the Source chain and “AVAX” as the Destination Chain
4. Select GMX Token from the destination chain token list
5. Approve and confirm the transaction
6. Review the record
GMX is a decentralized on-chain spot and perpetual exchange that supports low swap fees and zero price impact trades, Users can trade BTC, ETH and AVAX with up to 30x leverage and fair chainlink priced liquidations directly from their Avalanche and Arbitrum Metamask wallets. The platform is supported by GLP, our diversified multi-asset Liquidity pool which earns high passive yields by providing liquidity to traders. The GMX token provides governance for the platform and when staked earns a share of 30% of protocol fees.
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing, and a single asset cross-chain bridge. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a greater OpenSwap ecosystem that will become every crypto project’s BFF through a set of key offerings that will empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUIDL.