GMX, a decentralized cryptocurrency derivatives exchange that supports up to 50x leverage trading on bitcoin (BTC), ethereum (ETH) and other liquid assets, may soon integrate Chainlink’s low-latency oracle into version 2.
GMX DAO proposes to integrate low-latency Chainlink illusions
In the an offerThe user wants the GMX decentralized autonomous organization (DAO) that operates the cryptocurrency derivatives platform to integrate the Chainlink oracles into GMX v2 and be the exclusive launch partner of Chainlink.
GMX v2 beta on Arbitrum, a layer 2 scaling solution on Ethereum, a smart contracting platform, has included a low-latency Oracle Chainlink. Users are free to test.
The motion will be voted on April 6 by GMX holders. However, whether or not it gets passed depends entirely on what the community thinks about the idea. GMX is the governance and utility token of a decentralized exchange, and holders are free to express their opinions and vote on important updates and proposals.
Chainlink offers many important services in the decentralized finance (DeFi) and non-fungible token (NFTs) sub-sectors. In DeFi, they offer decentralized oracles that act as middleware. In this design, smart contracts deployed on platforms like Ethereum or Polygon, for example, can access tamper-proof data from price feeds relayed from exchanges and more.
Improved security and performance
By integrating Chainlink’s low-latency oracles into GMX v2, the derivatives trading platform will contain “accurate, real-time market data to better enable crypto and non-cryptocurrency markets,” benefiting traders. The presenter explains that Oracle Low Latency It is designed to meet the “needs of perpetual exchanges and other price-sensitive DeFi products.” Moreover, unlike standard oracle feeds for price transfer and more, it is faster and more robust, and takes advantage of Chainlink’s vast network of decentralized nodes.
(embed) https://www.youtube.com/watch?v=ZJfkNzyO7-U (/embed)
Chainlink has been developing these low-latency illusions since 2022 with input from GMX developers. The incorporation approval will give the protocol an essential infrastructure solution and an edge in the competitive landscape. A Chainlink Labs representative also commented on the proposal, saying that the integration will enhance data security, mitigate front-end operation risks, and make the protocol more sustainable going forward.
As part of the deal, the DAO says they plan to funnel 1.2% of the protocol fees generated to Chainlink to provide their oracles with low latency.