GMX Proposed Allocate 1.2% Of Fees Revenue To Chainlink’s New Services

The proposal proposes allocating 1.2% of the protocol fees earned by the GMX Protocol to the services of Chainlink and the Chainlink Network for future development and technical support of their low-latency Oracle solution used by the protocol.

Protocol fees include user costs, which are presently intended to include position open/close fees (“margin trading”), borrow fees, swap fees, and any other fees from which the GMX Treasury keeps a share.

Chainlink’s new low-latency oracles were created to meet the demands of perpetual exchanges and other price-sensitive DeFi products by delivering granular real-time market data for crypto and non-crypto marketplaces on the V2.

The low-latency Oracle beta has been put on the Arbitrum testnet, and testing by core contributors is continuing.

This proposal introduces a necessary infrastructure solution and development partner to assist GMX with its important oracle-related requirements, closely aligning Chainlink with GMXs continuing expansion as a leading decentralized perpetual exchange.

Trading on GMX, like a DEX, is backed by multi-asset pools, with liquidity providers receiving fees from market making, swaps, and leverage trading.

If governance accepts the use of low-latency Chainlink feeds for GMX V2, Labs, and contributors are ready to execute the necessary agreements and revisions to include them in the protocol.

According to on-chain statistics, BitMex creator Arthur Hayes is now the person address with the most quantity of GMX tokens.

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