Decentralized exchange protocol GMX announced its intention to launch the second round of the GMX Grants Program, building on the success of the initial phase and the recent approval of GMX’s STIP-Bridge proposal by the Arbitrum DAO.
Under the new grants program, GMX plans to distribute 600,000 ARB in rewards to successful grantees, with each grant amounting to 75,000 ARB.
This program intends to assist developers who contribute to the broader adoption of the Arbitrum (ARB) blockchain by building and integrating with GMX V2. Projects interested in participating can begin their applications from June 3rd onward.
Notably, projects that previously received STIP-Bridge grants, LTIPP grants, or grants from the first round of the GMX Grants Program will not qualify for this round. Due to budget constraints, applications will be reviewed in batches. Therefore, GMX advises developers to submit their applications promptly to enhance their chances of being considered.
During the initial phase of the GMX Grants Program, GMX provided support to 22 projects through guidance and financial backing totaling 1,290 million ARB. This assistance played a crucial role in enabling these developers to bring their visions to fruition.
The recipients of the grants, who concentrated on incorporating GMX V2 trading, collectively generated an impressive trading volume of approximately 518 million during the campaign period. In terms of liquidity, these recipients achieved a combined Total Value Locked (TVL) of 40 million on their platforms, substantially enhancing the liquidity of the markets.
Attention all #DeFi Builders:GMX announces the launch of wave 2 of the GMX Grants Program, following the success of the first wave and the recent approval of GMX's STIP-Bridge proposal by the Arbitrum DAO.For the wave 2 grants, GMX will allocate around 600,000 ARB of… pic.twitter.com/xMYhvbdsra
— GMX (@GMX_IO) May 31, 2024
What Is GMX?
GMX operates as a decentralized spot and perpetual exchange, providing low swap fees and minimizing price impact on trades. Its trading functionality is facilitated by distinct multi-asset pools, which enable liquidity providers to earn fees from market making, swap fees, and leverage trading. The platform utilizes Chainlink Oracles and aggregates prices from major volume exchanges to ensure dynamic pricing.
Recently, GMX unveiled real-time trading and governance alerts feature to enable traders to receive immediate trade and price notifications, as well as protocol announcements, simply by using their wallet address.
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