GMX Proposed Allocate 1.2% of All Fees Revenue to Chainlink for its new Oracle Services

GMX has proposed Chainlink as their oracle partner for GMX V2, in a bid to make their protocol more resilient and decentralized. Chainlink's new low-latency oracles have been designed to cater to the needs of perpetual exchanges and other price-sensitive DeFi products, providing granular real-time market data for crypto and non-crypto markets on GMX V2.

The proposal outlines an allocation of 1.2% of protocol fees generated by the GMX Protocol towards the services of Chainlink and the Chainlink Network for providing their low-latency oracle solution future development and technical support utilized by GMX. Protocol fees include the fees paid by users, currently proposed to be position open/close fees (“margin trading”), borrow fees, swap fees, and any other fees that the GMX Treasury subsequently retains a portion of from the protocol.

This proposal brings a key infrastructure solution and development partner to help GMX with its critical oracle-related needs, directly aligning Chainlink to GMXs continued growth as a leading decentralized perpetual exchange.

The beta version of the low-latency oracle has been deployed on Arbitrum testnet, and testing by core contributors is ongoing.

TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.