# GMX研究

By [金鱼睡懒觉](https://paragraph.com/@0xff6e32f596ea86c83b3013281dcc54b73f07ec71) · 2023-06-26

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关键词：DeFi

GMX is a decentralised perpetual and spot exchange that allows you to trade assets on-chain, without an account, KYC, geographic restrictions or high centralised exchange fees.

Web3赌场，庞氏代表之作

特点：使用Chainlink预言机，0滑点；高杠杆；DEX自带的公开透明属性；无XYC

代币模式：双币系统---$GMX; $GLP

![](https://storage.googleapis.com/papyrus_images/5217ce32accac96b1540f05abe941b807a2c718d639ca442051cae0c00d863b4.png)

![](https://storage.googleapis.com/papyrus_images/78d57b46bd0fd7f421f0ab66d69a540ca08ff80c6b16d5a80c9343ec932fa419.png)

Traders on the GMX platform on the **Arbitrum network** can perform asset swaps on **ETH, BTC, LINK and UNI** and a variety of **stable coins**. And traders on the **Avalanche network** can perform asset swaps on **ETH, BTC and AVAX** and a variety of **stable coins**.

The GLP pool is essentially a liquidity pool that acts as the counterparty to traders on the GMX exchange. This means that if **traders on GMX make a profit, GLP holders make a loss** and vice versa.

盈利模式：

The GMX protocol generates revenue by **charging fees on the opening and closing of trades** and also a **“borrow fee”** that is deducted every hour a leveraged position is open.

![](https://storage.googleapis.com/papyrus_images/72485ff0acd1d38d320bc8b54155818d588f0cd2401392d8a0d1852d91862528.png)

The Fees generated by the exchange are distributed entirely back to GMX and GLP holders. 70% of these platform fees will be distributed to GLP holders and 30% of them will distributed to staked GMX holders. Staked GMX holders receive 30% of the fees generated from both Arbitrum and Avalanche exchange.

However, since the GLP token is unique on each of these networks, holders of the Arbitrum GLP token will receive 70% of the GMX (Arbitrum) platform fees in ETH and holders of the Avalanche GLP token will receive 70% of the GMX (Avalanche) platform fees in AVAX.

**Below are some relevant risks GMX has to take into account:**

**Liquidity risks.** As stated, the GLP pool is the counterparty to traders. If profit traders » profit liquidity providers, the GLP pool could get drained and suffer low liquidity, so the protocol should allow more yield to be attractive for LPs. Often, more yield means more token inflation at the end, even though the GMX token mechanism leads to controlled inflation.

**Market manipulation.** The token is highly volatile, and the price action looks like a spiky chart. To make an example, on September 22, a DeFi trader manipulated $AVAX by taking advantage of the difference in the slippage between GMX and CEXs. Although GMX worked “as designed,” the team decided to cap at $2M AVAX open interest on their exchange.

**Centralization risk.** Per the current configuration, the keepers — some team members who choose assets’ price GMX — have some degree to charge an extra invisible price to the user. A poor initiative only sets a spread if the keeper’s price deviates from the Chainlink price by more than 2.5%. This means that a keeper can charge up to such spread value. And this would only make the price worse for the traders (non-value-aligned).

**Scalability risk.** For the GMX growth, it is necessary to scale up and offer more and more assets on the platform over time. However, this could be limited and lead to a scalability issue since high-volatile crypto assets (the majority) don’t have enough liquidity and can be manipulated.

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*Originally published on [金鱼睡懒觉](https://paragraph.com/@0xff6e32f596ea86c83b3013281dcc54b73f07ec71/gmx)*