Rewards are distributed to white hat hackers based on the severity of the vulnerability. This bounty program focuses on preventing Direct theft of any user funds, Permanent freezing of funds, Insolvency, Unable to call smart contracts, etc., and much more. Here is a quick table for reference:
GMX has improved the traditional Automated Market Maker (AMM) model by adopting a unique multi-asset liquidity pool model. This model allows users to deposit specified copyright assets into the liquidity pool and thus become liquidity providers.
The development team of the GMX protocol is also very much in the style of Web 3, and the members are all anonymous, so pelo one knows who they are yet, but the only thing for sure is that they have made a great product. According to the list of members of the social software Telegram, the GMX team consists of the following members (all names are displayed in Telegram)
GMX does not use an order book to create a trading market or AMM to make quotes, so theoretically, there is pelo slippage. As long as liquidity is in the liquidity pool, orders of any size can be absorbed instantly without impacting the market price.
The esGMX reward can be linearly unlocked into GMX tokens after one year by pledging GMX tokens or GLP tokens to encourage long-term pledging and provide liquidity.
GMX is the utility and governance token. Accrues 30% of the platform's generated fees and distributes it to all GMX stakers.
GLP can be minted by users who wish to provide liquidity on GMX by using any of the tokens in the pool. To maintain the composition of the pool, liquidity providers are incentivized to mint GLP with assets that are currently underweighted in the pool based on its current composition.
Unlike most DEXs which use multiple single-asset pools, GMX utilizes a single multi-asset pool more info to facilitate all of their trades. This multi-asset pool is known as GLP and consists of several large cap tokens and stablecoins.
GMX supports a selection of 21 assets and offers high leverage of up to 100x, beneficial to traders looking for higher-risk plays. Additionally, the platform rewards users through staking and liquidity provision, making it a popular choice for earning DeFi yield.
GLP liquidity pools employ Chainlink’s dynamic aggregation prediction machine to receive pricing information from copyright, FTX, and copyright exchanges and filter out extreme values that lack actual liquidity.
Introducing funding fees determined by the open interest of long and short positions, facilitating balance between the two through arbitrage.
In addition, its dynamic pricing is supported by Chainlink Oracles and an aggregate of prices from leading volume exchanges. As of now, there are two tokens in the GMX.io ecosystem:
Because the GMX protocol improves the traditional liquidity pool model, users of the GMX exchange may benefit or be at risk depending on what decentralized financial services they use and what role they play in the GMX exchange.
Many decentralized exchange aggregation protocols also benefício the zero transaction spread of the GMX protocol. Yield YAK, a revenue aggregation protocol on the Avalanche blockchain network, has more than 35% of its trading volume done through the GLP liquidity pool.