Process Update
We have been reviewing and discussing the submitted proposals with both the proposers and various market participants. These conversations have led us to refine certain aspects of the original submissions. The informal nature of this tender was intentional, allowing us to incorporate feedback from potential partners and aim for an optimal outcome.
Tender Evaluation (Messaging vs. Asset Bridging)
- Primary Focus on Messaging Bridges
We will prioritize the award of a partnerships for the messaging bridge that will secure the cross-chain movement of GMX assets ($GMX, GMs, GLV), support expansion to additional chains, and enable cross-chain messaging. - Combining Messaging and Fast Bridging
We initially encouraged combining messaging with low-latency bridging for underlying assets (USDC, USDT, ETH, BTC, etc.), prompting multiple protocols to collaborate on proposals due to the distinct skill sets involved. Given the rapidly evolving fast-bridging market (including direct discussions with intent protocols), we believe it is best not to lock into a single asset-bridging partner at this time and instead continue evaluating the best long term solution. - Future Negotiations
GMX may still negotiate with a primary bridging partner to offer near-zero cost, low-latency bridging from our target chains. Although such an integration could ultimately involve the messaging partners and that is our preferred outcome, it is not a strict requirement.
Tender Process (Commercials)
- Financial Support & GSR Contributions
All submitting protocols are committed to providing financial support, minimizing bridging costs, and offering conditional contributions to the GMX Strategic Reserve (GSR), though each with its own terms and conditions. - Private Commercial Negotiations
Each protocol has requested that commercial negotiations remain private to better align their proposals with our desired structure. Therefore, protocols will publicly share their technical proposals and ecosystem details, while GMX contributors will provide limited commentary on whether these proposals meet or deviate from our baseline commercial requirements. Contributors will also address community questions about the technical aspects of each proposal. - Ensuring Commitments to the DAO
The shortlisted partner will be required to enter into agreements reflecting the commitments and representations made both publicly and privately. Should material deviations occur, we will seek updated approval from the DAO or re-evaluate the process.
Next Steps
- Public AMA
We plan to hold a public AMA later this week (tentatively Friday) with the protocols that have submitted proposals. - Snapshot Vote
We will initiate a Snapshot vote during the week of March 31, 2025, to shortlist a messaging partner.
We appreciate everyone’s continued involvement and feedback throughout this process.