Recently, the GMX team released a memo on their substack outlining some potential projects intended to expand the scope and size of the protocol’s ecosystem. In the spirit of that forward-thinking memo, and recognizing that there are limitations in terms of both time and the # of devs available to perform these actions, (as well as acknowledging that nobody is going to comb through 1,000’s of telegram posts for discussion on these), I thought it would be useful to draft a thread that aggregated various ideas that might even get feedback from X and others that are familiar with the resources and feasibility of these proposals. So below are some of the ideas that community members have put out there, and I welcome others to add to the thread.
Chain Expansion
- Full migration onto Base, Optimism, BNB, Polygon, Blast, etc
- Creating a “GMX lite” satellite migration only consisting of gmx, usdc, eth and/or native token. (ie, on optimism we’d include native OP, and on binance chain BNB). This would reduce a lot of the liquidity concerns some have expressed with regards to offering a wide assortment of products. Kind of like how some fast food restaurants only have 4 menu options, but they do really well.
- Discuss with avalanche the potential for a trading & liquidity incentive program similar to the arbitrum STIP currently going on. There may be some metrics from the arbitrum program to convince the avalanche team.
- The formation and launch of a new GMX chain with gmx as its gas token
MP New Functionality
Kalcrypto gave some suggestions recently on uses for MP’s that would also burn them, including:
- Discounts on trading
- Early access to new LP with boosted rewards(esGMX, ARB other rewards)
- Exclusive high bounty prize competitions
Also, - Perhaps utilizing them within the proposed GMX-chain ecosystem
New Functionality of the Protocol
- GMX bridge
- Both bull & bear markets feature extended periods of crab market trading. User TCC mentioned the financial instruments of short straddle/strangles and long straddle/strangles as an additional vehicle rather than just a traditional short or long
- In the substack memo, the team reiterated that their vision of GMX is to be the “ecosystem of finance”. Part of that should be the cultivating of other people’s projects within the gmx system (beyond just GLP vaults). Take a look at GRAIL’s launchpad system. Could something similar be used as a “grant system” for finance-focused projects using the GMX coin? (and maybe even MP’s?)
Outreach
As we are presently in the onset of a new bull cycle, there is renewed interest in crypto from previously crypto-agnostic types. The team at Base said they intend to onboard 1 billion people. Robinhood is partnering with Arbitrum. However, the reality is these perp dex websites aren’t really that intuitive. Especially if you just opened your first kraken or coinbase account that same day. As a means of capturing the “newbie” demo, I would propose a “GMX University” series on youtube. A dozen or so 4-minute videos laying out the entire process of using the GMX site, laid out like a class lesson (ie, 101 is simply buying GMX coins, 102 walks through how to buy GM coins and what they do, 201 is how to open a long, 202 is how to open a short, Electives on glp vaults, Pep Rally explaining the blueberry nft’s, and Remedial that walks you from how to transfer your freshly bought crypto on coinbase to the arbitrum or avalanche gmx site.
Ultimately a lot of ideas get tossed out in the telegram chat that either get glossed over or lost in the sea of gif images. I’d love for this thread to exist solely as a means for community-members to express ideas on new features & innovations for the devs to consider.