Enabling Token choice when Selling GM dual-token pool (V2)

Proposals
1

Dual-token pools like ETH-USDC, BTC-USDC, etc can be entered by depositing a single token or a pair of token.

However when exiting the pools, the only choice is to exit with the Pair of tokens (e.g. ETH+USDC).

In some jurisdictions, crypto-crypto trades are not a taxable event whereas crypto-stablecoin ARE taxable. By exiting a GM pool to the single token, a user can potentially delay taxation which is a great benefit.

This proposal would be to allow to Sell out of a dual-token GM pool to just one single asset. Of course there could be some slippage, but this will be beneficial to the remaining LP accruing the fees so win-win.

Thanks for the consideration!

2 Likes
2

Thanks for your suggestion, Mel. It’s a sensible request.

3

Based on my understanding, the technical framework of GMX V2 can support single token withdrawal. However, the current UI temporarily does not support this feature. If there is indeed a wide demand for this functionality, perhaps the UI development can be prioritized to accommodate it.

5

Is there something I can/should do to help development on this come to light?

On the LP providers side (like myself) this would enable us to move from one market to the other without a tax event, and therefore help the protocol by bringing liquidity where it is needed the most - whereas right now to avoid a tax event the “lazy” option is to just stay put in one market.

How much might “wide demand” be? Between myself and close contacts, I know at least $2m of LP’s would be interested.

Thanks!

6

Hi Mel, development on added-value solutions like this for LPs is ongoing. For example, the concept of a vault which automatically manages balancing and deploying liquidity into various pools, based on utilization and need.

1 Like
7

You can also accomplish what you’re trying to achieve via Torque (code is all 7s), which integrates GM pools for liquidity provision. Would be happy to receive your feedback (we’re in early access stage right now). See the below example transactions for reference.

Deposit (1-step, mint tToken with GM underlying):

Withdraw (2-step, burning tToken/GM for single asset):

All our code is open-source and working on more audits.

8

Torque is a non working project so I would not foloow the suggestion nor to follow the link above. Maybe later when audits are complete and the project is legit,

9

Not sure where this idea of non-working has come from.

We absolutely are and I just showed you example.

Thanks for your feedback anyway.