GMX Listing Committee

Proposals
1

Summary
This proposal seeks to establish a GMX Listing Committee. The committee will evaluate and approve new asset listings on GMX protocols and ensure that only high-quality, relevant, and compliant assets are listed. This will not only foster trust but also play a crucial role in maintaining the integrity of our trading ecosystem while also ensuring oversight of a potentially more rapid listing process.

Motivation
The motivation behind forming a Listing Committee is to create a structured and transparent process for evaluating new asset listings. As GMX grows, it’s crucial to have focused resources rigourously evaluating and approving potential listings. This will help mitigate risks, ensure regulatory compliance, and maintain a high standard and diversity of assets available for trading. The committee will be vital in supporting GMX’s strategic growth and sustainability.

Rationale
A well-defined and transparent listing process is essential for the credibility and success of any trading platform. By establishing a Listing Committee, GMX can:

  1. Ensure Quality and Security: Evaluate assets based on technical soundness, market potential, and security, ensuring that only high-quality and secure assets are listed.
  2. Enhance Trust: Provide transparency in the listing process, thereby increasing user confidence and trust in GMX.
  3. Foster Ecosystem Growth: Attract quality projects and assets that align with GMX’s vision, driving growth and user engagement.

Continuously Monitor and Optimize: Regularly evaluate supported assets to ensure they continue to meet GMX’s quality and security standards, and manage the de-listing process effectively so as to maintain a high standard for listed assets.

Specification:

1. Committee Structure:

  • The committee will comprise 3 members, including Labs members and external experts.
  • Members should ideally have expertise in Perp Dexes, finance, security, or compliance.
  • Each member of the committee will receive $1000 per month for the role, and are expected to dedicate at least 10 hours per week to the role.

2. Evaluation Criteria:

  • Technical Soundness: Review the asset’s smart contract code for security vulnerabilities and technical robustness.
  • Market Potential: Assess the asset’s market demand, liquidity, and community support.
  • Regulatory Compliance: Ensure the asset complies with relevant legal and regulatory requirements.
  • Project Team: Evaluate the credibility and track record of the asset’s development team.
  • Alignment with Platform Goals: Ensure the asset aligns with GMX’s strategic objectives and values.
  • Suitability: Ensure the asset follows the Asset Listing Framework established by the Risk Manager / Security Committee (See Chaos Labs Report: New Assets Listing Framework)

3. Process:

  • Submission: Asset listing requests can be submitted directly by the asset’s project team and listing committee, or community members via the forum.
  • Initial Review: The Listing Committee conducts a preliminary review to filter out clearly ineligible assets.
  • Detailed Evaluation: Shortlisted assets undergo a thorough evaluation based on the criteria mentioned above.
  • Decision: The committee votes on whether to approve, reject, or request additional information about the asset and then optimistically puts their decision up for implementation.
  • Announcement: Approved assets are publicly announced and scheduled for listing.

Conclusion:
Establishing a Listing Committee will ensure a rigorous, transparent, swift and fair process for evaluating new asset listings on GMX. This initiative will enhance the platform’s credibility, attract high-quality projects, and maintain regulatory compliance. We aim to support the sustainable growth and success of GMX’s trading ecosystem by fostering trust and ensuring the fast listing of new assets with proper due diligence.

This post seek the community’s feedback and support to implement this proposal.

5 Likes
2

I strongly support the establishment of a GMX Listing Committee.

Supporting more assets and listing on more trading markets has consistently received high approval rates in GMX DAO’s decision-making history. However, the lengthy decision-making process has significantly reduced GMX’s competitiveness. We should aim to shorten the decision time as much as possible and fully empower the trusted Listing Committee to make decisions. This will allow us to better capture market volume trends and meet the needs of trading users.

But this does not mean that the DAO has no responsibility. The role of the DAO is to oversee the operations of the Listing Committee and all supported assets of GMX. In this regard, the DAO’s decision-making should shift from whether to say “Yes” to whether to say “No.” This will effectively leverage the initiative of all parties, greatly improve efficiency, and ensure a comprehensive oversight mechanism, allowing GMX to better adapt to market developments.

3 Likes
3

I support the creation of a listing Committee but agree with @gmsolq comment that we with an introduction of a listing committee should have a streamlined process to allowing listing of assets more quickly and broadly cause I feel that with a committee things could get a lot slower.

If we do get this right and listing committee can list and make decisions up to speed than I am OK with creating a Listing Committee

1 Like
4

This proposal can be effective as long as you have a efficient and immediate process. One of the major critiques has been the ability to list tokens timely to capture narratives. GMX still has the opportunity to add 50-100 assets in the top 300 coins.

As a GMX member I would love to be able to help be a part of this team and would be curious in how to contribute.

2 Likes
5

Token listing speed has generally been hampered by the reliance on DataStreams; their list of available assets grew slowly. That is now behind us, and many more price feeds will be made available rapidly, I understand. So having a committee that helps steer new listings for GMX should be effective.

1 Like
6

1.Having the DAO say “No” at the ready is important.
2.Awaiting datastreams or using new oracles
3.chaos labs being a key member of the committee

solid, but unsure of the need for a committee here. it appears already comprised by the DAO, oracle providers(unique to v2(link)), and chaos labs(risk analysis).

are we just removing the snapshot vote unless the dao disagrees with the proposed listings week over week?

ps. the role of delegates also make me wonder the need here, with the security params of chaos labs and the oracle availability unique to gmx datastreams the work appears roughly done. although i understand the need to formalize this as defined here as the GMX Listing Committee.

I hope these comments help

1 Like
7

The proposal will be beneficial to GMX in the efficiency of listing new markets, with a standard streamlined process of listing enabling GMX to open up more markets and attract more potential users onboard. As a result of enhancing the sustainability of GMX’s Operation.

8

Support for the proposal.

I also agree with @gmsolq and @Tano.

I think you can approve most listings by default, as long as they meet some reasonable metrics (probably Chaos Lab is better suited to advise on this) and hold a vote in case there are strong objections.

Try to avoid governance fatigue.

3 Likes
9

Fair point, for sure.

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