Coinbase recently announced they would be introducing an alternative wrapped bitcoin token on their ethereum L2 chain. This is taking place amidst concern over the future reliability of wBTC.
We propose the expansion of the GMX platform to Base Chain in order to establish a market share of this new chain-specific economy that will be propped up by Coinbase, one of the main leaders of the crypto industry. Coinbase is likely to utilize the recognizability of Bitcoin (in cb form) as a means of chain onboarding to the general public and institutions.
We propose first establishing a truncated version of the GMX platform that includes only the highest-liquidity base chain versions of the coins already offered on GMX’s arbitrum platform, and then expanding to incorporate other tokens available.
In the event cbBTC is deemed a more reliable choice for trading BTC on the ethereum ecosystem, GMX should be ready to establish a foothold in the migration from wBTC.
Of course this is to say nothing of the other benefits of expanding to Base Chain.