Good morning, afternoon, and evening depending on where you are in the world. Obviously the main topic at this moment is launching V2.
My thought or specifically question is once V2 is launched and up/running. How quickly is it able to launch onto other chains beyond Arb, and AVAX. In my mind could GMX be launched on for example bitcoin network, sol, optimism, etc? How realistic would it be to have GMX launch on a variety of chains or have cross chain compability?
I’m not the best to address this, as I can’t fully assess the amount of technical work that would go into deploying on a third chain.
But my guesstimate would be, deploying on an EVM-compatible chain would take a couple of months.
Deploying on a non-EVM chain like Solana, would take far longer. It requires the translation of the entire codebase into a different language.
And deploying on something like the Bitcoin network, is unfeasible, period.
Keep in mind that the GMX dex has certain prerequisites; it can only function on a chain that has:
-low gas fees and time to finality
-Chainlink oracles available
-Plenty of liquidity for the tradable assets
-etc.
Thanks Jonzee for responding as Perp volume are lower across the board my goal is to think of GMX competitiveness with there now being various products on the market. Once GMX v2 is battle tested and safe the number goal should be to get ahead of the competition and push towards EVM compatible chains first.
I fully agree with that.
@Jonezee are you aware of the assets that will first be allowed to trade on V2? Obviously I am looking at testnet. However how will the next assets be chosen?
A lot of discussion and planning is currently going into deciding with which markets to launch, how to bootstrap sufficient liquidity for them, and how to facilitate collaborating teams to successfully start building on them.
Generally speaking, assume that GMX would like to launch with healthy markets for the majority of top altcoins - by volume, liquidity and popularity.
i dont think that there is an evm chain worth deploying on tbh. OP at this point is just a worse version of arbitrum with a less helpful tech stack and much less traction. Polygon PoS has reorg issues and UX issues for what we would try to do (and also not much perp traction, look at how much more GNS is doing on ARB vs Polygon where it began.
to me, by far the most interesting would be BNB if anything. SOL would in theory be intriguing if it didnt require completely overhauling all the code into rust.
Kreitz my thinking is when V2 is ready to ship and launch if the process of adding GMX V2 to different chains (EVM Compatible first due to hopefully the time commitment).
We haven’t even talked about new L2 including Coinbase new chain, or Mantle.
BSC, Polygon, Optimism would be the immediate choices. Even with the issues you are referring too it’s cumulative volume is the 4th highest.
OP have
Wanted to highlight this conversation as obviously we are working through the V2 Beta. Hopefully we can road map these conversations.
I wanted to pose a question here. I understand we are waiting on the implementation of chainlink low latency oracles. When will we decided on voting for a new chain. My confusion with the process is how does something come to a vote via snapshot. At what point can we as a community at least make the decision?
Anybody in the DAO here can start a vote at anytime, to let governance participants signal their prefered third blockchain for GMX to launch on.
Jonezee how is that done?
Even if it is deployed on other chains, there may not necessarily be users, because firstly, new dapp users will not come in large numbers, and secondly, the launch of gmx requires initial liquidity, and then it needs to be traded based on whether there are users to push up the liquidity. sex. At present, there are not more users watching avax, so what about OP? base? Will this also happen? I think we can try to deploy blast. In the beginning, many users will need protocol interaction to obtain airdrops from blast. Then, if gmx is deployed in the past, they can naturally obtain lp and trade!