When we launched Pirex, our goal was to frequently expand its offerings and continue shipping best-in-class liquid staking wrappers, auto-compounders, and yield futures for users across various projects and chains. Sticking with that goal, we’re excited to introduce Pirex GMX.
GMX is the most popular decentralized perpetual exchange on Arbitrum and Avalanche. With >$500m total value locked, GMX has facilitated over $60 billion in trading volume across 90,000 users since inception. And now, Pirex is going to make it easier than ever for GMX and GLP holders to tap into GMX’s explosive growth.
Pirex and the GMX Flywheel
GMX and GLP are the two tokens central to the GMX ecosystem. GMX is the governance token that earns a percentage of GMX’s trading fees and escrowed GMX (esGMX) when staked. GLP is an index of assets used for swaps and leverage trading on GMX. When staked, it earns WETH / WAVAX rewards and esGMX at the discretion of the GMX team. There lies the opportunity for Pirex.
Pirex GMX provides liquid wrappers for staked GMX and staked GLP. Not only will Pirex make staking these two assets easier, but it’ll provide more opportunities for users who wish to reap the rewards of staking, while also maintaining access to liquidity.
Easy and Standard Mode
As with Pirex Convex, Pirex GMX will initially launch with two modes: Easy and Standard Mode. Both modes will be live on Arbitrum at launch, with Avalanche deployments following shortly after.
Easy Mode
Easy Mode is the hands-off approach for using Pirex. When users deposit GMX using Easy Mode, the yield earned by users’ staked tokens will be automatically compounded into more pxGMX. When users deposit GLP using Easy Mode, the yield earned by users' staked tokens will be automatically compounded into more pxGLP.
After depositing, users receive apxGMX or apxGLP which they can burn to redeem the underlying vault assets which include any rewards earned from the time of deposit to redemption withdrawal.
Standard Mode
Standard Mode provides a liquid wrapper for staked GMX and staked GLP. When users deposit using Standard Mode, the ETH / AVAX and esGMX yield earned by staked GMX is converted to pxGMX and may be claimed by the user. The ETH / AVAX yield earned by staked GLP is converted to pxGLP and esGMX yield earned by staked GLP is converted to pxGMX, which can both be claimed by the user.
pxGMX’s Arbitrum DEX liquidity will be on Camelot DEX, who we’ve partnered with for the launch of Pirex GMX. Details on the pxGMX / GMX Arbitrum pool will be available in our docs. Learn more about Camelot DEX here.
pxGMX’s Avalanche DEX liquidity will be Trader Joe. Details on the pxGMX / GMX Avalanche pool will be available in our docs. Learn more about Trader Joe here.
What's Next?
We believe that Pirex GMX is the best solution for maximizing the productivity of your GMX and GLP tokens. With two (and eventually three) modes to choose from, it's easy to find the right option for you. Whether you're looking for a hands-off approach or want more control over your tokens, Pirex has what you need.