Pirex GMX is our newest Pirex expansion that offers users an enhanced staking experience for both GMX and GLP. In this blog post we’ll outline how Pirex GMX works, what the benefits are, and how you can start using it today.
Before we begin, it's important to note that this post assumes you have some familiarity with the GMX ecosystem. If you're new to GMX, we recommend you start by checking out their documentation.
That said, let's move on to Pirex GMX, which currently offers two modes: Easy Mode and Standard Mode. Whether you're an experienced staker or new to the game, Pirex GMX has something to offer everyone. So, let's explore these modes in more detail.
Easy Mode is designed to offer a seamless staking experience for users who want a "hands-off" approach.
When users deposit GMX or GLP using Easy Mode, their GMX or GLP is automatically converted to apxGMX and apxGLP.
Once users make a deposit, their assets will begin to earn yield in the form of ETH and esGMX for GMX deposits or ETH and potentially (if approved by GMX governance) esGMX for GLP deposits. These yields will be automatically compounded into more pxGMX or pxGLP + pxGMX (if esGMX is earned), respectively.
When users are ready to withdraw, they can burn their apxGMX or apxGLP to redeem the underlying vault assets and any rewards earned during the staking period. It's important to remember that Easy Mode charges a withdrawal fee, which is distributed to vault token holders.
Note: When users withdraw apxGMX, they will receive pxGMX and not GMX. This is because GMX deposits are one-way and cannot be directly withdrawn. However, users can easily convert their pxGMX back to GMX by selling them on Camelot DEX.
Standard Mode offers a more hands-on approach to staking on Pirex.
When users deposit GMX using Standard Mode, they must manually claim any rewards earned by their staked GMX. Similarly, when users deposit GLP using Standard Mode, they must manually claim any rewards earned by their staked GLP. However, using Standard Mode gives users instant access to liquidity against their staked tokens.
By choosing Standard Mode, users can enjoy greater flexibility when it comes to handling rewards. For instance, if you want to sell your earned pxGMX, you can do so without any restrictions. Likewise, if you want to redeem your earned pxGLP, you can do that too. Plus, with Standard Mode, you'll have access to liquid esGMX rewards through pxGMX – something that's not possible with solo staking on the GMX protocol.
Reminder: We’ve seeded the pxGMX / ETH pool on Camelot DEX, which allows users to swap their pxGMX for GMX. pxGLP can simply be redeemed for GLP using Pirex for a 1% fee.
It's important to note that Standard Mode requires more active participation from users, but it also offers greater control and flexibility. So, if you're comfortable with managing your rewards manually and want to have more control over your staked assets, then Standard Mode may be the right choice for you.
In summary, Pirex GMX offers several benefits to users, including:
All multiplier points earned by staking GMX with Pirex stay in the protocol indefinitely. This means that users can switch between solo staking and staking with Pirex without being penalized too harshly. Additionally, Pirex GMX users are not impacted by users coming and going from the protocol. And as any GMX user knows, more multiplier points lead to more y████!
All rewards are managed for users, making it easy to compound their staking rewards automatically or manually.
Users' earned esGMX is automatically converted to pxGMX, making it a liquid token. This is something that's not possible when staking outside of Pirex.
These benefits provide users with a more convenient and flexible staking experience, with increased control over their staked assets. By choosing Pirex GMX, users can enjoy the benefits of staking without having to manage their rewards and without needing to worry about multiplier points or liquidity.
If you’re ready to get started – and we know you are – head over to https://pirex.io/, where you can deposit either GMX or GLP into the mode of your choice. If you have any questions, check out our FAQ or join our Discord for more hands on support.