[TEMP CHECK] Add gmETH on Arbitrum V3

Governance New Asset
1

Title: [TEMP CHECK] Add gmETH on Arbitrum V3
Author: @0xlide - @SaucyBlock
Date: 2024-01-26

Summary

This publication presents the community an opportunity to add gmETC on the Arbitrum Aave v3 Liquidity Pool.

Motivation

GMX Protocol is the largest DEX offering derivatives and one of the most popular DeFi’s today. The introduction of several new features and integration with Chainlink Data Stream in GMX V2 has significantly reduced the risks of front-running and price manipulation compared to GMX V1. gmETH is a ETH-USD’s Liquidity Token on the GMX V2 and earn fees from leverage trading, borrowing fees and swaps.

Integrating gmETH as collateral asset in the Aave V3 Arbitrum Pool has the potential to create new demand for borrowable assets on Aave V3, such as ETH and Liquid Staking ETH, Stablecoin.

Specifiction

Ticker: gmETH
Contract Adress: 0x70d95587d40A2caf56bd97485aB3Eec10Bee6336
Chainlink Oracle: 0xfb3264d1129824933a52374c2c1696f4470d041e

Proposed risk parameters will be shared at the potential ARFC stage of this proposal.

Reference

Project:https://gmx.io/#/
GitHub:https://github.com/gmx-io
Docs:https://docs.gmx.io/docs/intro
Audit: https://github.com/gmx-io/gmx-synthetics/tree/main/audits
Twitter:https://twitter.com/GMX_IO?s=20
Telegram: Telegram: Contact @GMX_IO
Discord: GMX

Next Steps

  1. Gather community feedback on this TEMP CHECK.
  2. If consensus is reached, escalate this proposal to TEMP CHECK snapshot stage.
  3. If TEMP CHECK snapshot outcome is YAE, escalate to ARFC stage.
  4. If consensus on ARFC stage is reached and risk service providers provide feedback on risk parameters, escalate to ARFC snapshot stage.
  5. If ARFC snapshot stage outcome is YAE, escalate to AIP stage

Disclaimer

0xlide is not presenting this TEMP CHECK on behalf of any third party and is not compensated by any entity for creating this TEMP CHECK.

Copyright

Copyright and related rights waived via CC0.

5 Likes
2

Yes, good idea! the BTC and ETH pool of GMX V2 have massively deep liquidity and earn high yield. These two should be the priority. GMX’s security is also robust, they’ve gone through lots of audits and have active threat monitoring etc.

6 Likes
3

The TEMP CHECK Snapshot has passed with YAE as winning option with 547K votes.

Therefore, this proposal will transition to the ARFC Stage.