- GMX announces the integration of the Chainlink oracles to help them boost the security and the UX of the platform.
- GMX V2 will allocate 1.2 percent of the protocol fees to Chainlink for future development work as well as for supporting the low-latency oracles used by GMX V2.
Oracle service provider Chainlink has been working towards initiating some key partnerships in the blockchain space and the latest is the partnership with GMX decentralized autonomous organization (DAO).
In the latest, GMX announced that they have passed the proposal to integrate Chainlink’s new oracles by passing the GMX DAO snapshot vote with overwhelming support. GMX believes that integrating Chainlink oracles will help them significantly enhance both – the security and the UX of the platform.
Furthermore, the proposal also provides GMX the opportunity to make Chainlink the official Oracle partner for GMX V2. Besides, it will also make GMX the official launch partner of Chainlink’s new low-latency oracles. This would further help in boosting the GMX protocol’s resiliency as well as strengthen its decentralization.
Using Chainlink’s oracles, GMX V2 will get access to real-time market data for crypto as well as non-crypto assets. These oracles shall offer ultra-low latency price updates along with effective frontrunning mitigation. Additionally, they would be extremely gas-efficient to meet the traders’ needs.
As per the recent proposal, GMX V2 will allocate 1.2 percent of the protocol fees to Chainlink for future development work as well as for supporting the low-latency oracles used by GMX V2. This would ensure long-term access to transparent, independent, and low-latency data which is essential for GMX’s success. Commenting on the development, GMX wrote:
The partnership forms a crucial part of the infrastructure for GMX’s oracle needs, and aligns Chainlink with GMX’s continued expansion in the decentralized perpetual exchange space. We would like to thank Chainlink, and our extended community, once more for their support!
Chainlink and its key partnerships
Chainlink has been recently making partners across different industry verticals to address versatile use cases for specific industries.
Chainlink Oracles provide users with accessibility to a variety of financial products by creating advanced smart contracts that represent different monetary instruments. Thus, Chainlink has a crucial role to play in the blockchain-based money market allowing users to increase the utility of their crypto holdings.
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Besides, the Chainlink price feeds are widely used within the crypto industry to keep track of the price of the underlying assets. Furthermore, Chainlink also provides major utility in the non-fungible tokens (NFTs) market by offering NFT lending and renting facilities. It explains how blockchain-based assets such as NFTs can be embedded in smart contracts while unlocking a variety of features.
Also, Chainlink has launched its own BUILD program allowing projects to build their unique decentralized applications (dApps) while leveraging Chainlink’s key features. Akron Finance is the latest to join the Chainlink BUILD program.
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