Hire a professional hacker here atTheHackersPro!
(Monday - Sunday)
Submit request

Proposal to integrate Chainlink’s low-latency oracles in GMX v2 forwarded

  • Home
  • Blog
  • Hacking
  • Proposal to integrate Chainlink’s low-latency oracles in GMX v2 forwarded
crypto news laptop trading graphics on laptop blurry background low poly

crypto news laptop trading graphics on laptop blurry background low poly

GMX, the decentralized crypto derivatives exchange that supports up to 50X leverage trading of bitcoin (BTC), ethereum (ETH), and other liquid assets, may soon integrate Chainlink’s low latency oracles into v2.

In the proposal, a user wants the GMX decentralized autonomous organization (DAO) that manages the cryptocurrency derivatives platform, to incorporate Chainlink oracles into GMX v2 and be Chainlink’s exclusive launch partner.

The GMX v2 beta on Arbitrum, a layer-2 scaling solution on Ethereum, a smart contracting platform, has incorporated Chainlink’s low-latency oracles. Users are free to test.

The proposal on April 6 will be voted on by GMX holders. However, whether it will pass or not entirely depends on what the community thinks of the idea. GMX is the governance and utility token of the decentralized exchange, and holders are free to air their opinions and vote on important updates and proposals. 

Chainlink offers several important services in decentralized finance (DeFi) and non-fungible token (NFTs) sub-sectors. In DeFi, they provide decentralized oracles that act as middleware. In this design, smart contracts deployed on platforms such as Ethereum or Polygon, for instance, can access tamper-proof data from price feeds relayed from exchanges and more. 

Improving security and performance

By incorporating low-latency oracles from Chainlink in GMX v2, the derivatives trading platform will have “granular real-time market data to better enable crypto and non-crypto markets,” benefiting traders. The proposer explains that the low-latency oracle  is designed to meet the “needs of perpetual exchanges and other price-sensitive DeFi products.” Moreover, unlike the standard oracles relaying prices feeds and more, they are faster and more robust, leveraging Chainlink’s broad network of decentralized nodes. 

Chainlink has been developing these low-latency oracles since 2022 with input from GMX developers. Approval for incorporation will give the protocol a key infrastructure solution and an edge in the competitive landscape. A Chainlink Labs representative also commented on the proposal saying integration will harden data security, mitigate front-running risks, and make the protocol more sustainable going forward.

As part of the deal, the DAO says they plan to direct 1.2% of protocol fees generated to Chainlink for the provision of their low latency oracles. 

Follow Us on Google News

Leave A Comment

Professional hackers for hire at TheHackersPro

(Sat - Thursday)
(10am - 05 pm)

Subscribe to our newsletter

Sign up to receive latest news, updates, promotions, and special offers delivered directly to your inbox.
No, thanks