Chainlink, the standard Web3 services platform, and GMX, the biggest decentralized perpetual exchange running on Arbitrum and Avalanche, have announced that the GMX community has elected to incorporate Chainlink’s innovative low-latency oracles for financial market data.
GMX will be incorporating the new solution’s low-latency oracles into the future GMX V2 protocol in order to better handle perpetuals, swaps, and liquidity. The low-latency oracles provide pull-based, safe access to high-quality market data while retaining the tried-and-true architecture of Chainlink.
With GMX’s integration, the decentralized exchange is expected to have improved speed, increased data security, reduced front-running threats, and sustainable, long-term access to critical Web3 infrastructure.
In return for the use of the low-latency oracles and technical assistance, Chainlink service providers will be compensated 1.2% of all fees earned by GMX V2 and subsequent protocol versions.
Compiled by Coinbold