GMX has taken a step towards improving the user experience on its V2 amid a decline in development activity.
In addition to providing security, the integration would help create a fee structure on the derivatives exchange.
Decentralized margin trading platform GMX has ensured the integration of Chain link [LINK] low latency oracles after the community approved the proposal.
The integration, hailed as a positive development, would help the project support swaps and liquidity on the GMX V2.
Realistic of The market cap of GMX in terms of LINK
A look at the vote results showed that 96.28 of those involved in the process agreed with the project to confirm the motion. 3.72% was not for support.
According to the press release published by PR Newswire, the collaboration has the potential to improve the experience of GMX users in the DeFi economy.
From the discourse to provide security
Recently, Chainlink released the new low-latency oracles to address the pain of DeFi applications, including the exchange of derivatives by providing data security. Following the announcement, the Total value locked (TVL) continued the year-long rise.
The TVL measures the health of a protocol, as well as investor interest in smart contract applications listed under the project. For $665.46 million, the walk implied that user confidence in GMX was high. Hence the basis for growth.
Source: DeFiLlama
However, the state of the GMX ecosystem was not all-encompassing cheers. According to Sanitationthe projects development activity took a sharp dive on April 24. The development activity metric measures developers’ commitment to implementing upgrades within a project.
So, the drop means that GMX lagged behind in terms of public GitHub repositories. Another metric in a similar state to development activity was active addresses.
Renewal is not adoption
Active addresses show the number of unique deposits and addresses that have participated in transactions within a network. At the time of writing, the seven-day active addresses were 11,000. This suggested that the speculation surrounding the token did not cause investors to rush in droves.
Source: Sentiment
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In addition, it remained uncertain how quickly the implications of the Chainlink integration will become visible. But the GMX team confirmed that the partnership was for the long haul.
GMX had caught the attention of the crypto community ever since it was active on the arbitration [ARB] network. In addition to Chainlink, however extensive go inside Avalanche [AVAX]. Commenting on the development, a GMX core contributor said the community was thrilled with the approval.
Johann Eid, Chainlink Labs vice president of integrations, also commented on the issue that could lead to the creation of a GMX V2 fee structure. Eid said,
“With this collaboration, we mark another milestone for space and the race to mass adoption. The low latency oracles will take the industry one step closer to the level of performance that currently exists out there.”
This post GMX recording of Chainlink’s low-latency oracles does not guarantee…
was published first on https://ambcrypto.com/gmx-incorporation-of-chainlinks-low-latency-oracles-is-not-guarantee-of/
