Today, Bracket achieves another DeFi milestone by introducing range-bound volatility trading for a new altcoin — and we’re excited to announce that it’s with $GMX.
Go long or short $GMX volatility with Passage: Are you in or out?
The Basics of $GMX
GMX is a pillar of Arbitrum DeFi, facilitating over $170B worth of volume across perpetuals and swaps. The $GMX token’s value lies primarily in its staking capability, which rewards a sizable share of protocol fees — further boosted by automatically accruing Multiplier Points. One unique aspect of $GMX is its liquidity pools: the multi-asset GLP pool for GMX v1, and the single-asset GM pools for GMX v2. They offer 570 Million USD in liquidity, and all this liquidity is user-contributed. $GMX’s innovative tokenomics, deep liquidity, and real yield earning capabilities make it one of the top tokens on Arbitrum, and one that we’re excited to make a part of Passage.
How The $GMX Market Improves Passage
The concept of trading $GMX volatility brings an interesting new capacity to Passage. Firstly, it’s an utility and governance token, and price often correlates with changes in usage of the protocol. Traders could use $GMX Passages to express those views and take positions around GMX growth catalysts. Second, GMX being one of the top protocols on Arbitrum means that its volatility has some correlation with the Arbitrum ecosystem’s growth. $GMX Passage contracts could be an interesting way to trade the L2’s inflows and outflows. Lastly, capital rotations are an essential component of crypto cycles, as capital tends to flow from the largest market cap tokens (BTC & ETH) down to the mid/low cap altcoins. $GMX Passages could be a useful tool for traders looking to capitalize on those rotations.
Badgers x Blueberries Giveaway
We’re welcoming in $GMX and the Blueberry community with a 2000 $ARB giveaway! 20 winners will be chosen at random from the pool of users who trade >=$100 per Passage across any asset (GMX, BTC, ETH) between UTC 15:00 February 21, 2024 — UTC 15:00 EST March 6, 2024. Your Passage orders executions over $100 are summed. An exponential factor is applied so you get an even greater number of giveaway tickets the more you have cumulatively traded. A larger volume traded results in an increasingly larger amount of tickets.
Total # of tickets = floor (cumulative volume traded / 100) ^1.2
Quick example:
- ($250 in Passage volume / 100) ^ 1.2 = 3 tickets
- ($1,000 in Passage volume / 100) ^1.2 = 15 tickets.
1 winner will be chosen for the top reward of 1,000 $ARB, 1 winner will be chosen for a reward of 100 $ARB, and 18 winners will be chosen for a reward of 50 $ARB. You’ll be able to view your ticket count on the Bracket app.
The First of Many Altcoin Markets
Now that Passage has launched on both Arbitrum and BNB Chain, the next step in growing the product is to continue adding new markets. With the integration of $GMX, DeFi users can now trade volatility on a new altcoin for the first time. The power of volatility trading lies in the ability to profit in any market condition, and we want to bring that power to traders across a wide selection of assets. Join the Bracket community on Discord or tag us on X @bracket_labs_ with the next Arbitrum or BNB Chain token you want to see integrated to Passage!
