The Arbitrum-native GMX is set to integrate a low-latency oracle solution by Chainlink after over 96% of the GMX community voted in favor of the integration.
A beta version of the GMX-tailored, low-latency oracle feeds — which have been in the works since 2022 — are now available on the Arbitrum testnet.
In return for the service, Chainlink will receive 1.2% of protocol fees generated by the low-latency oracles from the GMX protocol. Protocol fees include the fees paid by users from margin trading in addition to standard borrow fees and swap fees. Eid stated that Chainlink would continue to refine its oracle services to GMX as the protocol continues to “expand” and “evolve.”It appears as though GMX isn’t the first perpetual DEX to get on board with the new type of oracle though.
Matt Losquadro, a former ambassador of on-chain derivatives platform Synthetix, said it integrated a similar solution first, which was observed by a member of the GMX community prior to the proposal being put forward:Even GMX community members recognize that Synthetix Perps has had off-chain oracles for 4 MONTHS.
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