GMX has rolled out a new ETH-USD trading market on the Arbitrum platform, incorporating wstETH and USDe tokens.

Decentralized exchange (DEX) GMX They announced the addition of two lucrative assets on the platform, namely Arbitrum , including wrapped staked ETH from Lido (wstETH) along with the synthetic USDe dollar from Ethena Labs . Both of these assets will facilitate an ETH-USD perpetual futures market within GMX V2.

Lido’s wstETH functions as a wrapped liquidity counterpart for staked ETH (stETH), specifically designed to integrate seamlessly into the decentralized finance (DeFi) ecosystem. It maintains a consistent balance of stETH for users while implementing an internal share structure to accurately reflect staking returns. Meanwhile, USDe—issued by Ethena Labs—acts as a synthetic dollar aimed at providing a stable and scalable digital currency that aligns with the value of the United States dollar. It is minted using a combination of BTC, ETH, ETH LSTs, and USDT as collateral, which is hedged on centralized exchanges while accruing rewards through positive funding rates.

This new trading zone will unlock a variety of opportunities for DeFi enthusiasts, from swapping and margin trading to hedging and earning Ethena points, along with fees for providing liquidity.

Moreover, this market dedicated to Ethereum perpetuals will utilize wrapped staked ETH from Lido and USDe from Ethena to underpin both long and short trading strategies. Traders will have the flexibility to adopt either long or short positions on ETH-USD using wstETH or USDe as collateral. Liquidity providers will also be able to take advantage of these two fee-generating collaterals on GMX, alongside opportunities for funding farmers to engage in high-yield delta-neutral trades.

GMX has integrated Chainlink’s Data Stream Price Oracles into its V2.1.

As a decentralized exchange for both spot and perpetual trades, GMX operates on the Arbitrum network. It relies on a liquidity-sharing structure called GLP to facilitate transactions. Meanwhile, GMX functions both as the utility token and the governance token for the platform. Users who stake GMX tokens can earn various rewards on top of the ETH allocated to stakers.

The recent establishment of this market has been made possible through the new implementation of GMX V2.1 , which incorporates pull-based price oracles from Chainlink Data Streams for wstETH and USDe. These swift Data Streams provide GMX users with sub-second price updates and quick transaction execution on-chain, thereby reducing the dependency on RPC servers. This upgrade enhances user experience, security of the protocol, and promotes decentralization.