Cosmos-based DEX Demex To Launch GLP Vault With No Withdrawal Fees
GLP is a token that was created for GMX’s liquidity providers. It is an index of assets on Arbitrum made up of WBTC, ETH, LINK, UNI, and numerous stablecoins. On the GMX platform, these assets are utilized for leveraged trading and swaps.
When depositing GLP for cGLP, the deposit will not be 1:1 due to the compounding nature of cGLP. This means that cGLP will always be more valuable than GLP as the vault compounds rewards.
Demex is a decentralized cross-chain layer 2 exchange focused on cryptocurrency derivatives products. This unique exchange facilitates the trading of complex financial instruments like bonds, futures and options at scale. It is powered by Switcheo Tradehub.
The Nitron multi-chain permissionless money market was recently integrated by the Demex team to provide bNEO lending and borrowing. Users may lend digital assets and get interested if the item is borrowed thanks to Nitron, which started in November 2022.
Demex is based on Carbon, a Cosmos SDK Chain that aims to connect the Cosmos and Ethereum ecosystems by facilitating cross-chain financial markets and permissionless listing of tokens on IBC, EVM, and non-EVM networks.
A number of protocols, including well-known ones like GMD, Rage Trade, and JonesDAO, have been drawn to the genuine return offered by GLP and are developing yield-generating vaults on top of it. The yield from GLP will be accessed by Cosmos users for the first time by Demex, making it available.
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