As you might be aware, GMX recently unveiled its much-anticipated V2 version, which had been teased some time ago.

However, the official launch of this new version took place at the starting of August 2023, and its announcement was made on August 6th via GMX's Twitter account. This announcement triggered a significant influx of new users to the platform. Remember that V2 is currently in BETA mode.

Approximately two months ago, I created a comprehensive dashboard to monitor GMX's activities. At that time, they had hinted at the impending release of V2. Motivated by this information, I embarked on an analysis of GMX's V1 activity, which you can explore using this LINK. That dashboard is equipped with a parameter feature, enabling you to select your desired timeframe for a comprehensive assessment of GMX's performance on the AVALANCHE blockchain.

But today in this dashboard, I delved into an examination of GMX's V2 activity roughly one week after its launch. It's essential to note that V2 is currently in beta mode, and while not yet fully official, it permits users to engage in trading with new assets and provides innovative liquidity solutions, as detailed in the overview section in below.

GMX V2 Beta

GMX V2 Beta features:

For Traders:

• New assets are now available for trading: these include SOL, XRP, LTC, DOGE, & ARB on Arbitrum, and SOL, XRP, LTC, and DOGE on Avalanche. Additional V2 markets will be added in the future.

• Multiple collateral types can be used for trading positions. For example, a 0.1 ETH position can be opened with 1 ETH of collateral, for a low-cost and low-leverage ETH long.

• Faster execution speed and lower slippage. The new oracle system signs prices every block. This helps to ensure that orders get executed at the closest execution price possible, even if there are a high number of transactions.

• Low-fee swaps of 5-7 bps. Traders now pay just 0.05% to 0.07% to swap between crypto assets.

For Liquidity Providers:

• Isolated pools: Liquidity in V2 is provided through isolated GM (GMX Market) Pools. This allows liquidity providers to customize their exposure to only the tokens which they prefer.

• Long / Short balancing incentives: V2 has increased incentives for open interest for longs and shorts to be balanced. This balance helps to automatically hedge liquidity providers against trader profits.

• Swap incentives: Increased swap incentives help to keep the tokens in the pool balanced, allowing the GM Pool token’s price to track the price of the underlying tokens more closely.

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