Decentralized exchange GMX lists two revenue-generating assets on Arbitrum (ARB)

GMX decentralized exchange has listed two revenue-generating assets on the Arbitrum network. The two – Lido’s wrapped staked Ether (wstETH) and Ethena Labs’ synthetic dollar (USDe)- will support an ETH/USD perpetual futures marketplace on GMX version 2.

The new listing reflects GMX’s dedication to providing top-notch earning opportunities without compromising liquidity.

The wstETH asset is a liquid, wrapped version of staked Ether (stETH), essential for optimal usage within the DeFi space.

stETH balance fluctuates as staking rewards flow in, challenging DeFi platforms that need stable balance models for assets.

wstETH ensures a fixed stETH balance while utilizing an underlying system to reflect user staking rewards.

Meanwhile, USDe is an artificial dollar by Ethena Labs, designed to offer a scalable and stable asset that emulates the US dollar’s value.

Users can mint USDe using Tether (USDT), Bitcoin (BTC), ETH LSTs, and Ethereum (ETH) as collateral.

New opportunities for DeFi enthusiasts

GMX’s new market presents lucrative opportunities for decentralized finance users, including hedging, margin trading, swapping, fees from liquidity provision, and receiving Ethena points.

According to the announcement:

“Early liquidity providers to the (wstETH-USDe) GM pool backing the new ETH-USD market will benefit from ARB incentives to bootstrap sufficient market liquidity quickly. These ARB rewards are in addition to the wstETH staking rewards, 20x Ethena Sats, and GMX’s pool fees.”

Also, the ETH/USD perpetual market will use the assets (wstETH and USDe) as support tokens for short and long positions.

Enthusiasts can execute short or long positions on ETH/USD using USDe or wstETH as collateral.

Also, liquidity providers can use the fee-earning assets collateral on DEX GMX.

Furthermore, funding farmers can capitalize on high-yield positions to boost their returns.

GMX listing of USDe and wstETH on Arbitrum reflects the increasing attention the ARB blockchain has seen lately.

For instance, Chainlink collaborated with WiseLending to improve technology on the Arbitrum and Ethereum networks.

Chainlink integration bolsters Arbitrum

Chainlink confirmed it joined forces with the decentralized yield protocol WiseLending.

WiseLending integrated LINK Price Feeds to secure lending and borrowing on Ethereum and Arbitrum.

That way, smart contract users can access real-world data, enabling developers to build advanced applications.

Current ARB price outlook

The native token exhibited notable bearishness despite the abovementioned developments.

ARB changed hands at $0.6027 at press time, down 5.85% over the past day.

Bears overwhelmed the token lately as it dropped by 17% and 25% in the last week and month, respectively.

ARB 7D Chart on Coinmarketcap

Faded user interest has impacted the Arbitrum network.

Dune Analytics data shows ARB’s active addresses plunged 83.84% since May, dropping from 4.01 million to 648K.

Also, the new user metric dipped to 181.6K from 2.7M, a 93.27% fall. Such numbers reflect dwindled user engagement.

Amplified work from developers remains essential to enhance network activity and rescue ARB from its deteriorating valuation.

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