Written by: The DeFinvestor

Compiled by: JamesX

Over the past few weeks I have been researching protocols built on top of GMX.

Here are the ones with the most potential:

First, let me briefly introduce GMX.

GMX is a DEX for perpetual contracts.

Anyone can provide liquidity for GMX by minting GLP.

GLP consists of an index of assets for swaps and leveraged trading.

If you are not familiar with GMX, I suggest you read this first?.

1.@STFX_IO (Launch on Alpha Mainnet)

STFX is an investable and tradable SocialFi marketplace.

STFX traders can share their trades by creating a vault.

Anyone can join these vaults and copy trades in exchange for paying a fee.

STFX traders’ trades are conducted through GMX.

2.@UmamiFinance

A pioneer in the#RealYieldnarrative.

Umami is developing a set of DeFi Yield Vaults.

Its first vault will automate a delta-neutral GLP strategy.

These will hedge against market volatility while collecting GLP returns.

3.@rage_trade

An ETH perp and#RealYieldprotocol.

It introduces an interesting concept:

80-20 Treasury -- Allows external LP positions to be used to provide liquidity to Rage

Rage Trade’s delta-neutral GLP vaults were launched in December to great success.

4.@dopex_io

An options DEX.

Dopex allows anyone to trade put, call, and spread options.

The team is currently developing the Atlantic Permaculture Conservation.

The product will allow GMX users to trade with up to 10x leverage, with no liquidation risk, in exchange for paying a fee.

5.@GMDprotocol

A yield optimization platform built on DeFi applications deployed on Arbitrum.

It currently has 3 single-coin collateralized GMX vaults for ETH, BTC, and USDC.

All of these offer pseudo-delta neutral GLP strategies.

The working principle of these vaults is shown in the figure below:

6.@DeltaPrimeDefi

An undercollateralized lending platform deployed on Avalanche.

Borrowed ?can be used across integrated DApps.

DeltaPrime<>GMX。

DeltaPrime users will be able to:

Borrow using GLP as collateral Exchange GLP for LP tokens Invest multiplied GLP with YieldYak

7. @yieldyak_

An easy-to-use platform for increasing your yield on Avalanche.

Yield Yak’s GLP strategy automatically compounds GLP rewards.

Based on recent performance, the strategy has an annual return of 41.7% on GLP.

Without the compounding effect, its annual rate of return would have reached 34.8%.

8.@vestafinance

Vesta is a stablecoin protocol on Arbitrum.

Its users can borrow $GLP and $GMX using $VST stablecoins.

All deposited $GMX and $GLP will be deposited into the GMX fixed investment system.

80% of all ETH earnings generated in this way go to the depositors.

9.@DAOJonesOptions

A yield aggregation protocol for DeFi strategies.

The team is working on 2 new vaults.

The GLP vault will borrow USDC to leverage GLP and obtain amplified returns.

No liquidation risk!

The USDC vault will generate income by lending to the GLP vault.

Expected launch time: Q1 2023

10. @VovoFinance

Vovo is building DeFi structured products.

Their GLP vault allows users to choose the market direction.

For example, BTC goes up and ETH goes down

Vovo will use GLP rewards to enable high leverage trading.

If you pick the right market trend, you will get an enhanced rate of return.

Other projects worth keeping an eye on include:

@PerpyFinance: A social trading protocol @lyrafinance: An options AMM that will leverage GMX for hedging @Neutrafinance: A protocol with a delta-neutral GLP vault @tender_fi: A protocol that allows borrowing with GLP collateral.