Author | Wood
This article is provided by a third party and does not represent the views of Wu Shuo.
I. Project Overview
GMTrade (formerly GMXSOL) officially launched on the Solana mainnet on March 12, 2025. The protocol is based on a liquidity pool architecture and was deployed and continuously iterated by an independent team on Solana after being approved by GMX DAO voting. It aims to build a decentralized perpetual contract system, extending mature Perp trading mechanisms from EVM networks like Arbitrum to Solana while exploring more efficient liquidity management solutions.
As the project enters a new stage of development, the team completed the brand restructuring on November 26, 2025, renaming GMXSOL to GMTrade to strengthen its independent brand positioning. It also announced that GT points will be used as participation credentials during the upcoming TGE phase.
Two, market performance and growth momentum
As of the end of February, the latest data shows that GMTrade's core operational indicators have achieved significant growth:
● 24-hour trading volume exceeds 200M USD
● Open Interest (OI) exceeds 30M USD
● Total locked value (TVL) approaches 15M USD
Currently, GMTrade has become the third largest Perp DEX on the Solana chain and maintains a continuous growth momentum.
This data shows the adaptability of its liquidity pool architecture on Solana and reflects the market's recognition of the TLP model and RWA expansion path.
Three, core architecture design
The core of GMTrade's architecture includes:
● Market-isolated GM Pool
● Dynamic funding rate (Funding Fee) adjustment mechanism
● Global Liquidity Vault (GLV) cross-market liquidity scheduling system
This design achieves higher capital efficiency and risk isolation capabilities in the high-performance parallel environment of Solana.
Four, comparison of perpetual contract models: Orderbook vs Trader-to-LP
The current mainstream decentralized perpetual contract platforms on Solana are mainly divided into two types of models:
1. Orderbook model
Drift Protocol adopts a hybrid matching architecture, combining on-chain limit orders (CLOB), virtual AMM (vAMM), and JIT liquidity mechanisms, supporting limit trading and active market-making strategies, making it more suitable for proactive traders.
2. Trader-to-LP (TLP) model
Both GMTrade and Jupiter Perp adopt the TLP architecture. Users interact directly with the liquidity pool, and the transaction price is determined by the oracle and pricing function.
Jupiter Perp adopts a unified large liquidity pool model, which is simple in structure but has limited risk isolation capabilities.
In contrast, GMTrade, based on a multi-pool architecture, achieves better scalability and risk control through GM Pool risk isolation and unified scheduling by GLV.
Five, architectural evolution: from a unified large liquidity pool to a multi-pool model
Using a single liquidity pool, there are risks of concentration and position imbalance.
And the multi-pool model is restructured as:
● Market independent GM Pool
● Dynamic Funding Fee balancing mechanism
● GLV cross-pool coordination system
After introducing GLV, further enhancement of capital efficiency is achieved while maintaining risk isolation.
Currently, GMTrade has supported non-crypto asset markets such as indices, stocks, commodities, and foreign exchange, and will introduce a permissionless GM Pool creation mechanism in the future to gradually achieve the long-term goal of "Trade Everything".
Six, cross-chain expansion logic
GMX has long been a leading decentralized derivatives protocol on Arbitrum.
However, Arbitrum has performance bottlenecks and gas congestion issues under extreme market conditions.
After being deployed to Solana, GMTrade benefits from the parallel processing architecture and lower latency.
With the current daily trading volume exceeding 200M and the continuous growth of OI and TVL, Solana's performance advantages are gradually being transformed into actual trading depth.
Seven, LP revenue mechanism and security system
LP risks are isolated through the GM Pool.
Revenue sources include:
● Trading fee sharing
● GT point incentives
In terms of security:
● Sherlock multi-round audit
● Zenith audit
● Chainlink Data Streams oracle support
Eight, GT point mechanism and TGE certificate system
GT refers to GMTrade's on-chain point system (GT Points).
In the future, with the launch of TGE, GT Points will serve as historical contribution records to determine participation qualifications and allocation weights.
1. Points distribution targets
GT allocated to:
● Trading users
● Liquidity providers
● Recommended contributors
2. Initial generation cost
The initial generation reference cost is $0.01 / unit.
For example:
If a user pays a $5 fee, they can receive 500 GT Points.
3. Exponential growth mechanism
For every additional 210,000 GT:
Generation cost increase of 2.1%.
This mechanism is used to control the pace of point distribution and encourage early participation.
4. Bitcoin inspired structure
Bitcoin uses a halving mechanism to control supply.
GT adopts:
● Smaller amplitude
● Higher frequency
● Smoother exponential growth
This analogy is only for reference in supply control thinking and does not imply that GT is a crypto asset.
5. Adaptive incentive system
VIP levels and recommendation mechanisms enhance point acquisition efficiency.
Different users have varying point efficiency due to different ecological contributions.
Nine, conclusion
GMTrade, based on the advantages of GMX V2 multi-pool architecture, combines Solana's high-performance characteristics to build a decentralized perpetual contract platform with both scalability and risk isolation capabilities, focusing on the highly watched RWA market, covering stocks, foreign exchange, commodities, indices, etc., which can greatly expand the strategic radius of crypto-native traders.
As of the end of February:
● Daily trading volume exceeds 200M
● OI exceeds 30M
● TVL approaches 15M
● Has become the third largest Perp DEX on the Solana chain
Under the combined effects of architectural optimization, capital efficiency, and point incentive systems, GMTrade is entering an accelerated growth phase.
GT Points serve as ecological incentive tools and future TGE certificates, which will play an important role in the long-term evolution of the protocol.
As product capabilities, liquidity depth, and user scale continue to improve, GMTrade's market position and development potential in the Solana ecosystem deserve long-term attention.