Gambit:GMX Migration now Live

The migration to GMX is live! You can now swap your GMT, xGMT, GMT-USDG and xGMT-USDG tokens on https://gambit.financial/migrate.

To migrate:

  • Click on the “Migrate” button for the token you want to migrate
  • Key in the amount to migrate
  • Click on “Approve …”
  • Wait for the approval transaction to confirm
  • Click on “Migrate”

To ensure the migration was successful, check that the “Your wallet: …” value at the top of the page shows the expected amount of GMX tokens.

Each GMX will have a starting price of 2 USD.

The following conversion rates will be fixed for the migration:

  • GMT: 10.97 USD, 5.485 GMX per GMT
  • xGMT: 90.31 USD, 45.155 GMX per xGMT
  • GMT-USDG LP: 6.68 USD, 3.34 GMX + 0.334 GMX (10% bonus) per LP
  • xGMT-USDG LP: 19.27 USD, 9.635 GMX + 0.9635 GMX (10% bonus) per LP

Migration of GMT-USDG and xGMT-USDG LP tokens is optional, the tokens can be split into their individual tokens and you can choose the migrate only the GMT or xGMT tokens.

The cap for GMT-USDG LP tokens is 483,129 and for xGMT-USDG LP tokens it is 150,191, if this cap is reached you can split the LP tokens into GMT and USDG or xGMT and USDG and migrate the GMT or xGMT tokens, there is no cap for migration of GMT and xGMT tokens.

Note that GMT-USDG and xGMT-USDG LP tokens will automatically be split into GMT and USDG or xGMT and USDG tokens when they are deposited into the migration contract.

Migrations after 6 Jul 2021 will be manually processed, migrations will be processed only for tokens bought before 14 Jul 2021.

Users who migrate after GMX trading has begun will receive their GMX tokens 4 weeks after they complete the migration.

We aim to deploy the updated Gambit V2 contracts on Arbitrum mainnet on 14 Jul 2021, trading of GMX tokens will begin once Arbitrum is open to the public.

Contracts:

Source code: https://github.com/xvi10/gambit-contracts/tree/master/contracts/gmx

All migrated tokens will be held in the migration contract, any withdrawal from the migration contract must first be initiated by the Gambit Deployer and co-signed by two out of three multi-sig holders.

The multi-sig holders for the migration will be:

Original GMX proposal and motivation for this migration: https://gov.gambit.financial/t/merge-all-tokens-into-one-and-launch-in-a-big-way-on-arbitrum/59

Connect with us

Interest-generating stablecoins backed by leverage. https://gambit.financial/

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

The Rise of Blockchain

Weekly News — April 11

EasyFi — A Layer 2 Lending Protocol for Digital Assets

A Master Patient ID Number May Soon Become a Reality

A Master Patient ID Number May Soon Become a Reality

Token Eco-system

SEI:Index is based on Solanium Ecosystem

The Blockstack Signature Fund Conference, Berlin

EU Blockchain Observatory Published its Reports Towards “Healthcare 4.0” Revolution

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Gambit Protocol

Gambit Protocol

Interest-generating stablecoins backed by leverage. https://gambit.financial/

More from Medium

The Concave Echo-Concave Finance Weekly Newsletter

What is a DAO? (Degen Institute #1)

Swing Protocol Receives Development Grant from Polygon in Pursuit of DeFi Liquidity

Announcing StarshipDAO Short Term Objectives, Long Term Visions & Current Updates