Gambit Chapter II Continued

Proposal Discussions
1

Continuing from the plans outlined in Gambit: Chapter II. It has been three weeks since the… | by Gambit Protocol | May, 2021 | Medium, this proposal details the sequence of developments for the Gambit protocol.

  1. UI Improvements
  • TradingView chart
  • Leverage slider
  • Support for more wallets
  1. First trading competition
  • Simple Twitter PnL competition
  • Two ways to join:
  • Post your PnL on Gambit, top three highest and top three lowest PnLs will win a prize
  • Tag a friend who you think would win, win $500 if the friend you tagged wins a PnL prize
  • PnL winners would need to dm us their address so that we can verify the profit or loss
  1. Contract improvements
  • Positive rebates and additional fees to keep assets in balance: the impact on balance can be measured for every action, if an action reduces balance then there would be an additional fee for the action, if an action improves balance then there would be a positive rebate for the action
  • Customisable caps per asset: this would allow us to more easily add new but riskier assets
  • Allow payouts of leverage positions to be in USDG
  • Waive conversion fees for USDG when entering and exiting positions
  • Update price feeds to use the time-weighted average price from Uniswap V3 contracts together with the price from Chainlink, this will allow us to offer smaller spreads and more up to date prices
  1. Launch on Arbitrum
  2. Update xGMT emissions and bonus rewards for locking
  3. GMT buybacks with 10% of fees
  4. Distribute fees in USDG
  5. Trigger orders testnet
  • Limit, stop-loss, take-profit orders
  1. Trigger orders mainnet
  2. Second trading competition (to be confirmed)
  3. Bonds

Development work will progress in the order listed. For trigger orders, they are being worked on simultaneously, just that we will launch other updates while it is in the process of being completed.

Arbitrum Launch

We decided on Arbitrum over other networks because Uniswap V3 should be launching on Arbitrum. Uniswap V3 would allow us to improve pricing and spreads significantly by using the time-weighted average price values of their pools.

We will use bridges to allow GMT, xGMT and USDG to be transferred between Binance Smart Chain (BSC) and Arbitrum.

On launch, xGMT rewards will be split between BSC and Arbitrum, the rewards per chain would be:

  • GMT-USDG: 2000 xGMT tokens per month
  • xGMT-USDG: 4000 xGMT tokens per month

After the Arbitrum launch we will work on the bonuses for locked LP tokens and the xGMT emissions will be updated when this is ready

4 Likes
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I think the buybacks is too early for us. If must buybacks, it is better to set an upper limit, like bnb, ht, the maximum amount of the total buybacks

1 Like
3

Looks great, also there should be a Dashboard that lists the different metrics of the protocol, similar to http://metrics.dydx.exchange/ instead of having everything on the official website to not confuse new comers.

4

totally disagree, this the least GMT holders deserve, I understand if you either bought at 4.5
or sold all your bags for xGMT, but there is people who bought at 50-60 and even at 100.
they deserve some kind of ROI.
nothing has been done for GMT at all what so ever, and there is literally no reason to own GMT the buybacks is a step in the right direction, thats the least that can be done for those who took risk on this project, bonds should also be unique only for GMT there has to be more value other than “voting”.

1 Like
5

Once the buybacks is started, it is difficult to stop, and it will aggravate the price fluctuations. I did not deny the buybacks, but I think it is too early and a more detailed buybacks plan is needed, and we have not over-collateralized yet.

1 Like
6

By the way, my gmt position is more than xgmt

1 Like
7

Looks great!

Excited for the arbitrum launch!

In addition, I think that the buyback is positive as it will help create a price floor for $GMT.

8

I share your concern, however, from what I can see, as we bootstrap the system, LP staking is still a large part of the incentive to mint USDG

Buybacks of GMT would give more confidence to GMT holders and GMT-USDG stakers, this should allow for more USDG to be minted and more liquidity for larger traders to use the platform

2 Likes
9

On launch, xGMT rewards will be split between BSC and Arbitrum, the rewards per chain would be:

  • GMT-USDG: 2000 xGMT tokens per month
  • xGMT-USDG: 4000 xGMT tokens per month

Does that mean, if the APR falls in BSC people have to transfer to Arbitrum to get higher return?

10

yes it does mean that, additionally, if Arbitrum has more activity I think we should consider re-balancing and providing more rewards for staked LP tokens on Arbitrum

1 Like