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Ways to interact with Pirex GMX.
Important: Converting GMX to pxGMX is irreversible. You may deposit pxGMX to the auto-compounding vault for apxGMX, but it cannot be converted back to GMX. Secondary markets may allow the exchange of pxGMX for GMX at varying market rates.
- apxGMX and apxGLP: Allows users to deposit GMX and GLP, which are then automatically converted to pxGMX and pxGLP, and the protocol will automatically compound the rewards into more pxGMX or pxGLP.
- pxGMX and pxGLP: Allows users to deposit GMX or GLP, manually claim earned rewards (besides multiplier points, which are automatically compounded), and get access to liquidity against their staked tokens.
Using apxGMX or apxGLP is the hands off approach for using Pirex GMX. When users deposit GMX into the apxGMX vault, the ETH and esGMX yield earned by users’ tokens will be automatically compounded into more pxGMX. When users deposit GLP into the apxGLP vault, the ETH yield earned by users will be automatically compounded into more pxGLP. If any esGMX is earned by staked GLP, it is converted to pxGMX.
After depositing users receive apxGMX or apxGLP, which they can burn to redeem the underlying vault assets and any rewards earned from the time of deposit to withdrawal. These vaults charge a withdrawal fee which goes to vault token holders.
When using these vaults, deposited GMX will be withdrawn as pxGMX since GMX deposits are one way. After receiving pxGMX, users can sell their pxGMX for GMX using Camelot DEX.
- Withdrawal Penalty: 3.00%
- Platform Fee: 10.00%
- Compound Incentive: 0.30%
These vaults are the more hands-on approach to using Pirex GMX. When users deposit GMX into the pxGMX vault, they must manually claim any rewards earned by their staked GMX. When users deposit GLP into the pxGLP vault, they must manually claim any rewards earned by their staked GLP.
When users deposit GMX into the pxGMX vault, the ETH and esGMX yield earned by staked GMX is converted to more pxGMX and may be claimed by the user whenever available.
If users were to stake normally through the GMX protocol, earned esGMX would be non-transferrable. By depositing through Pirex, earned esGMX is tokenized as pxGMX and is made liquid.
With pxGMX, earned multiplier points are never lost. This means that users are not penalized for being late to GMX staking or for selling.
When users deposit GLP into the pxGLP vault, the ETH yield earned by staked GLP is converted to pxGLP and esGMX yield (if any) earned by staked GLP is converted to pxGMX, which can both be claimed by the user.
When users deposit GLP to pxGLP, they can earn both pxGLP (compounded ETH yield) and pxGMX (liquid esGMX), which both must be manually claimed.
pxGMX and pxGLP are liquid tokens, meaning users can easily exit them at any time. pxGMX has a liquid pool outlined in liquidity. pxGLP can be redeemed directly from the vault, thus it does not require a separate liquidity pool.
The Redacted DAO has seeded the pxGMX / ETH pool with liquidity. If a user provides liquidity to the pool, they should do their own research and understand the risks. Non-pegged asset pairs are subject to impermanent loss.
- Deposit Fee: 0.00%
- Redemption Fee: 1.00%
- Rewards Fee: 10.00%
Last modified 14d ago