GMX-Solana: Mainnet Test and Second Round of Audit

Over the past ten months, we have been actively developing GMX-Solana. On December 4th, we successfully concluded our first round of audit and received the initial audit report. The feedback was overwhelmingly positive, and we have promptly implemented comprehensive fixes for the issues identified during the audit. Building on this progress, and following suggestions from Xdev, we have successfully deployed a full version of GMX-Solana on the devnet, along with a fully functional front end for internal testing, aimed at verifying functional alignment with GMX.

According to our auditors, a more comprehensive second round of audit is required for enhanced security. The primary reason is that the first round of audit focused on individual components of GMX-Solana, and due to time constraints, the interdependencies among these components were not examined in depth. Hence, a deeper audit at the logic level, considering all interdependencies, is necessary. Since this second audit is more complex, it will also require more time.

It should be noted, however, that based on the current level of completeness following the first round of audit, we have sufficient confidence that GMX-Solana is ready for the mainnet test. Thus, the second round of audit can proceed in parallel with the mainnet test.

Regarding GT, GT’s incentives for traders are crucial for the large-scale adoption of GMX-Solana. GT’s objective is to maximize the storage of value generated by GMX-Solana in the GT Treasury, with GMX being a significant form of storage. This aligns with our Buyback and Distribute strategy implemented on GMX, which aims to accumulate value while effectively reducing GMX’s circulating supply, bringing value appreciation to GMX and GMX holders.

The GT Treasury employs a 5/7 multisig structure, where 4 signatures are controlled by GMX Core Contributors and 3 signatures by GMX-Solana Core Contributors to ensure balance and security. The GMX > GMX-Solana relationship also reflects our careful consideration of the governance structure.

As for open-sourcing, it will determined whether to open-source at the time of the mainnet test or after the second round of audit. Whichever choice we make will be purely from a security standpoint, but in any case, open-sourcing is assured.

Based on the information above, we are providing the latest GMX-Solana introduction, the first round of GMX-Solana audit report, and the proposals from all the audit firms for the second round of audit. The choice of the audit firm for the second round should be largely depend on the opinions of the GMX Core Contributors and the GMX Security Committee, and will then be finalized by community discussion and voting.