GMX V2: Chainlink Oracles

Proposal for Action

• Make Chainlink the oracle partner of GMX V2 and GMX the launch partner of Chainlink low-latency oracles.

• To this effect, Labs and contributors would have the support of governance to make the steps reasonably required to integrate these Oracles into the protocol, including by creating an on-chain distribution mechanism of 1.2% of protocol fees towards the services of Chainlink and the Chainlink Network.

Forum Discussion

• Please see the posted proposal related to low-latency oracles and clarifications on this proposal posted at (https://gov.gmx.io/t/gmx-v2-new-low-latency-chainlink-feeds/2050).
• Additionally, the governance discussion on Sustainable Development about a longer-term framework for allocating, budgeting, and paying such expenses. (https://gov.gmx.io/t/gmx-v2-sustainable-development/2049/14)

Key Considerations

• These new Oracles were built with input from GMX core contributors to create data feeds that could support the more robust market structures of GMX V2.
• This proposal brings a key infrastructure solution and development partner to help GMX with its critical Oracle-related needs. It directly aligns Chainlink with GMXs requirements for low-latency data feeds on specific assets, market parameters, and coverage on new chains required to fuel our growth.
• Protocol fees include the fees paid by users, currently proposed to be position open/close fees ("margin trading"), borrow fees, swap fees, and any other fees that the GMX Treasury subsequently retains a portion of from the protocol.
• Chainlink Labs has shown a commitment, having already built and deployed the MVP of these Oracles on Arbitrum testnet
• Any material change to the economic terms or permanent discontinuation of this understanding will come to governance.