Cosmos-based DEX Demex To Launch GLP Vault With No Withdrawal Fees

Key Points:

• Demex integrated with Arbitrum and launched cGLP, a vault to auto-compound all native ETH yield earned by GLP.
• The DEX will also launch a cGLP lending and borrowing pool soon.
• Demex will be the first Cosmos project to tap the yield from GLP, making its yield accessible to Cosmos users.

cGLP, a vault to automatically compound all native ETH income produced by GLP, was introduced by Demex, a cross-chain DEX in the Cosmos ecosystem. A cGLP lending and borrowing pool will also soon be launched by the initiative.

GLP is a token that was created for GMX’s liquidity providers. It is an index of assets on Arbitrum made up of WBTC, ETH, LINK, UNI, and numerous stablecoins. On the GMX platform, these assets are utilized for leveraged trading and swaps.

When depositing GLP for cGLP, the deposit will not be 1:1 due to the compounding nature of cGLP. This means that cGLP will always be more valuable than GLP as the vault compounds rewards.

Demex is a decentralized cross-chain layer 2 exchange focused on cryptocurrency derivatives products. This unique exchange facilitates the trading of complex financial instruments like bonds, futures and options at scale. It is powered by Switcheo Tradehub.

The Nitron multi-chain permissionless money market was recently integrated by the Demex team to provide bNEO lending and borrowing. Users may lend digital assets and get interested if the item is borrowed thanks to Nitron, which started in November 2022.

Demex is based on Carbon, a Cosmos SDK Chain that aims to connect the Cosmos and Ethereum ecosystems by facilitating cross-chain financial markets and permissionless listing of tokens on IBC, EVM, and non-EVM networks.

A number of protocols, including well-known ones like GMD, Rage Trade, and JonesDAO, have been drawn to the genuine return offered by GLP and are developing yield-generating vaults on top of it. The yield from GLP will be accessed by Cosmos users for the first time by Demex, making it available.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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