GMX users have a chance to work with BNB Chain and receive support for deployment on the most active blockchain around.
GMX Proposal for BNB Chain
A BNB Chain supporter submitted a proposal to the GMX governance platform to deploy GMX on BNB Chain.
The proposal, submitted by the account AdamBNB on January 5, goes through the technical background of BNB Chain as it pertains to supporting GMX and gives an extended rationale explanation supporting the decision. AdamBNB cites familiar characteristics like BNB Chain’s massive user base and the ability to synthesize on products like decentralized derivatives and perpetuals.
“We also believe that in these uncertain times, the resilience shown by BNBChain can be beneficial for the GMX community, not only because of the trust that users have shown by organically growing the BNBChain TVL market share in recent months, but also to diversify any type of dependency risk,” writes AdamBNB.
The proposal explains how it foresees several ways for the projects to link up, stating that “possible synergies or areas of collaboration are quite wide.” Along with technical and expert collaboration, AdamBNB sees promotional exposure possible and plus much more.
Alvin Kan, BNB Chain Growth Operations Director, threw his support for the matter on Twitter, saying it appears like a “win-win.”
So far, the responses to the proposal have been mixed. Several accounts have cited recent exploits on BNB Chain as a red flag for security concerns, and others have questioned the purported decentralization of BNB Chain compared to Arbitrum and Avalanche.
What is BNB Chain:
Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.
Find more about BNB Chain here:
What is GMX:
GMX is a decentralized permissionless exchange launched in September 2021 on Arbitrum, a layer-2 solution for the Ethereum blockchain. It was deployed in January 2022 on Avalanche, an EVM-compatible blockchain capable of high speed in terms of transactions per second.
Where to find GMX:
Source : bsc.news
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