GMTrade（原GMXSOL）于2025年3月12日正式上线Solana主网。该协议采用基于流动性池的架构，经GMX DAO投票批准后，由Solana上的独立团队部署并持续迭代。它建立了一个去中心化的永续合约交易系统，旨在将成熟的Perp交易框架从Arbitrum和其他EVM网络扩展到Solana，同时探索更具资本效率的流动性管理解决方案。随着项目进入新的发展阶段，团队于2025年11月26日完成了品牌重组，从GMXSOL更名为GMTrade，以强化其独立定位。并宣布GT积分将作为未来代币生成活动（TGE）的参与凭证。 本文由GMTrade赞助。 市场表现与增长动力 截至2月底的最新数据，GMTrade各项关键运营指标均实现显着增长： ● 24小时交易量突破2亿美元 ● 持仓量（OI）超过3000万美元 ● 总锁定价值（TVL）接近1500万美元 GMTrade已成为第三大运营商Solana 和 c 上的 Perp DEX
这些指标验证了其流动性池架构在Solana上的适应性，反映了市场对TLP模型和RWA扩展路径的认可。 核心架构设计GMTrade的核心架构组件包括： ● 市场隔离的GM Pools ● 动态资金费用调整机制 ● Global Liquidity Vault (GLV) 跨市场流动性协调系统 该设计利用Solana的高性能并行执行环境来实现增强的资金效率和改善的风险隔离。 永久模型比较：Orderbook与 Trader-to-LPC 目前，Solana 上的去中心化永续交易所主要采用以下两种模型之一： 订单簿模型 Drift 协议采用混合匹配架构，将
GMTrade (formerly GMXSOL) officially launched on the Solana mainnet on March 12, 2025. The protocol adopts a liquidity pool-based architecture and, following approval through a GMX DAO vote, was deployed and continuously iterated by an independent team on Solana. It establishes a decentralized perpetual futures trading system aimed at extending the mature Perp trading framework from Arbitrum and other EVM networks to Solana, while exploring more capital-efficient liquidity management solutions.
As the project entered a new development phase, the team completed a brand restructuring on November 26, 2025, rebranding from GMXSOL to GMTrade to strengthen its independent positioning. It was also announced that GT Points will serve as participation credentials in the future Token Generation Event (TGE).
This article is sponsored by GMTrade.
Market Performance and Growth Momentum
As of the latest data at the end of February, GMTrade has achieved significant growth across key operational metrics:
● 24-hour trading volume exceeding $200 million
● Open interest (OI) surpassing $30 million
● Total value locked (TVL) approaching $15 million
GMTrade has become the third-largest Perp DEX on Solana and continues to demonstrate sustained growth momentum.
These metrics validate the adaptability of its liquidity pool architecture on Solana and reflect market recognition of the TLP model and the RWA expansion pathway.
Core Architecture Design
The core architectural components of GMTrade include:
● Market-isolated GM Pools
● Dynamic funding fee adjustment mechanism
● Global Liquidity Vault (GLV) cross-market liquidity coordination system
This design leverages Solana’s high-performance parallel execution environment to achieve enhanced capital efficiency and improved risk isolation.
Perpetual Model Comparison: Orderbook vs. Trader-to-LP
Currently, decentralized perpetual exchanges on Solana primarily adopt one of two models:
Orderbook Model
Drift Protocol employs a hybrid matching architecture that integrates on-chain central limit order books (CLOB), a virtual AMM (vAMM), and JIT liquidity mechanisms. This structure supports limit orders and active market-making strategies, making it more suitable for active traders.
Trader-to-LP (TLP) Model
Both GMTrade and Jupiter Perp adopt the TLP architecture, where users interact directly with liquidity pools. Execution pricing is determined by oracle feeds and pricing functions.
Jupiter Perp utilizes a unified liquidity pool model, offering structural simplicity but relatively limited risk isolation.
In contrast, GMTrade adopts a multi-pool architecture. Through GM Pool-level risk segregation and GLV-based unified coordination, it achieves stronger scalability and risk control.
Architectural Evolution: From Unified Liquidity Pool to Multi-Pool Model
A single liquidity pool structure presents challenges related to risk concentration and position imbalance.
GMTrade’s multi-pool model restructures liquidity management into:
● Market-specific GM Pools
● Dynamic funding fee balancing mechanism
● GLV cross-pool coordination system
With the introduction of GLV, the protocol enhances capital efficiency while preserving risk isolation.
GMTrade currently supports non-crypto asset markets such as indices, stocks, commodities and forex. In the future, it plans to introduce permissionless GM Pool creation, progressively advancing toward its long-term objective of “Trade Everything.”
Cross-Chain Expansion Logic
GMX has historically been a leading decentralized derivatives protocol on Arbitrum.
However, under extreme market conditions, Arbitrum faces single-threaded performance constraints and gas congestion issues.
Following deployment on Solana, GMTrade benefits from parallelized execution architecture and lower latency. With daily trading volume exceeding $200 million and steadily increasing OI and TVL, Solana’s performance advantages are progressively translating into tangible trading depth.
LP Yield Mechanism and Security Framework
LP Risk Management
Liquidity provider (LP) risk is isolated at the GM Pool level.
Revenue Sources
● Trading fee revenue share
● GT Points incentives
Security Measures
● Multiple audit rounds conducted by Sherlock
● Audit by Zenith
● Oracle support via Chainlink Data Streams
GT Points Mechanism and TGE Credential System
GT refers to GMTrade’s on-chain points system (GT Points). Upon the launch of the future TGE, GT Points will function as a historical contribution record used to determine eligibility and allocation weighting.
Points Allocation Targets
GT Points are distributed to:
● Trading users
● Liquidity providers
● Referral contributors
Initial Generation Cost
The initial reference generation cost is $0.01 per unit.
For example, a user paying $5 in trading fees would receive 500 GT Points.
Exponential Increment Mechanism
For every additional 210,000 GT generated:
● The generation cost increases by 2.1%.
This mechanism regulates the pace of point distribution and incentivizes early participation.
Bitcoin-Inspired Structure
Bitcoin utilizes a halving mechanism to control supply.
GT adopts a structure characterized by:
● Smaller incremental adjustments
● Higher frequency
● Smoother exponential increases
This analogy serves solely as a conceptual reference for supply control and does not imply that GT constitutes a crypto asset.
Adaptive Incentive Framework
VIP tiers and referral mechanisms enhance point accumulation efficiency.
As ecosystem contributions vary among users, point generation efficiency also differs accordingly.
Conclusion
Building upon the multi-pool architecture advantages of GMX V2 and integrating Solana’s high-performance infrastructure, GMTrade has established a decentralized perpetual trading platform that combines scalability with robust risk isolation.
The protocol strategically focuses on the RWA segment, covering equities, foreign exchange, commodities, and indices, thereby significantly expanding the strategic scope available to crypto-native traders.
As of the end of February:
● Daily trading volume exceeds $200 million
● OI surpasses $30 million
● TVL approaches $15 million
GMTrade has become the third-largest Perp DEX on Solana.
Through continued architectural optimization, capital efficiency improvements, and incentive alignment via the GT Points system, GMTrade is entering an accelerated growth phase.
GT Points serve as both an ecosystem incentive mechanism and a future TGE credential framework, playing a meaningful role in the protocol’s long-term evolution.
As product capabilities, liquidity depth, and user scale continue to expand, GMTrade’s market position and long-term potential within the Solana ecosystem warrant sustained attention.
Follow us
Twitter: https://twitter.com/WuBlockchain
Telegram: https://t.me/wublockchainenglish