What is HMX? HMX is a Perpetual DEX, start with name Perp88 on Polygon. Afterward
renamed HMX with the launch of the V2 trading platform on Arbitrum. Can HMX compete with current Perpetuals such as GMX and dYdX? What makes HMX stand out? Let’s Weakhand Please understand.
To better understand HMX, people can refer to some of the articles below:
- What is GMX (GMX)? Overview of GMX Cryptocurrency
- What is dYdX? dYdX Cryptocurrency Overview
- What is Perpetual Trading? Top 4 DEXs Leading in the Perpetual Array
- What are Derivatives? Powerful profit tool for Crypto winter
Overview of HMX
What is HMX?
HMX is a Perpetual DEX exchange support Multi-asset mortgage and cross margin on Arbitrum with low fees and no price slippage. With HMX, users can Long – Short many different types of assets such as: Crypto, FX, commodities, … with leverage up to 1000x.
HMX offers the following unique features to users:
- Leverage trading (supports cross margin and multi-collateral management): User can open leveraged long or short positions up to 1,000x across multiple asset classes including Cryptocurrencies, Forex and Commodities. HMX also accepts various crypto assets as collateral with cross-margin collateral support, allowing for flexible position and risk management strategies.
- Create leveraged markets (HLP Vault): Users can simply deposit assets into the HLP vault to become market makers on HMX. HLP vault is unique as it is built on top of GMX’s GLP token. This means that the liquidity deposited into the vault will be used to market to traders in both GMX AND HMX. The depositor continued earn 100% profit from GMX and earn more income at the same time from fees generated on HMX.
- Incentive Rewards: HMX has many Incentive programs, such as: Traders’ Loyalty Credit, Incentive rewards for open positions, Liquidity provider rewards, cintroduction program.
Highlights of HMX
Product features
- Cross collateral collateral: HMX provides a cross-margin collateral management model, allowing margin balances to be shared across multiple positions, increasing capital efficiency and flexibility for users.
- Multi-asset collateral: HMX Supports multiple assets as collateral. Traders at HMX are not restricted to a single collateral or a specific type of collateral based on the direction of their trade.
- High leverage: HMX Maximum leverage support up to 1,000 times Collateral value depends on the type of transaction asset.
- Fast transaction: HMX offers one-click trading through the use of account abstraction. When feature abstraction is set up (one-time process), users do not need to sign transactions through their wallet every time they want to make a transaction. Instead, users just need to enter their PIN to confirm and complete their transaction.
- Trading on charts: Drag and drop ability to adjust take profit and stop loss orders directly on the chart.
- Advanced command type: HMX Supports advanced order types such as limit orders, take profit and stop loss.
- Sub-account support: HMX Supports multiple sub-accounts in the same wallet address. Using sub-accounts allows users to use different trading strategies, separates risk, and provides an easy way for users to track their performance within the same wallet address.
- Price oracle: HMX uses the Pyyth network to get a reasonably priced and reliable supply.
- Friendly UI/UX: Intuitive, friendly, easy-to-use application.
- Decentralization: no account KYC required, no control over user accounts, …
Economics
High % APR for LP: HMX offers one of the highest APR% for LPs on the market.
- 65% of platform revenue distributed as a reward to liquidity providers in the form of USDC rewards.
- HMX also allocates a significant percentage of esHMX emissions to LPs as additional incentives.
- Liquidity is built on top of GMX’s GLP so depositors also continue to earn 100% returns in ETH from the underlying GLP token in the vault.
Low Fees: HMX offers one lowest transaction fees among group-based decentralized perp protocols. For example: FX’s trading fee is 0.01% and BTC and ETH transaction fees are 0.04%.
HMX’s Development Roadmap
Q2/2023
- Check HMX security.
- HMX Beta Launch
Q3-Q4/2023
- Mainnet launch.
- Launch of Governance Token.
- Listed on major data sites.
- Progressive Web Apps (PWA).
- Referral program.
- API for transactions.
- Extend Cross-chain.
- Grow the HMX user base and community.
- Additional listing of HMX token market.
- Bug bounty program.
- Information & Analysis Page.
- Administration.
- Add-ons for HMX.
Q1/2024: Continue to improve and add product features.
Core Team
Update…
Investor
Update…
Tokenomics
Basic information about HMX token
- Token name: HMX
- Code: GMX
- Blockchain: Ethereum, Arbitrum
- Token classification: ERC – 20
- Contract:
- Ethereum: 0x83d6c8c06ac276465e4c92e7ac8c23740f435140
- Arbitrum: 0x83d6c8C06ac276465e4C92E7aC8C23740F435140
- Total supply: 10,000,000
HMX Token Allocaton
- Community Incentives: 40% equivalent to 4,000,000 HMX.
- Ecosystem Fund: 25.6% equivalent to 2,560,000 HMX.
- HLP SURGE: 5% equivalent to 500,000 HMX.
- Liquidity: 8% equivalent to 800,000 HMX.
- Token Generation Event: 8% equivalent to 800,000 HMX.
- Private Sale: 6.4% equivalent to 640,000 HMX.
- Team: 15% equivalent to 1,500,000 HMX.
HMX Token Release
- Community Incentives: Linear Vesting for 4 years.
- Ecosystem Fund: 5.6% TGE, then linear vesting for 4 years.
- HLP SURGE: Linear vesting for 12 months.
- Liquidity: Kliquidation for 1 year until August 3, 2024.
- Token Generation Event: 100% TGE.
- Private Sale: Lock for 6 months, then linear vesting for 18 months.
- Team: Locked for 6 months, then linear vesting for 12 months.
HMX Token Use Case
- Receive 25% protocol revenue share in stablecoins when staking (shared with esHMX and DP staking assets).
- Receive a portion of esHMX tokens when staking.
- Get DP at 100% APY when staking.
- Get administrative voting rights to help make important decisions about HMX exchange development.
- Receive level-based transaction fee discounts when staking.
In addition, the HMX platform also releases 04 tokens: HLP, esHMX, Dragon Points (DP), Trader Loyalty Credit (TLC). Each token has its own use case.
HLP tokens: is the token that users receive from depositing their assets into the HLP vault. Each HLP token represents a portion of asset ownership in the HLP vault.
Users who deposit GMX, GLP, USDC into the HLP vault receive HLP tokens.
Benefits of holding HLP:
- Receive 65% of protocol revenue in USDC when staking.
- Receive a portion of esHMX token emission when staking.
- Accumulate profits from acting as a partner for traders on HMX Exchange
- Accumulate all ETH profits (automatically reinvested as GLP into HLP) and profits from reciprocal trading from GMX (HMX Exchange does not take any cuts).
esHMX: esHMX (HMX margin) is distributed as an incentive to those who stake HMX & esHMX tokens as well as those who deposit GLP tokens on HMX. The esHMX token is a escrow version of the HMX token and cannot be traded.
Users stake esHMX, HMX or HLP receives esHMX.
Benefits of holding esHMX:
- Receive 25% protocol revenue share in USDC when staking (share with staked HMX & Dragon Points (DP).
- Receive a portion of esHMX token emission when staking.
- Get DP at 100% APR when staking.
Dragon Points (DP): DP aims to reward long-term supporters of HMX without creating inflation for the HMX token. DP holders can stake them to earn a portion of the protocol revenue, which is divided between esHMX & HMX stakes.
Users stake esHMX or HMX receives DP.
Utility of holding DP: Receive 25% protocol revenue share in USDC when staking (shared with staked HMX & esHMX) 1 DP = 1 HMX and esHMX in revenue share calculation.
Trader’s Loyalty Credits (TLC): For every $1 of trading volume, HMX users will be rewarded with at least 1 TLC (depending on the asset they trade). Each week, esHMX rewards will be distributed proportionally to traders based on their TLC amount.
Get LTC: Open a leveraged trading position at HMX (users will receive at least 1 TLC per $1 worth of trading volume).
Benefits of holding LTC: Get a portion of esHMX rewards.
HMX Token Exchange
Currently HMX tokens are traded on UniSwap v2.
HMX Project Information Channel
- Website: https://hmx.org/arbitrum
- Twitter: https://twitter.com/HMXorg
- Discord: https://discord.gg/DDr7r7jjCv
- Medium: https://medium.com/hmx-org
- Telegram:
Summary
HMX a Perpetual DEX on the Arbitrum ecosystem, HMX support multi-asset mortgages and cross-margin with differences compared to current Perpetual DEXs. Hopefully HMX will bring users good features and experiences in the future.