Zero fees. Free. Forever.
The Unstoppable GLP Autocompounder
GMX has seen a lot of growth recently, both in attention and adoption. Rightfully so. It’s a great product, has amazing tokenomics and is mainly responsible for starting the #RealYield movement.
Both their native GMX token as well as the GLP index token, which provides liquidity for the platform and traders, are receiving 100% of the generated fees in nice and shiny ETH.
GMX is a decentralized perpetual exchange that allows on-chain leveraged trading of ETH, BTC and other cryptocurrencies with up to 30x leverage.
#RealYield is a term that refers to projects paying out yield in ETH or stablecoins and not in their native token.
A few projects have already started to come up with ideas and build on top of GLP and its yield. And we too consider GLP to be one of the most interesting principals for our upcoming Unstoppable:Yield Principal Protected Yield Optimizers (learn more about it here).
While we were building the more advanced strategies to boost the yield even further (which are in internal alpha testing right now and will hit public beta testing soon), we realised that some people might be pure GLP maxis, totally happy with the native yield and just looking to compound and stack GLP daily for their passive income future.
The way to do it right now is to claim your rewards regularly on the GMX dApp, receive ETH to your wallet and then buy more GLP with it.
Not too complicated, but a rather repetitive task. And with hundreds of people doing that on a daily basis, this sounds exactly like something tech should automate.
For our vaults we had built that automation functionality already right in of course. And since one of our core values at Unstoppable is to provide real value to the DeFi ecosystem and its users, we made the decision to release the simple GLP Autocompounder for free, as a public good.
There are no fees.
There never will be fees.
We don’t have any access to your GLP.
Your funds are never locked and can be withdrawn always, at any time.
The vault just automates the harvesting and compounding of the GLP for you, in true Unstoppable “set and forget” manner.
And it’s even saving you the gas costs in the process — we will cover the transaction costs for the foreseeable future.
The autocompounder contract is built on top of OpenZeppelins battle-tested reference implementations of the ERC20 and ERC4626 contracts so you can sleep well at night, not having to wonder if your funds are safe.
Using the ERC4626 Tokenised Vault Standard even makes it composable, allowing other projects to build on top of it.
This is how DeFi should be.
Permissionless. Composable. Free. Unstoppable.
The Autocompounder is going through the last internal mainnet tests right now and will be available as open beta to the public soon.
FAQ:
- It’s is safe?
The contracts are built using OpenZeppelin reference implementations which are heavily audited and used all throughout crypto and DeFi.
You can find our internal audit in our git and we are currently working with the GMX team to get an external audit on top. - Is it really free to use?
Absolutely. We wanted to give back and contribute to the DeFi ecosystem with something that provides real value for the users.
The other products we are building will have some performance fees built in (i.e. if we make you more money, we get a small cut), but for the basic autocompounder we felt it should be completely free to use. - When can I use it?
It’s already live. Head over to https://glp.unstoppable.ooo/ to give it a try. - Where can I see the code?
Feel free to check out the contracts in our public git repository at https://gitlab.com/unstoppablefinance/glp-autocompounder
or directly check the verified contracts on Arbiscan:
GLP Vault and AutocompounderStrategy
We hope the GMX community will enjoy the Unstoppable GLP Autocompounder and it will provide real value to some of you.
If you are interested in what else we are up to at Unstoppable, come join us over at our discord!
