Yield Yak Collaboration with GMX

Published on: 18.12.2022

Yield Yak Collaboration with GMX up to $100k in AVAX Avalanche Rush rewards.

Avalanche’s top two DeFi protocols, Yield Yak and GMX, have announced a number of partnerships that will assist both ecosystems develop and better synchronize the two communities going forward.

TL;DR

Avalanche Rush comes to Yield Yak

Launched in August 2021 by the Avalanche Foundation as a liquidity mining incentive program, Avalanche Rush aims to expand the Avalanche Ecosystem, with $4 Million in AVAX allocated to support GMX. Via this allocation, Rush is arriving at Yield Yak with up to $100k in AVAX rewards for its GLP vault.

Depositors will get rewards proportionately over four months. The vault’s 7-day average TVL will decide the month’s prizes. Avalanche GMX traders profit from TVL milestone rewards, which drive GLP development throughout the ecosystem.

Yield Yak’s Approach to GLP

Yield Yak’s GLP vault depositors get esGMX without vesting it, increasing their GLP payouts (which requires staking a significant amount of GMX).  The method benefits GMX and Yield Yak users.

About GMX

GMX is a permissionless and decentralized exchange system that provides a capital-efficient on-chain alternative for hedging Bitcoin, Ethereum, and AVAX.

Website | Twitter

About GLP

GMX’s liquidity provider token, GLP, receives 70% of the protocol’s blockchain fees. GLP’s value depends on many things, including the platform’s liquidity pool tokens. BTC.b, WETH, and AVAX make up the GLP pool’s remaining 50%. When leverage traders lose, GLP holders win, and vice versa. Past PnL data, GLP price chart and other stats can be viewed on https://stats.gmx.io.

About Yield Yak

Yield Yak builds tools for DeFi users on Avalanche. Yield Yak Farms auto-compounds rewards for you. Yak Swap finds the best price execution for dex trades. yyAVAX is Avalanche’s highest yielding liquid staking token.

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