Providing/Removing Liquidity

Short Tutorials

With a few clicks, anyone can provide GM tokens into the GM Index to receive GMI tokens, which immediately exposes them to protocol fee accrual within the token. (See the Fees and Deposit/Withdrawal Examples sections for further details.)

1. Buy GM tokens (gmBTC, gmETH, gmSOL, or gmUSDC-USDT) from GMX.

2. Connect the wallet used in step 1 to the GMI dApp.

3. In the "Deposit" tab of the "Buy / Sell GMI" section, select your specific GM token from the dropdown, enter the amount you want to transfer to the Index, click the "Approve" button, and approve the transaction in your wallet.

4. Once you have approved, the "Approve" button will change to a "Deposit" button. Click and sign the transaction in your wallet to pay a calculated deposit fee (see Fees section) to mint GMI. The amount of GMI received will be in proportion to the value of GM tokens deposited versus the total value of the Index. In short, you get more GMI the more GM tokens you deposit. This is effectively “buying” GMI tokens with GM tokens.

5. Connect a wallet that has USDC to GMI.

6. In the "Buy GMI" tab, select USDC from the dropdown, enter the amount you want to deposit into the Index, click/tap the "Approve" button, and approve the transaction in your wallet.

7. Once you have approved, the "Approve" button will change to a "Buy GMI" button. Click and sign the transaction in your wallet to pay a calculated deposit fee (see Fees section) to mint GMI. When you sign the transaction in your wallet, the USDC gets automatically converted into the asset that generates the cheapest fee (e.g. shrinking the liquidity gap of the asset furthest away from its target balance) for the user. In DeFi land, this is called “zapping.” In exchange, just like in the Standard GM Method, users receive GMI and will begin exposure to fee accrual from future deposits and withdrawals.

8. Connect a wallet that has USDC to GMI.

9. In the "Deposit" tab of the "Buy / Sell GMI" section, select USDC from the dropdown, enter the amount you want to deposit into the Index, click the "Approve" button, and approve the transaction in your wallet.

10. Once you have approved, the "Approve" button will change to a "Deposit" button. Click and sign the transaction in your wallet to pay a calculated deposit fee (see Fees section) to mint GMI. When you sign the transaction in your wallet, the USDC gets automatically converted into the asset that generates the cheapest fee (e.g. shrinking the liquidity gap of the asset furthest away from its target balance) for the user. In DeFi land, this is called “zapping.” In exchange, just like in the Standard GM Method above, users receive GMI and will begin exposure to fee accrual from future deposits and withdrawals.

11. Confirm you have GMI tokens in your wallet.

12. Connect your wallet to GMI.

13. In the "Sell GMI" tab, select which GM token you want to receive, and click/tap the “Sell GMI” button.

14. Sign the transaction in your wallet to pay the withdrawal fee. Your GMI tokens will be burned, and the GM tokens are transferred to your wallet. (See the Fees and Deposit/Withdrawal Examples sections for further details.) Note: There must be sufficient liquidity in the market token that you are wanting to receive. If there is not, you need to wait for other providers to deposit more of the specific GM token. You can also pick another GM token to withdraw or split the withdrawal into multiple GM tokens.

15. Confirm you have GMI tokens in your wallet.

16. Connect your wallet to GMI.

17. In the "Withdraw" tab, select which GM token you want to receive, and click the “Withdraw” button.

18. Sign the transaction in your wallet to pay the withdrawal fee. Your GMI tokens will be burned, and the GM tokens are transferred to your wallet. (See the Fees and Deposit/Withdrawal Examples sections for further details.) Note: There must be sufficient liquidity in the market token that you are wanting to receive. If there is not, you need to wait for other providers to deposit more of the specific GM token. You can also pick another GM token to withdraw or split the withdrawal into multiple GM tokens.

How to Provide Liquidity

With a few clicks, anyone can provide GM tokens into the GM Index to receive GMI tokens, which immediately exposes them to protocol fee accrual within the token. (See the Fees and Deposit/Withdrawal Examples sections for further details.)

Standard GM Method

1. Buy GM tokens (gmBTC, gmETH, gmSOL, or gmUSDC-USDT) from GMX.
2. Connect the wallet used in step 1 to the GMI dApp.
3. In the "Deposit" tab of the "Buy / Sell GMI" section, select your specific GM token from the dropdown, enter the amount you want to transfer to the Index, click the "Approve" button, and approve the transaction in your wallet.

4. Once you have approved, the "Approve" button will change to a "Deposit" button. Click and sign the transaction in your wallet to pay a calculated deposit fee (see Fees section) to mint GMI. The amount of GMI received will be in proportion to the value of GM tokens deposited versus the total value of the Index. In short, you get more GMI the more GM tokens you deposit. This is effectively “buying” GMI tokens with GM tokens.

Alternate USDC Zapping Method

NOTICE: Due to GMX upgrading their contracts, USDC Zapping functionality has been temporarily taken offline. We will make an announcement when it is working again.

1. Connect a wallet that has USDC to GMI.
2. In the "Deposit" tab of the "Buy / Sell GMI" section, select USDC from the dropdown, enter the amount you want to deposit into the Index, click the "Approve" button, and approve the transaction in your wallet.

3. Once you have approved, the "Approve" button will change to a "Deposit" button. Click and sign the transaction in your wallet to pay a calculated deposit fee (see Fees section) to mint GMI. When you sign the transaction in your wallet, the USDC gets automatically converted into the asset that generates the cheapest fee (e.g. shrinking the liquidity gap of the asset furthest away from its target balance) for the user. In DeFi land, this is called “zapping.” In exchange, just like in the Standard GM Method above, users receive GMI and will begin exposure to fee accrual from future deposits and withdrawals.

How to Remove Liquidity

1. Confirm you have GMI tokens in your wallet.

2. Connect your wallet to GMI.
3. In the "Withdraw" tab, select which GM token you want to receive, and click the “Withdraw” button.

4. Sign the transaction in your wallet to pay the withdrawal fee. Your GMI tokens will be burned, and the GM tokens are transferred to your wallet. (See the Fees and Deposit/Withdrawal Examples sections for further details.) Note: There must be sufficient liquidity in the market token that you are wanting to receive. If there is not, you need to wait for other providers to deposit more of the specific GM token. You can also pick another GM token to withdraw or split the withdrawal into multiple GM tokens.