Forta is excited to announce GMX, one of the fastest-growing DeFi protocols on Avalanche and Arbitrum, is using Forta to monitor the security and health of the protocol.
GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades. Trading is supported by a unique multi-asset pool that earns liquidity providers fees from market making, swap fees, leverage trading (spreads, funding fees & liquidations) and asset rebalancing.
As a leading protocol, security is a top priority for GMX. GMX worked with Nethermind, a seasoned developer team in the Forta community, to design and develop the following detection bots:
– Unusual PnL: detects unusual `realisedPnL` based on the account’s profit ratio, relative to both the `collateral` and `leverage`, when closing the position
– Profitable Swaps: detects accounts using GMX that have an unusual amount of profitable swaps
– Rapid Position Openings and Closings: detects position openings and closings occurring rapidly in a certain timeframe
– Large Position Openings and Closings – detects particularly large position openings and closings
“We are really glad to see more development efforts to increase security through the use of monitoring. Forta has helped GMX optimize our monitoring processes and we look forward to continuing to work with them,” a GMX core team member said.
You can also find and subscribe to GMX’’s alerts and more using the Forta App.
You can learn more about GMX by visiting http://gmx.io.
Incubated by OpenZeppelin, Forta is the first decentralized network delivering real-time intelligence on the security and health of Web3 core infrastructure and dApps. Protocols, DAOs, investors and individuals can use Forta to receive real time insights on security, financial, operational and governance related events on L1s, L2s and sidechains.
Learn more about Forta by visiting forta.org or reading the documentation at docs.forta.network.