TechFlow News, June 20 — According to an official blog post, DeFi oracle RedStone Oracles has announced a collaboration with decentralized derivatives protocol GMX to add value for early-adopter DeFi protocols using GMX V2 LP tokens as collateral.
RedStone has been providing GLP price data to dApps such as DeltaPrime. Through this partnership with GMX, RedStone will now supply liquidity for GLP tokens, enabling over-collateralized and under-collateralized lending protocols like DeltaPrime to bring liquidity to GMX, thereby building a capital-efficient ecosystem and reducing slippage between trades.
In addition, DeltaPrime can now use GLP as collateral for borrowing, and users can mint GLP tokens within their Prime accounts, farming and multiplying GLP alongside partners such as Yield Yak.
RedStone provides precise real-time valuation for GLP tokens and plans to extend support to the GM token. By delivering accurate, real-time $GM token pricing, RedStone Oracles will enable these platforms to securely and efficiently manage their financial operations, enhancing the overall robustness and reliability of the GMX V2 ecosystem.
