GMX 🫐 (@GMX_IO): The GMX Dollar Vault, one day in

The GMX Dollar Vault, one day in The new Dollar Vault opened yesterday at 13:00 UTC and took in over $4.1 million in its first day. This article clarifies where the yield actually comes from, and how to get in if you were waiting to see it work. If you missed it: the GMX Dollar Vault, listed as GLV [USDG-USDG], is GMX's first stablecoin-only liquidity product. You deposit USDG, a fully backed dollar stablecoin issued by Paxos and just introduced on Arbitrum, and your position and your yield are both denominated in dollars. No crypto price exposure on your liquidity deposit. No deposit fee and no lock-up either. Where the yield comes from This was the most common question from the community yesterday, so it's worth being specific about the two elements: the base yield and the launch boost. The base yield is fee sharing. The vault earns the majority share — 63% — of the fees generated across the three GMX markets it currently backs: BTC/USD, ETH/USD, and SOL/USD. Those fees come from three places: trading, liquidations, and borrowing. They accrue as traders open, hold, and close positions, and the earnings directly flow into the GLV token price. This base yield isn’t a set rate; it’s a range that moves with activity on the markets, so it will swing rather than stay fixed like a lending rate. The 7% to 12% figure is where GMX expects it to sit over time, based on fee generation in the underlying markets. This is an estimate, not a floor. The launch boost is a funded payment. For the first 8 weeks, 8% APR or higher on top of the base yield, on up to $100M of program TVL, funded by Arbitrum’s USDG program together with GMX. These rates are expected to step down after those initial 8 weeks, with the rates for later periods published before each one begins. Both yield sources reach you the same way: paid into the GLV token price, nothing to claim, no gas spent harvesting. Everything auto-compounds for you. Only one of the two is a rate anyone sets in advance. Starting from USDC You don't need to have USDG in your wallet to start earning. The GMX pools page converts USDC to USDG and deposits it into the vault in a seamless flow, automatically picking the cheaper conversion route. From $250,000, the deposit box offers ‘Direct with Paxos’, with your USDG arriving in about 2 to 10 minutes. There’s a walkthrough with screenshots available on the GMX blog: https://gmxio.substack.com/p/deposit-dollars-earn-dollars-the What hasn't changed As in every GMX pool, liquidity providers take the other side of trader PnL when open interest isn't fully balanced between longs and shorts. Adaptive funding fees and other incentive mechanisms pull it back toward balance, so over longer periods the effect tends to be small. And there's still no lock-up, and no exit queue: liquidity can be withdrawn whenever you want. Deposit into the vault and earn: https://app.gmx.io/pools