GMX: Revolutionizing DeFi with Layer 2 Scaling, Governance, and Liquidity Innovation In 2025

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Throughout these phases, GMX has maintained a steady focus on its core value: providing a seamless, low-cost, and transparent trading experience. Each evolution point – be it a new feature, chain, or governance structure – has been about strengthening that core. This deliberate, community-informed evolution of GMX from a merged project to a multi-chain trading ecosystem speaks to the team’s foresight and the community’s support.

Founders and Team Background

One distinctive aspect of GMX is that its founding team chose to remain anonymous/pseudonymous. There is no public list of founders with their real names; instead, the project is represented by handles and the work they produce. While this is common in DeFi (to avoid regulatory or personal security issues), GMX’s team has nonetheless earned a reputation through consistent delivery. The lead developer is known by the pseudonym “X” (xdev10 on GitHub/Twitter). X is the primary architect of GMX’s smart contracts and had previously worked on Gambit and XVIX, indicating deep experience in DeFi mechanisms. Under this alias, X has been highly communicative on social media and forums, discussing technical updates and addressing user questions – giving the community confidence in the person behind the code even without a real name attached. For example, when asked about the potential risks of the zero-slippage model early on, X (via the GMX account) acknowledged the theoretical risks and foreshadowed the introduction of price impact features, which later came in V2. This level of transparency in thinking helped establish trust.

Besides X, there are a few other key pseudonymous contributors in the core team. “0xBrooks” and “gkrasulya” are two handles that appear in GMX’s code repository commit history, suggesting they are co-developers focusing on contracts and backend. Their work, while less publicly facing, is evident in the breadth of features GMX delivered (like Brooks might have spearheaded the limit order implementation, etc. based on dev notes). The team also had front-end developers and UI/UX designers (pseudonyms not as well known) who created the clean GMX interface that is often praised for its simplicity. Despite being anonymous, the core team has demonstrated credibility through third-party audits and security engagements. For instance, during the multiple rounds of audits by Guardian, the auditors liaised closely with the GMX developers to iterate on fixes. Guardian’s case study praised the team’s responsiveness and rigor in addressing issues. Such feedback indirectly vouches for the team’s professionalism and expertise.

GMX’s team stands out for its lean efficiency – by all accounts, it’s a small team accomplishing a lot. There was no large corporate structure or extensive venture funding (indeed, GMX launched without a traditional VC round), which often means each team member wore multiple hats. For example, “X” likely not only wrote code but also helped design tokenomics and risk parameters, while others might have handled both front-end development and community support. This scrappy approach is common in DeFi and can be an advantage: decisions are made quickly and the product cycle is agile. It also means, however, that key-man risk exists; the loss of one core dev could slow progress until a replacement ramped up. The community has at times expressed interest in knowing if the team plans to reveal themselves or expand, but so far the preference has been to remain pseudonymous and let the work speak for itself.

Even though the founders are anonymous, transparency is maintained through the multi-signature (multisig) scheme governing the protocol’s funds and upgrades. Two notable individuals known to have signing authority on the 2-of-3 multisig are:

• Krunal Amin: Founder of UniDex (a decentralized trading aggregator). He’s a respected figure in DeFi and has publicly acknowledged his role as a GMX multisig signer. Krunal’s involvement implies a level of mutual trust and accountability – he acts as a bridge between GMX and the broader DeFi dev community, given his own project experience. His expertise in trading UX likely provided valuable feedback to the GMX team.
  
  
• Benjamin (Ben) Simon: Co-founder of Stealth Crypto (a project in the blockchain space). Ben’s participation in the multisig adds an additional layer of reputability. According to reports, he, along with Krunal, can authorize changes or movements of funds. Both Krunal and Ben being doxxed individuals provides a measure of real-world accountability – if something malicious were to occur with the multisig, the community knows who two of the signers are. This likely was a deliberate choice to balance the anonymity of core devs.
  
  

The third signer of the multisig was mentioned in community discussions to be an early contributor or advisor (often cited as “Hanzo” or Han), though less is publicly known about them. The multisig approach indicates that while the core devs (like X) remain in the shadows, they entrusted certain controls to known entities to bolster confidence.

Beyond the core, GMX has attracted a circle of key contributors and advisors (formal or informal):

• Arthur Hayes: While not a team member, the former BitMEX CEO is a prominent GMX token holder and has engaged with the community on occasion (often via Twitter). He has over 200,000 GMX (worth tens of millions). Hayes’ deep knowledge of crypto derivatives and market microstructure essentially gives GMX a powerful unofficial advisor – he has, for example, written about the he has, for example, written about the merits of DeFi derivatives platforms in his essays, implicitly endorsing the model GMX represents. His engagement, even from the sidelines, provides GMX with thought leadership and credibility among sophisticated traders. Hayes’s substantial holdings (over 200,000 GMX) also align his incentives with the project’s success, making him an unofficial evangelist.
  
  
• Institutional Backers: While GMX did not raise traditional VC funding, it has attracted investments from notable crypto funds through open market purchases. Blocktower Capital, for instance, disclosed that it acquired and staked 336,000 GMX (purchased with 2,400 ETH). Flood Capital is another fund reported to be a significant holder. These institutional holders sometimes participate in governance discussions, providing a macro perspective. They are not “advisors” per se, but their research teams often publish analyses or threads on GMX’s valuation and mechanics, indirectly guiding public perception. The presence of such funds signals strong external confidence in the team’s capabilities.
  
  
• Community Contributors: GMX’s community has several proactive members who function like extended team. For example, an individual known as “Guns” has been instrumental in producing community calls, newsletters, and FAQs to educate users. Another member, “0xKira,” authored the detailed GMX deep-dive on CoinMarketCap Alexandria, demonstrating community-driven marketing. These contributors reduce pressure on the core devs for non-development work and help maintain transparency. The team has recognized them by allocating grants or roles (some community moderators receive token compensation). This effective community integration means that certain tasks – user support, documentation, even certain business development outreach – are handled by passionate users, amplifying the small core team’s output.
  
  

In terms of team structure, GMX appears to operate more like a fluid DAO than a traditional company. The core devs (X and others) focus on coding and infrastructure. Multisig signers act as a check and occasionally a public face for specific operations (e.g., Krunal Amin might present an update or proposal in the forum). Community members and grant recipients fill in gaps (content, integrations, front-end improvements). There isn’t a CEO or CTO in the traditional sense; leadership is collective through the core contributors and influential community members. This structure has worked well, though it relies on the continued dedication of a few key individuals. The DAO has signaled interest in expanding developer resources – for instance, using part of the Arbitrum grant to fund additional dev hires or audits – which could alleviate key-man risk and accelerate feature development.

Team Funding and Runway: Unlike projects that raise a treasury upfront, GMX’s team has been funded by a combination of the initial token allocation and ongoing protocol revenue. At launch, only 250,000 GMX (1.89% of supply) was allocated linearly to contributors over 2 years, which is modest. As of late 2023, it’s reported that the development treasury held about $1.8 million in USDC (from fees and perhaps small token sales), which was estimated to sustain core development through at least Q1 2024. The large ARB grant has further extended the runway; while most ARB is earmarked for incentives, a portion can indirectly support development (e.g., via grants for core dev work or paying for audits). Additionally, with protocol fees flowing to the DAO, the community could vote to direct some of the ETH revenue to a dev fund if needed. Essentially, GMX’s team is not lavishly funded by VC war chests, but they have sufficient resources to continue iterating, thanks in part to the protocol’s own success. This “self-funded via revenue” approach is a positive sign of sustainability. It also means the team is hungry to drive growth – their incentives (via token holdings and modest salaries from the treasury) are directly tied to GMX’s performance, aligning them with investors and users.

In summary, GMX’s founders and team are a mix of pseudonymous developers with proven skill, complemented by public figures in oversight roles and an empowered community. The lack of public identities has not hindered the project; if anything, the consistent delivery and security of GMX have built trust more effectively than titles would. As DeFi projects go, GMX’s team has balanced anonymity with accountability well – using multisigs and community engagement to assure stakeholders. The team’s decision-making has appeared prudent and user-focused, likely a reason why GMX has avoided many pitfalls that befall less experienced teams. Going forward, one might expect the core team to gradually expand or even partially dox if regulatory clarity emerges, but for now the status quo is working. Investors should be aware that while they cannot easily diligence the founders via LinkedIn, they can diligence the output – the code, the audits, the responses in forums – which speaks volumes about the team’s competence and values. All evidence suggests the GMX team is technically strong, responsive to the community, and committed to the long-term viability of the protocol.

Key Contributors and Advisors

In lieu of a traditional corporate structure, GMX benefits from a network of key contributors, partners, and informal advisors who play significant roles in the project’s development and governance. These individuals and entities provide expertise, stability, and outreach beyond what the core anonymous team could achieve alone.

• Multi-Sig Signers (Project Stewards): As mentioned, two known multi-sig signers are Krunal Amin and Benjamin Simon. They act as de facto stewards. Their responsibilities include executing DAO decisions (e.g., deploying contract upgrades or transferring funds as approved by votes) and guarding against any one person having unilateral control. Krunal’s background as UniDex founder means he brings a trader’s and builder’s perspective – he likely advises on user experience improvements and integration possibilities. Benjamin’s presence adds operational and security oversight (Stealth Crypto has focus on privacy and security). Both have publicly interacted with the GMX community, providing assurances during tense times (for instance, after the AVAX exploit, Krunal was active in discussions about adding price impact parameters). Having trusted figures in these roles reassures investors and users that the protocol is in responsible hands, even if the core devs aren’t public.
  
  
• Community Developers and Analysts: Several community members have effectively become extended team:
  
  
  
  • Jitheesh (Jito) & Satoshi’s Mom: These are active community developers who received DAO grants to build the GMX stats dashboard and bots that provide real-time metrics. Their work ensures transparency (e.g., Telegram bots that announce large liquidations or daily fees). By analyzing data, they sometimes surface insights (like noting a drop in open interest, or the impact of a new parameter) which inform governance decisions.
    
    
  • DefiDad & CryptoMessiah: Notable DeFi influencers who took an interest in GMX early, they often provide feedback and spread awareness. While not advisors in an official capacity, the team has engaged with them for AMAs and feedback sessions. Their seal of approval helped bring in DeFi retail users.
    
    
  • Audit and Security Partners: Groups like Guardian Audits and PeckShield have become semi-regular collaborators. Guardian, after conducting multiple audits, has a deep familiarity with GMX’s code and has been retained for ongoing reviews. One could consider them security advisors; they’ve recommended adjustments to parameters (like open interest limits per asset) based on stress tests. Having such partners on-call reduces the burden on the core team to catch every issue and provides an external check on their work.
    
    
• Integrations and DeFi Partners: GMX’s growth has been amplified by partnerships with other protocols:
  
  
  
  • Chainlink Labs: As the provider of GMX’s price oracles, Chainlink has a vested interest in GMX’s success as a showcase of oracle use. Chainlink developers worked closely with GMX to implement low-latency oracles and to troubleshoot any oracle anomalies. In late 2022, Chainlink even featured GMX as a case study of advanced DeFi use of their data feeds, implicitly advising on best practices. Additionally, on Solana, GMX partnered with Pyth Network (a Solana-focused oracle provider) through Chainlink’s Cross-Chain product, again requiring technical collaboration. Chainlink’s role has been more than just a data feed – they’ve provided input on how to secure those feeds and monitor for manipulation, acting as an oracle advisor.
    
    
  • Yield and Leverage Protocols: Projects like Yield Yak, Umami, and Rage Trade that integrate GMX effectively become ecosystem partners. Their developers often communicate with GMX devs to ensure integrations are correct (for example, Rage Trade’s “GLPj” vaults needed to understand GLP’s composition and risks). By coordinating on these launches, GMX gets quasi-advisory input on how others view its risk/reward, and can tweak accordingly. These protocols sometimes receive GMX grants (like a small GMX grant was given to Umami early on), formalizing the partnership.
    
    
  • Arbitrum & Avalanche Core Teams: The relationship with Offchain Labs (Arbitrum’s creator) and Ava Labs (Avalanche) shouldn’t be underestimated. GMX was one of Arbitrum’s flagship dApps and had direct communication with Offchain Labs regarding network upgrades, throughput issues, etc. Arbitrum’s team has highlighted GMX in many forums and likely provided behind-the-scenes technical support (e.g., ensuring GMX’s heavy oracle usage runs smoothly on Arbitrum Nitro). Similarly, Ava Labs helped promote GMX’s launch on Avalanche. These relationships mean GMX’s team had a support system when tackling chain-specific challenges – a form of advisory from the platform teams. When Arbitrum was considering how to structure incentive programs, they consulted with top protocols including GMX for input (leading to that large ARB grant).
    
    
• Treasury Management and Advisors: As the GMX DAO treasury has grown (it holds various assets including ETH, GMX, and now ARB tokens), the community formed a Treasury Committee to suggest ways to utilize or safeguard these funds. Prominent community members with financial backgrounds volunteered. They effectively serve as financial advisors to the DAO – for example, recommending to convert a portion of fees to stablecoins to ensure runway, or to deploy some treasury into yield (without taking excessive risk) to grow it. While final decisions go to a vote, these members influence strategy. Some have proposed setting up an insurance fund (like a protocol-controlled reserve to backstop GLP in extreme cases), which is under discussion – a very relevant advisory role for long-term risk management.
  
  

It’s worth noting that GMX does not have traditional advisors or a board as a centralized company would. Instead, guidance comes from this mix of community experts, aligned investors, and infrastructure partners. This decentralized advisor network has strengths: it’s organic, on-demand, and comprised of people who are deeply invested in GMX’s success either through tokens or integration. It covers a broad range of expertise – technical security (auditors), trading and markets (Arthur Hayes, Krunal), user growth (influencers, community devs), and ecosystem navigation (partner protocols, chain teams).

Associated Risks: Relying on informal contributors and advisors can have downsides. There’s the risk of coordination failure – since no single advisor is “in charge,” some important issues could fall through the cracks (though the core team ultimately anchors decisions). There’s also the risk of advice bias – e.g., large holders might push for decisions that pump short-term token value at the expense of long-term stability (so far, the community has resisted such pressures, focusing on sustainable parameters). Another risk is if one of these key contributors (say a multi-sig signer or major community dev) steps away or sells their stake; it could impact operations or sentiment. The GMX DAO is addressing this by gradually institutionalizing certain roles – for example, moving from an informal grants process to a structured Grants Committee, so that even if one member leaves, the process continues.

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