What is Gridex Protocol?
GDX Token is the token of Gridex Protocol on Ethereum, which is a permissionless and noncustodial trading protocol consisting of persistent, non-upgradable smart contracts on the Ethereum blockchain. Unlike the current mainstream decentralised exchanges (DEXs) based on the automated market maker (AMM) model, Gridex is based on order books.
What makes Gridex Protocol unique?
GMOB model: the solution to pain points of using an on-chain order book Implementing an order book on the blockchain is difficult due to the performance limitations of public chains and high gas fees for transactions. The algorithm of a matching engine needs to use lots of resources on-chain, making it challenging to replicate the order book model.
Gridex Protocol resolves the issue of high gas costs for running an order book-based system on Ethereum by introducing the Grid Maker Order Book (GMOB) model, which uses narrow price ranges instead of specific prices for maker orders and awards negative trading fees for providing liquidity. This reduces resource consumption and lowers gas costs to levels similar to those of AMMs.