gmdUSDC vaults
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About GMD Protocol USDC Vault
gmdUSDC represents USDC deposited in GMD Protocol's single-sided yield vaults. GMD aggregates yield from GMX's GLP token for stablecoin depositors. gmdUSDC provides delta-neutral exposure to GLP yield.
gmdUSDC is a receipt token issued by GMD Protocol, a yield aggregation protocol on Arbitrum. When a user deposits USDC into GMD's single-sided vault, they receive gmdUSDC representing their share of the position. The token auto-compounds, appreciating continuously in value at the vault's current APY rate — holders do not need to manually claim rewards.
Mechanism
GMD Protocol is built on top of GMX and its GLP liquidity provider token. The protocol maintains a pseudo-delta-neutral strategy: GMD's BTC, ETH, and USDC vaults hold assets in proportions mirroring GLP's composition, which is periodically rebalanced. This structure allows stablecoin depositors to capture GLP trading fee revenue while maintaining delta-neutral exposure — they earn a share of traders' losses and fees without direct price exposure to ETH/BTC.
A protocol reserve offsets impermanent losses arising from GLP's asset-composition imbalances. The USDC vault historically offered APYs ranging from 7% to 30%+ depending on GLP trading volumes.
gmdUSDC holders can additionally provide liquidity in Uniswap v3 paired with raw USDC, earning extra trading fees with minimal impermanent loss whilst retaining vault yield.
Key properties
- Single-sided USDC deposit; no directional crypto exposure
- Yield sourced from GMX GLP trading fees and traders' losses
- Auto-compounding receipt token (value appreciates, no manual claims)
- Deployed on Arbitrum
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