Permissionless Spot Quote Assets
GX Exchange allows any project to list their token as a spot quote asset by staking GX tokens. This permissionless mechanism enables new tokens to create trading pairs without requiring governance approval, while ensuring that only serious projects participate.
Overview
A quote asset is the denomination currency for a spot trading pair. For example, in the pair TOKEN/USDC, USDC is the quote asset. By default, USDC is the primary quote asset on GX Exchange. The permissionless quote asset system allows projects to add their own token as a quote asset, enabling pairs like TOKEN/PROJECT_TOKEN.
Requirements
| Requirement | Value |
|---|---|
| GX stake | 200,000 GX |
| Token standard | ERC-20 on GX EVM (or native GX Core token) |
| Peg maintenance | Not required (floating-rate tokens supported) |
| Governance approval | Not required |
| Listing fee | None (stake is returned if the asset is delisted) |
How It Works
Step 1: Stake 200,000 GX
The project (or any supporter) stakes 200,000 GX tokens to register a new quote asset. This stake serves as a quality signal and ensures the project has meaningful commitment to the GX ecosystem.
Step 2: Register the Token
- Submit a quote asset registration transaction on GX Core
- Provide the token contract address (GX EVM) or token identifier (GX Core native)
- Specify initial parameters: tick size, minimum order size, trading fee tier
- The registration is processed in the next block
Step 3: Create Trading Pairs
Once the token is registered as a quote asset, trading pairs can be created:
- Any token on GX Chain can be paired against the new quote asset
- The token creator can create initial pairs
- Market makers can provide liquidity from the first block
Step 4: Maintain the Listing
The quote asset remains active as long as:
- The 200,000 GX stake is maintained
- The token meets minimum trading volume thresholds (evaluated monthly)
- The token contract is not flagged by governance for malicious behavior
Peg Maintenance
Permissionless quote assets do not require peg maintenance. The system supports:
| Asset Type | Example | Supported |
|---|---|---|
| Stablecoins | USDT, DAI | Yes |
| Floating-rate tokens | WETH, WBTC | Yes |
| Project tokens | Any ERC-20 | Yes |
| Rebasing tokens | Not supported | No |
Prices on floating-rate quote pairs are denominated in the quote asset, not in USD. The GX oracle provides USD reference prices for margin calculations when needed.
Stake Recovery
If a project decides to delist their quote asset:
- Submit a delisting request
- A 30-day wind-down period begins
- Existing orders are cancelled and positions are closed
- After wind-down, the 200,000 GX stake is returned
Comparison with Aligned Quote Assets
| Feature | Permissionless (200K GX) | Aligned (800K GX) |
|---|---|---|
| GX stake required | 200,000 | 800,000 |
| Fee discount | None | 20% trading fee discount |
| Yield sharing | None | 50% of trading fees on their pairs |
| Governance approval | Not required | Not required |
| Peg requirement | None | None |
| Listing priority | Standard | Featured placement |
Projects seeking deeper integration and economic benefits should consider the Aligned Quote Asset tier.
Governance Override
While the listing process is permissionless, GX governance retains the ability to:
- Delist a quote asset by governance vote (e.g., if the token is identified as fraudulent)
- Adjust the minimum stake requirement
- Modify volume thresholds for listing maintenance
This provides a safety net while preserving the permissionless nature of the system.