Seed-deposit requirement for new market listing

Evidence summary #

GMX v2 enforces a first-deposit guard at the contract level in ExecuteDepositUtils.sol via the _validateFirstDeposit function. When marketTokensSupply equals zero (new or empty pool): (1) the deposit receiver is required to equal RECEIVER_FOR_FIRST_DEPOSIT = address(1), a burn address — any other receiver causes a revert; (2) deposit.minMarketTokens() must meet or exceed a protocol minimum floor; the contract reverts with InvalidMinMarketTokensForFirstDeposit if not satisfied. This is a mandatory code-enforced seed-deposit equivalent: initial GM token shares are routed to a burn address and no user can bootstrap a new market while retaining all initial shares. The contract source includes the comment 'this also helps to prevent manipulation of the market token price by the first depositor.' Green: seed-deposit requirement is code-enforced.

Sources #

Methodology #

Determine whether market-listing governance or code requires a minimum seed deposit before borrow-enabling a new market.

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