GMX
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Information about GMX (GMX)
GMX is a decentralized Spot and Perpetual exchange that operates on Arbitrum and Avalanche. GMX uses the novel GLP Pool model, where traders can experience smooth trading with low cost, 0 slippage and 0 funding rate. With many unique innovations and innovations, GMT has attracted many investors and competed with many major competitors: dYdX, Perpetual, MCDEX.
Project Highlights:
- Use separate liquidity pools and trading prices will be determined by Chainlink's Oracle, which uses TWAPs from major DEX exchanges.
- Operates on two blockchains with cheap transaction fees and high transaction speeds: Arbitrum and Avalanche.
- Meet large liquidity thanks to the GLP Pool model.
- It is possible to use a variety of tokens (ETH, BTC, LINK,...) to provide liquidity and receive GLP tokens, when you do not want to provide liquidity, you can sell GLP to receive tokens in the pool.
GMX is the utility and governance token of the platform, so holding will bring a lot of potential. In addition, users can Staking GMX to receive up to three types of rewards, including:
- Escrow GMX: Get esGMX.
- Multiplier points with a 100% fixed APR.
- ETH/AVAX Rewards: Get back 30% of the total transaction fee in the form of AVAX or ETH.
Specifications
- Name: GMX
- Symbol: GMX
- Platform: Arbitrum, Avalanche
- Standard: ERC-20, ARC-20
- Token Type: Utility, governance
- Smart contract:
Arbitrum: 0xfc5a1a6eb076a2c7ad06ed22c90d7e710e35ad0a
Avalanche: 0x62edc0692BD897D2295872a9FFCac5425011c661
News
The GMX community initiated a proposal to change the revenue distribution model to a buyback and distribute GMX approach.
The proposal aims to leverage the advantages of the buyback method to enhance GMX’s long-term value retention, optimize user experience, and increase protocol strategic flexibility.
According to Odaily, GMX has initiated a proposal to alter its revenue distribution model.
The current system, which involves repurchasing ETH and distributing it, is set to be replaced by a new model that focuses on repurchasing GMX and distributing GMX instead.
Lookonchain announced that institutional investors and whales are accumulating an altcoin called GMX.
Accordingly, 6 new wallets created in the past two days have purchased GMX worth 15.3 million USD.
GMX ranks as best performing crypto during devastating bear market
Based on drawdowns from ATH, market leader Bitcoin is down 75%, Solana is losing 95% of its value, and Cardano and Polkadot are both down 92%. The biggest top 100 losers were Holo, BitTorrent, and Terra Classic are shown 100% down from ATHs.
GMX, the token of the decentralized exchange GMX, is only down 23% since reaching its all-time high on Jan. 16, making it the best-performing cryptocurrency (excluding stablecoins) in this bear market.
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