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GMX token generates over $2.7m in fees

GMX, a growing cryptocurrency project, has surpassed $2.7 million in fees, a difference of $900,000 recorded on Jan.8th ($1.8M in 24hrs).

GMX price analytics

As per recent analysis, GMX spot and perpetual DEX created on Avalanche and Arbitrum had accumulated more than $2.74 million in fees on January 9th, 2023, and a 7-day average fee of $546 million. This is considered its record high since its introduction in September 2021 and second to ethereum this year. GMX holders will receive 30% of the fees as revenue, approximately $822,000.

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GMX Price. Source: cryptofees.info

Based on coinstats, GMX’s 24hr price is $44.41 with a $13,895,628 trading volume in both centralized and decentralized exchanges having $11,048,665 and $2,846,963, respectively. The spot and perpetual exchange has increased by 1.06% in the past 24hrs and is ranked 79th on Coinmarketcap with a market capitalization of $372.5 million and a circulating supply of 8.4 million (GMX coins). Its fully diluted market cap is $390 million, with a 1.35 increase.

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GMX 24hr price chart (USD): CoinStats

Furthermore, GMX’s website indicates a total volume of $76 billion, with a deviation of +47.7 million. It also states that it has a total fee of $105 million (an increase of 81.2 k). On January 6th, Arbitrum noted on Twitter that the organization (GMX) had surpassed $100 million in total fees. The DEX also has an increase of 123 users from 182,217 unique ones and an open interest of $119 million.

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GMX volume and fees. Source: stats.gmx

The GLP pool has had a 2.32 million increase valuing it at $369 million. The pool is considered multi-resourceful as it permits users to swap and perform trades in the exchange. GLP and GMX holders then acquire funds from the swap fees, market making, and leverage trading, which are the primary sources of Liquidity pool fees.

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GLP pool composition. Source: stats.gmx

On Jan.10, Yeti Finance, one of the leading borrowing protocols against diverse collaterals and high demand on Avalanche, stated that GMX had hit a $1 million deposit capacity.

A superficial look at GMX

Created on Arbitrum and Avalanche networks, GMX, a developing crypto exchange, is indicated to support trades that have zero price impact and lower fees in the trade for digital assets. Like other exchanges, it offers its users leverage trading that gives them up to 50x on the platform.

The organization uses a single multiset pool dubbed GLP, consisting of several large-cap stablecoins and tokens such as BTC and Eth. GMX gained traction due to the volatility experienced in crypto markets and the fall of the giant digital currency platform FTX, which caused many shuffles around the ecosystem as venture capitalists lost billions of investments.

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