GMX price

GMX

#301

GMX is a leading decentralized exchange (DEX) for trading perpetual swaps with up to 100X leverage on popular cryptocurrencies like BTC, ETH and more. The platform launched in September 2021 on the Ethereum Layer-2 blockchain Arbitrum. To date, GMX has a total trading volume of over $355B and 758K total users, making it one of the leading multichain Perpetual DEXs.

Nowadays, anyone can trade on GMX from Arbitrum, Avalanche blockchain, Solana (under the name GMTrade), Ethereum Mainnet, Base, BNB Chain, Botanix, and MegaETH.

GMX is a permissionless perpetual and spot exchange, providing users with a seamless trading experience across multiple public blockchains. The DEX is based on the DeFi principles of permissionlessness, transparency, and self-custody: users can trade on GMX directly from their own private wallet.

Instead of an order book model employed by centralized exchanges (CEXs), trading is enabled via permissionless liquidity pools. This represents an innovation to the automated market model (AMM) deployed by DEXs like Uniswap. GMX V1 utilised a multi-asset pool (GLP), while GMX V2 uses isolated GM liquidity pools and GLV liquidity vaults built on top of these pools. These are permissionless and generate revenue for liquidity providers: anybody can deposit liquidity in GM or GLV and earn fees — in fact, more than 45,000 users earn as LPs on the popular GMX platform.

GLV operates as a multi-asset liquidity pool (LP) based on 50% ETH or BTC paired with 50% USDC, which automatically shifts its liquidity to the top-performing GMX markets. This dynamic liquidity allocation mechanism boosts capital efficiency and maximises rewards for liquidity providers.

Market prices on GMX are provided through low-latency Chainlink Data Streams, a pull-based oracle model that collects aggregated token price data from all the top exchanges.

At the time of writing, the GMX token's circulating supply is over 10M. The expected maximum supply is 13.25M GMX tokens.

The tokenomics are as follows: 6M GMX allocated for XVIX and Gambit migration; 2M GMX paired with ETH for liquidity on Uniswap; 2M GMX set aside for vesting from Escrowed GMX rewards; 2M GMX tokens to the floor price fund; 1M GMX tokens designated for marketing, collaborations and community developers; 250K GMX tokens distributed to the team linearly over a 2-year period.

GMX is live on the Arbitrum, Solana, and Avalanche blockchains.

Arbitrum is a layer-2 blockchain which derives its security from the Ethereum network, which provides consensus and finality for Arbitrum transactions. In other words, Ethereum guarantees the validity of the rollup’s off-chain computation and data availability behind the computation.

On Avalanche, unlike proof-of-work or proof-of-stake, the Avalanche consensus mechanism does not have one leader processing transactions that get validated by others. Instead, all nodes process and validate transactions by employing a directed acyclic graph (DAG) protocol. That way, transactions are processed simultaneously, and validators' random polling ensures that transactions are correct with statistical certainty. There are no blocks in this consensus mechanism, allowing immediate finalization and significantly improving the blockchain’s speed.

The GMX contracts have also been audited by several expert auditing parties, and there is an active 5 million USD bug bounty for GMX on Immunefi.

GMX is available on several cryptocurrency exchanges, including Binance, KuCoin and Kraken.

Want to keep track of GMX prices live? Download the CMC mobile app to follow the real-time prices of GMX, BTC and other cryptocurrencies.

Check out our deep dive into GMX.

Find out more about Arbitrum — the leading Ethereum Layer-2 scaling solution.

Check out Avalanche — an EVM-compatible blockchain.

Learn more about perpetual contracts with CMC Glosssary

What is GMX (GMX)?

Latest GMX (GMX) Price Analysis

GMX (GMX) Price Prediction

Latest GMX (GMX) News Update