$GMX, the token of the homonymous Decentralized Perpetual Futures (GMX) exchange on Avalanche and Arbitrum, has surged in price during the latest 48 hours, coming close to making new all-time highs.
The project – which launched in September of 2021 and since then has managed to grab the crypto community’s attention – is moving against the wind of the bear market as investors appreciate its value.
$GMX jumped to $60 in less than 24 hours, making a 15% move to the upside before retracing back to $50.
Even more impressive than that is what $GMX has done during the last 25 days as the protocol has been massively appreciated causing the token to pull a 100% move to the upside in the heart of a bear market.
The project’s fundamentals have been a prominent factor in this price appreciation as the “True Yield” narrative is taking Crypto Twitter by storm, and GMX perfectly reflects these values.
What is GMX?
GMX is a Spot and Perpetual Futures Decentralized Exchange
GMX became popular for their 30X leverage options, which allowed traders to enhance their trades even with a small initial capital bringing the revolution to the decentralized trading world!
Additionally, GMX is built on a sound tokenomics system as it utilizes trading fees to bring value to the $GMX holders instead of relying on infinite inflation mechanics to drive adoption!
GMX Stats and User Growth
One of the reasons GMX has gathered the interest of crypto traders is the amount of revenue the protocol has been generating over the last few months.
During the latest hours, GMX reached $800.000 in generated fees and $647 million in trading volume on Arbitrum only. These numbers are out of the imagination as GMX outperformed Bitcoin’s and Uniswap’s generated fees together!
The chart below shows that GMX has generated more than $6 million from trading fees. Most of the Crypto industry is suffering from low traffic and user base decline, but GMX seems invulnerable to the bear market!
There are couple more charts, though, that prove GMX’s user growth is accurate, and these are the charts of Unique and New Users:
More GMX stats here: https://stats.gmx.io/
As you can see, GMX has been acquiring new users, capturing more market share at an impressive pace, while volume on classic centralized perpetual exchanges is declining.
This is proof that the need for decentralized Perpetual and Margin trading is here.
As for the $GMX, token stats also look healthy. At the time of writing, 85% of the total supply is being staked, a clear sign that $GMX holders are not interested in selling despite the unmatched gains.
For investors with a long-term mindset, the dashboard above hints that GMX is set to bring huge returns in the next bull market sitting on a market cap of just $325.000, a relatively tiny evaluation considering that classic DEXes with no perpetual futures are valued in the billions.
Are you interested in GMX? Feel free to let us know in the comments below if you’d like us to dive deeper into the protocol’s technology in a detailed article!
