GMX DEX spikes 35% as Binance, FTX announce listing GMX DEX spikes 35% as Binance, FTX announce listing
GMX token gained wide popularity in early September when its value rose above the $50 mark during a period when the broader market was trading flat.
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Updated: Oct. 5, 2022 at 4:23 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The native token of decentralized exchange GMX (GMX) has spiked 35% to $54.11 after two leading crypto exchanges announced they would be listing it on Oct. 5.
Binance revealed that it would list the token in its Innovation Zone with three trading pairs by 10:00 UTC. FTX also stated that the asset would go live on its platform by 2 PM UTC.
GMX’s growth
GMX token gained wide popularity in early September when its value rose above the $50 mark during a period when the broader market was trading flat.
The DEX allows users to trade spot and perpetual futures at low fees through its trading interface. It is based on two networks, Ethereum layer2 protocol Arbitrum and Avalanche.
Defillama data showed that its TVL is currently $453.98 million, with $388.6 million Arbitrum, while $65.38 million is on Avalanche (AVAX). Meanwhile, around $370 million in assets are staked on the platform.
GMX incentivizes its token holders as they receive 30% of the protocol revenue for staking.
The decentralized protocol’s revenue has also steadily grown over the last 30 days. According to token terminal data, GMX revenue rose to $12.94 million in the previous 30 days.
The DEX has seen the token listed on several centralized exchanges and has recently scored several partnerships.
Community bullish on GMX
The crypto community is bullish on the GMX token, with many praising the exchanges for their decision.
Holy shit, @binance listed $gmx
What a nice way to wake up, proud on the team and here to see gmx go to 1bn+ market cap
— Algod๐ซ (@AlgodTrading) October 5, 2022
$GMX up 30% just now haha what's going on
— The Crypto Dog๐ซ (@TheCryptoDog) October 5, 2022
https://t.co/Z2o052Kx6U Congrats to all the blueberry gang ๐ซ๐ซ๐ซ
We spent zero in cex listing or mm, and took a long way to develop natural progression and recognition from big guys like @binance to eventually make the move
A major milestone for us, so blessed to have ya all
— Dovey "Rug The Fiat" Wan ๐๐ธ๐ฌ (@DoveyWan) October 5, 2022
Meanwhile, the DEX recently suffered an exploit that allowed a crypto trader to leverage its zero slippage feature to gain over $565,000 by manipulating the price of the AVAX token.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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GMX
$29.8360
GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades.
Avalanche
$35.5894
Avalancheย is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
Ethereum
$3,342.47
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).