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GMX (GMX) price has declined today.
GMX (GMX) is priced at $24.85 today, with a 24-hour trading volume of $13,276,883.34. It is reflecting a 1.48% decline over the last 24 hours and a 2.62% increase over the past 7 days. With a circulating supply of 9.49 Million GMX, GMX’s current market cap is at $235,750,236.22.
What is GMX?
GMX, originally called Gambit Exchange, is a place where people can trade cryptocurrency futures with extra buying power, known as leverage.
Launched in September 2021, it allows trading in well-known cryptocurrencies like BTC and ETH. GMX has quickly gained popularity, with over $130 billion traded and a user community of 283,000.
It’s a big player in the Arbitrum and Avalanche blockchain worlds.
In simpler terms, GMX connects two blockchain systems, Arbitrum and Avalanche, using a special bridge named Synapse.
Who Are the Founders of GMX?
The GMX founders prefer to stay out of the spotlight, but many think that @xdev_10 on Twitter is the main developer of the project.
What Makes GMX Unique?
GMX introduces a fresh approach to trading by skillfully avoiding the conventional order book model that most exchanges utilize. Intriguingly, it draws inspiration from DEXs like Uniswap and adopts a distinct kind of market model, namely the automated market model (AMM).
Notably, it harbors a special asset pool, GLP, which significantly aids in providing liquidity and generating income for those contributing liquidity.
Moreover, GMX places considerable emphasis on two tokens:
- GLP
- GMX
While GLP acts like an index for all assets in the exchange, GMX is a utility and governance token.
Furthermore, users can create GLP, provide liquidity, and earn a share of the 70% fees generated on the respective blockchain.
Significantly, the GLP pool does not experience impermanent loss and acts as a counterparty for traders, meaning liquidity providers can benefit from traders’ losses and vice versa.
How Many GMX Coins Are There in Circulation?
Currently, over 9 million GMX tokens are circulating with an expected cap of 13.25 million GMX tokens. Here’s a quick breakdown of GMX tokenomics:
- 6 million tokens are for XVIX and Gambit migration
- 2 million are paired with ETH for Uniswap liquidity
- 2 million for Escrowed GMX rewards
- 2 million for the floor price fund
- 1 million for marketing and collaborations
- 250,000 for the team, distributed over two years
How Is the GMX Network Secured?
The GMX network is secure, thanks to its operation on the Arbitrum and Avalanche blockchains. Arbitrum, getting its security from the Ethereum network, ensures transaction consensus and finality.
In contrast, Avalanche uses a different protocol allowing all nodes to process and validate transactions at the same time, ensuring transaction correctness with random polling and speeding up the transaction process.
Where Can You Buy GMX?
You can find GMX on different cryptocurrency exchanges like:
Most Used
More details
Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.
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Biggest exchange in the world.
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Industry's lowest trading fees.
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Advance trading options like leverage trading.
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600+ crypto options, 150+ for the US.
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Lucrative on-site staking options.
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Hiccups in account verification.
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Less regulated than some competitors.
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The corporate structure is not transparently.
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Kucoin stands out among other crypto exchanges due to its impressive span of 1100 markets and 600 digital currencies. This, coupled with a user-friendly interface and secure investment environment, has made Kucoin an increasingly popular choice. However, US customers can not use the trading platform.
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Ability to earn interest on crypto.
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Low fees.
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Good customer service.
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Volume discounts on fees.
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Features like margin and futures trading.
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Not licensed in the U.S.
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Lack of investment programs.
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Low trading volume.
Coinweb’s Blockchain Trends can be used to discover trends before they become mainstream.
GMX, or Gambit Exchange, is a platform for trading cryptocurrency futures using leverage. It connects the Arbitrum and Avalanche blockchains and has seen over $130 billion traded since its launch in September 2021.
The GMX founders remain private, but @xdev_10 on Twitter is believed to be the main developer.
GMX adopts an automated market model (AMM) and avoids the typical order book approach. It features a special liquidity pool, GLP, and two tokens, GMX and GLP, while also avoiding impermanent loss in the GLP pool.
Over 9 million GMX tokens are in circulation, with a planned cap at 13.25 million. The tokens are allocated for various purposes, like XVIX and Gambit migration, Uniswap liquidity, and more.
GMX can be purchased on several cryptocurrency exchanges, including Binance, KuCoin, and Kraken.
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