GMX (GMX)
GMX is a decentralized exchange recognized for its emphasis on perpetual futures trading. Initially launched on the Ethereum Layer 2 network, Arbitrum, in late 2021, it has also been deployed on Avalanche. The platform is favored for offering leverage options of up to 30 times the deposited collateral.
Overview
GMX seamlessly combines decentralized exchange functions with leverage trading capabilities. It merges the features of DeFi exchanges like Uniswap with the leverage services of platforms like Binance. Key features include high leverage trading up to 30x, reduced liquidation risks through price oracles, low-cost trading with minimal spreads, a user-friendly interface, and a multi-chain presence on low-fee networks. Market prices are determined by Chainlink oracles, which compile data from major exchanges to provide reliable price feeds. GMX has integrated Chainlink's low-latency pricing oracles to enhance real-time market data delivery. This integration resulted from a governance proposal that was overwhelmingly approved by GMX tokenholders on April 25, 2023.
| Ticker | GMX |
| Category | Decentralized Finance (DeFi) |
| Website | https://gmx.io/ |
| @GMX_IO | |
| Telegram | GMX_IO |
| Contract Addresses | |
|---|---|
| arbitrum-one | 0xfc...0a Copied! |
| avalanche | 0x62...61Copied! |
Trading
Trading on GMX is facilitated by a multi-asset liquidity pool. This pool includes assets like BTC, ETH, USDC, DAI, USDT, FRAX, UNI, and LINK. Traders can take long or short positions or swap tokens. A long position is taken when a trader expects an asset's value to rise, while a short position is taken when they anticipate a value decrease. GMX offers leverage from 1.1x to 30x for these trades.
Swaps
Swaps on GMX can be executed at market prices determined by oracles, ensuring reliability and currency. Users can also set limit orders with specific trade conditions. Swap fees vary between 0.2% and 0.8%, depending on the GLP composition.
Perpetual trading
GMX enables traders to speculate on price changes by going long or short on selected pairs. With leverage from 1.1x to 30.5x available, traders can enhance their returns. Multiple order types are supported, including market, limit, take-profit, and stop-loss. A 0.1% fee applies to opening and closing positions, with an hourly borrowing fee of 0.01% based on the assets borrowed relative to total pool assets.
GMX V2
In May 2023, GMX announced the public availability of GMX V2 Testnet. Features included standard trading functionalities, various pool and collateral combinations, funding fees to maintain long-short balance, a price impact feature, and liquidity provision opportunities. In August 2023, GMX V2 went live on Arbitrum and Avalanche mainnets, offering new trading options and collateral types, an updated oracle system for faster execution, and reduced trading fees. For liquidity providers, V2 introduced isolated GMX Market Pools and enhanced incentives. On October 2, 2023, GMX integrated Chainlink Data Streams on the Arbitrum mainnet, improving real-time pricing updates and transaction speeds.
Native tokens
GMX
GMX operates with its native token, GMX, which functions as a utility and governance token. The token's value is tied to platform fees, with 30% distributed to GMX stakers and 70% to GLP holders. Staking rewards are offered in ETH on Arbitrum or AVAX on Avalanche.
Staking
Stakers receive three types of rewards: escrowed GMX, multiplier points, and ETH/AVAX rewards. Escrowed GMX tokens can be staked or vested over a 12-month period. Multiplier points reward long-term platform use, while ETH/AVAX rewards are distributed from platform fees after deductions.
Token distribution
GMX tokens have a projected maximum supply of 13.25 million. The distribution includes allocations for migration, liquidity, vesting, and marketing. Any increase beyond the maximum supply requires a governance vote and is subject to a 28-day timelock.
GLP
The Global Liquidity Protocol (GLP) is an asset index used in the trading pool. GLP tokens can be created using index assets and redeemed by burning them. GLP token holders provide liquidity for leveraged trading. Rewards are distributed in ETH on Arbitrum and AVAX on Avalanche, after deductions for referral rewards and network costs.
GMX x Avalanche
GMX became available on Avalanche in early 2022, enabling users to trade AVAX, BTC, and ETH with up to 30x leverage. From January to March 2022, 50,000 esGMX tokens were distributed monthly to GLP holders on Avalanche, later adjusted to 25,000 esGMX tokens per month from April to December 2022.
GMX Blueberry Club
The GMX Blueberry Club is an NFT collection featuring over 130 unique, hand-drawn characteristics, with a total supply of 10,000 NFTs on the Arbitrum platform. The "Blueberry" emblem was created for the GMX trading community, and proceeds from the collection are managed transparently for community benefit.