People are able to purchase and trade cryptocurrency derivatives in just a few simple steps using GMX, which is a relatively modest decentralized perpetual exchange that is seeing rapid expansion. You do not need to register in order to trade on decentralized exchanges. Instead, all that is required of you to begin trading is to link your wallet to the platform it utilizes.
GMX makes use of two different smart contracts, both of which are readily accessible to the majority of users. Arbitrum, which is well-known for having minimal fees and good performance, was used in the construction of its primary platform. Additionally, it may be obtained via Avalanche. According to the company’s website, GMX has assisted in the facilitation of more than $47 billion worth of trade activity from over 69 thousand individuals.
The Synthetics model will exist side-by-side with $GLP when it first launches. This will make available a far larger number of pairings than are now available. Bitcoin and Ethereum together account for 75% of the leveraged trading volume on CEX right now. Here are two primary reasons why this may be a significant development in the future:
Although a rise in price is desirable, the Open Interest measure is the one that should get the majority of the focus.
Why is Open interest the most important factor in determining the price of $GMX? The daily fees earned by $GMX range from around 0.5 percent to 0.8 percent of its open interest. Holders get a daily income of around 130,000 dollars thanks to the open interest of approximately 23 million. The whole of it was allocated to the stakeholders.
As we can see thus far, OI has not grown too much; however, this may be explained by the severe bear market that has been going on. The largest rival has an OI that is roughly four times that of GMX. This demonstrates how much desire there is for trading on non-CEX venues. $DYDX’s interest performance over the last year has similarly been less than stellar. This presents GMX with a golden chance to solidify its position as the undisputed leader in decentralized trading.
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