GMX DEX spikes 35% as Binance, FTX announce itemizing

GMX DEX spikes 35% as Binance, FTX announce itemizing

by Jeremy

The native token of decentralized change GMX (GMX) has spiked 35% to $54.11 after two main crypto exchanges introduced they’d be itemizing it on Oct. 5.

Binance revealed that it will checklist the token in its Innovation Zone with three buying and selling pairs by 10:00 UTC. FTX additionally acknowledged that the asset would go dwell on its platform by 2 PM UTC.

GMX’s development

GMX token gained huge reputation in early September when its worth rose above the $50 mark throughout a interval when the broader market was buying and selling flat.

The DEX permits customers to commerce spot and perpetual futures at low charges by way of its buying and selling interface. It’s based mostly on two networks, Ethereum layer2 protocol Arbitrum and Avalanche.

Defillama knowledge confirmed that its TVL is at the moment $453.98 million, with $388.6 million Arbitrum, whereas $65.38 million is on Avalanche (AVAX). In the meantime, round $370 million in belongings are staked on the platform.

GMX incentivizes its token holders as they obtain 30% of the protocol income for staking.

The decentralized protocol’s income has additionally steadily grown during the last 30 days. In keeping with token terminal knowledge, GMX income rose to $12.94 million within the earlier 30 days.

The DEX has seen the token listed on a number of centralized exchanges and has lately scored a number of partnerships.

Neighborhood bullish on GMX

The crypto group is bullish on the GMX token, with many praising the exchanges for his or her choice.

In the meantime, the DEX lately suffered an exploit that allowed a crypto dealer to leverage its zero slippage function to achieve over $565,000 by manipulating the value of the AVAX token.



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