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GMX (GMX) is the 79th largest cryptocurrency in the world by market cap, valued at $585,869,678. The current price of GMX is $68.28, which is -1.729% lower than yesterday. Prices have ranged between $71.2 and $68.07 over the past 24 hours. All prices are listed in US dollars and accurate as of March 28, 2023 08:03 UTC.
GMX is a decentralized perpetual exchange (DEX) that offers optimal exchange prices and leveraged trading. Thanks to an integration with Arbitrum - an Ethereum layer-2 network - and the Avalanche blockchain, GMX offers minimal spreads, low trading fees, and zero price impact trades.
Alongside traditional spot trading, GMX also offers users the ability to trade with up to 30x leverage on popular cryptocurrencies such as Bitcoin, Ethereum, and Avalanche. Traders can also open both long and short positions.
According to the project’s website, to improve the accuracy of pricing data and, therefore, minimise the risk of liquidations, the DEX has integrated with the decentralized data oracle, Chainlink, and applies a time-weighted average pricing mechanism from other leading DEXs. To accompany accurate pricing data, the platform has been designed to be intuitive and eye-catching for users unfamiliar with decentralized finance (DeFi) applications. All trading that takes place on the GMX exchange is supported by a multi-asset user-supplied liquidity pool, which is also used to collect and distribute a range of platform fees.
GMX is the platform’s utility and governance token. The token can be staked in the platform to earn a share of 30% of all transaction fees. Unlike other DEXs, fees collected by the platform are not solely distributed in the native token. Those staking GMX tokens will earn both AVAX - the native cryptocurrency of the Avalanche blockchain, and esGMX - otherwise known as escrowed GMX. esGMX rewards can be converted to GMX after a 1 year vesting period.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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