platform: News of GMX (GMX) - August 2024 Price Update - 10.84% Breakout Crypto News and Analysis

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GMX is a decentralized exchange (DEX) for trading perpetual cryptocurrency futures with up to 50X leverage on popular cryptocurrencies like BTC, ETH and more. The platform launched in September 2021 as Gambit Exchange. To date, GMX has a total trading volume of over $130B and 283K total users, making it the leading derivatives DEX on Arbitrum and Avalanche. GMX runs on the Arbitrum and the Avalanche blockchain. These ecosystems are connected to the exchange via Synapse — a cross-chain bridge.

Oluwatosin Bamidele

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Ajayi John

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GMX is a decentralized exchange (DEX) built on the Arbitrum network. It focuses on providing a high-performance and capital-efficient trading platform, particularly for perpetual swaps and leveraged trading. Key Problems GMX is Solving High Gas Fees: Ethereum-based DEXs can suffer from high transaction fees, especially during periods of network congestion. GMX leverages Arbitrum to address this issue. Inefficient Capital Utilization: Traditional perpetual swaps can require large amounts of capital to maintain positions. GMX offers a more capital-efficient approach. Limited Trading Opportunities: Some DEXs have a limited range of assets available for trading. GMX aims to provide a wider variety of options. Innovative Use Cases Leveraged Trading: GMX allows users to trade with leverage, amplifying their potential gains or losses. Yield Farming: The platform offers various yield farming opportunities for users to earn rewards. Liquidity Provision: Users can provide liquidity to GMX's liquidity pools and earn fees. Cross-Chain Compatibility: GMX can potentially be integrated with other blockchains, expanding its reach and capabilities.