GMX scales to new highs on DeFi front- Here’s everything you need to know

ambcrypto.com:

According to a tweet by an on-chain analyst, one of the largest decentralized derivative exchanges GMX, hit a fresh all-time high (ATH) in its total value locked (TVL), underlining its continued dominance in the DeFi landscape.

— Patrick | Dynamo DeFi (@Dynamo_Patrick) February 18, 2023

At the time of writing, the TVL of the Arbitrum-based protocol reached $624 million, gaining 20% over the last week and 35% since the FTX contagion hit the cryptocurrency market.

Is your portfolio green? Check the GMX Profit Calculator

The growing interest in GMX could be linked to U.S. regulators’ strengthening chokehold on centralized staking offerings. Consider this- GMX recorded an ATH in its trading fees and revenue on 10 February, the day when Kraken stopped all the staking activity on its exchange after being reprimanded by U.S. Securities and Exchange Commission (SEC).

GMX’s staking solution guarantees a 30% share of the generated trading fees to users who lock their GMX tokens.

Liquidity providers (LPs), on the other hand, take a 70% cut of trading fees. The lucrativeness of this staking policy was evidenced by the growing number of daily active users and the protocol’s trading volume, fetched from Token Terminal.

Source: Token Terminal

The sustained growth in key metrics resulted in greater action on the token front as well. At the time of writing, GMX logged gains of more than 25% over the last week while its trading volume more than doubled in the same time, per data from Token Terminal.

At press time, however, the token fell by 1.63% in the 24-hour period, per CoinMarketCap.

Source: Token Terminal

How much are 1,10,100 GMXs