GMX Token Price Skyrockets 89% In 2023 — Here's Why

The native token of the GMX (CRYPTO: GMX) exchange is currently trading at $83.12 and has increased by about 89% since the start of the year, according to CoinGecko. The decentralized derivatives exchange is receiving support from its community for the deployment of its protocol on Base, Coinbase's recently-launched layer 2 blockchain.

Timeline of Gmx

Some community members of the decentralized crypto exchange backed the early mover proposal to deploy GMX on Coinbase's L2 blockchain.Concerns were raised over possibly doxxing the protocol's pseudonymous founders as Base could require KYC verification and AML checks.Coinbase recently launched the L2 blockchain Base using Optimism's OP stack to leverage network scalability and tap into Ethereum's mainnet. Community members of decentralized exchange (DEX) GMX echoed support for a proposal to deploy the protocol on the Base blockchain, a layer 2 decentralized network recently launched by major crypto exchange Coinbase.

Just a few days ago, the cryptocurrency market soared at the peak of a banking crisis in the United States. However, it appears the rally has halted as the global cryptocurrency market declined and has reflected in most coin prices.

GMX has been capitalizing on the recent bullish sentiment of the market and has seen quite some growth. One indicator of its progress has been its performance on the Avalanche [AVAX] network.

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.

BitMEX founder Arthur Hayes has reportedly seen the value of his GMX portfolio balloon by more than $8 million in a matter of months. The blockchain-tracking Twitter account Lookonchain reports that Hayes bought 200,580 GMX between March 3rd and September 7th of last year. He spent 3,386 Ethereum (ETH) worth $5.

Despite the volatility in the decentralized finance (DeFi) market in 2022, GMX, a decentralized exchange for spot and perpetual trading on Arbitrum and Avalanche, has maintained its position as the project with the highest total value locked (TVL) on Arbitrum, according to data from DefiLlama.

As 2022 draws to a close, it is clear that decentralized crypto exchange's native token GMX (CRYPTO: GMX) is the biggest gainer, surging over 102% and trading at $45, as per Benzinga Pro data. What Happened: Apex crypto Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) did not even make it on the list of top 100 gainers by market capitalization, recorded at 2:30 a.m.

The GMX token is only down -23% since reaching its all-time high on January 16, making it the best-performing cryptocurrency (excluding stablecoins) in this bear market. The post GMX ranks as best performing crypto during devastating bear market appeared first on CryptoSlate.

GMX — a token powering a decentralized exchange (DEX) — skyrocketed by 32% after blockchain data revealed that it overtook top DEX Uniswap. Crypto research firm shared data about GMX's raking in $1,167,858 in daily fees on Nov.

The decentralized exchange (DEX) GMX has fallen victim to an exploit by a large and sophisticated trader who reportedly was able to “siphon all the liquidity” from its avalanche (AVAX) market and profit from the manipulated price.