GMX Surpasses $2.7 Million in Fees: Holders Receive $822,000 Reward
• GMX, a growing cryptocurrency project, has surpassed $2.7 million in fees.
• GMX holders will receive 30% of the fees as revenue, approximately $822,000.
• Arbitrum noted on Twitter that the organization (GMX) had surpassed $100 million in total fees.
GMX, a growing cryptocurrency project, has made significant strides in the last few months. On January 9th, 2023, the project surpassed $2.7 million in fees, a difference of $900,000 recorded on Jan.8th ($1.8M in 24hrs). These fees are generated from both the spot and perpetual DEX created on Avalanche and Arbitrum respectively. This is considered to be a record high for the project since its introduction in September 2021, only second to Ethereum.
GMX holders will receive 30% of these fees as revenue, amounting to approximately $822,000. This was made possible through a unique incentive structure, where GMX token holders receive a share of the platform’s liquidity fees. The 24hr price of GMX is currently $44.41 with a $13,895,628 trading volume in both centralized and decentralized exchanges having $11,048,665 and $2,846,963 respectively. GMX is currently ranked 79th on Coinmarketcap with a market capitalization of $372.5 million and a circulating supply of 8.4 million (GMX coins). Its fully diluted market cap is $390 million, with a 1.35 increase.
In addition, GMX’s website indicates a total volume of $76 billion, with a deviation of +47.7 million. It also states that it has a total fee of $105 million (an increase of 81.2 k). On January 6th, Arbitrum noted on Twitter that the organization (GMX) had surpassed $100 million in total fees. This is a remarkable achievement for the project, and the team behind the project is looking to capitalize on this success.
GMX has seen a steady growth in its user base and open interest since its inception. It has recorded an increase of 123 users from 182,217 unique ones and an open interest of $119 million. The project also has an active community of investors and developers that are constantly working towards its growth and development.
Overall, GMX is on track to become one of the top performing cryptocurrency projects in the near future. With its strong fundamentals and improved incentive structures, GMX is set to challenge even the biggest cryptocurrency players in the industry.