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The cryptocurrency industry had a relatively mixed year in 2023. It started the year well and then resumed the crypto winter where most coins were in a narrow range. It then bounced back in the fourth quarter, with most coins and tokens surging. There are now over 11,600 cryptocurrencies, according to CoinGecko.
Trading activity has surged on GMX. This was because of the general market rally in the past few days.
AVAX and GMX have over 60% and over 40% holders holding in profit, respectively. AVAX has increased by over 100% in value in the last two months.
GMX recorded a slight decline in TVL in the last month. Network activity, however, grew during the same period.
The spot and perp exchange has stamped its spot as the leader on Arbitrum. If GMX continues to ship new features, it could be bullish for price action.
Bitcoin price rose to $38,000 for the first time since April 2022 in a relatively low-volume environment. This rebound helped push the total market cap of all cryptocurrencies to over $1.5 trillion as other coins jumped. Some of the other top-performing cryptocurrencies were Lisk, Sei, Spell Token, and GMX.
The total value locked on GMX on its V2 data platform has soared to more than $171 million, according to details on DeFiLlama. GMX V2's soaring TVL comes just days after the decentralised spot and perpetual exchange rolled out an Arbitrum (ARB) incentive program.
Arbitrum protocol's flourishing ecosystem experiences substantial growth, with GMX playing a pivotal role. This active participation in the DeFi sector reinforces Arbitrum's position in the market.
Due to the ongoing bullish trend, traders have flocked to GMX to speculate on the future values of crypto assets, driving up the protocol's trading fees and volume to new highs.
Such rewards have been made possible as the platform was the biggest recipient of Arbitrum's arb (ARB) token grant following a community vote in October.
An executive from digital assets investment firm Pantera Capital is predicting that GMX and one other decentralized exchange (DEX) altcoin will soon begin to outperform and steal value away from Uniswap (UNI).
Out of 100 applicants, Arbitrum chose to focus on derivative protocols and decentralized exchanges. However, approved projects need to report on their respective progress regularly.
As the $40 million Arbitrum grant program comes to an end, the perpetual trading platform GMX secured the largest payout. However, liquid staking platform Lido walked away empty-handed.
Arbitrum's first grant application round has concluded, with 29 projects set to collectively receive 49.6 million ARB tokens ($40 million).
Arbitrum projects will receive token grants that may help attract new money to the popular blockchain.
Amid escalating concerns over the U.S. government shutdown, the cryptocurrency market unexpectedly rallied during the final week of September. The surge was not uniform across the market; as some of the cryptocurrencies exhibited particularly strong bullish momentum.
Following the launch of GMX quests, the leading decentralized exchange has recorded a new daily all-time high for network activity on its V2 iteration.
GMX, the decentralized exchange (DEX), made headlines in 2022 when it awarded Collider Research a substantial $1 million bug bounty.
GMX, a decentralized futures exchange, awarded the Collider team $1 million for finding a bug in its debt tracking system
Decentralized perpetual futures trading exchange GMX gave the bounty last year but it is just now being made public.
Binance will be removing more trading pairs soon. Find out which.
The cryptocurrency market has been volatile in recent months, with some projects losing over 30% of their value in one month, for over 1% accumulated daily losses. Here are the three worst-performing projects in the last 30 days among the top 100 digital assets by market capitalization as of September 7:
The cryptocurrency market remains turbulent, marked by widespread uncertainty, as most digital assets exhibit increased volatility. Indeed, the market is eagerly awaiting a significant catalyst that can potentially ignite a price momentum in the upcoming days.
In the dynamic realm of decentralized finance (DeFi), GMX has emerged as a true trailblazer, igniting a profound paradigm shift in the way traders engage with the ever-evolving crypto market. Through its ingenious implementation within the Arbitrum ecosystem, GMX has not only redefined the landscape of decentralized exchanges but has also become a catalyst for substantial growth and innovation within the entire DeFi space.
