The native token of decentralized exchange GMX (GMX) surged 35% to $54.11 after two major cryptocurrency exchanges announced they would go public on Oct. 5.
binance clearly List the token in the innovation zone with 3 trading pairs by 10:00 UTC. FTX too said Assets must be published on the platform by 2:00 PM UTC.
Growth of GMX
The GMX token gained widespread popularity when its value surpassed $50 in early September, when the overall market was trading flat.
DEX allows users to trade spot and perpetual futures at low fees through a trading interface. It is based on his two networks of Ethereum layer 2 protocols Arbitrum and Avalanche.
Defilama data Indicated Its TVL is currently at $453.98 million, with Arbitrum at $388.6 million and Avalanche (AVAX) at $65.38 million. Meanwhile, approximately $370 million in assets are staked on the platform.
GMX incentivizes token holders as they receive 30% of protocol revenue for staking.
Decentralized protocol revenue has also increased steadily over the past 30 days.According to token terminal data, GMX’s revenue is Rose $12.94 million in the last 30 days.
DEXs have recently landed several partnerships after seeing their tokens listed on several centralized exchanges.
Community bullishness on GMX
The crypto community is bullish on GMX tokens, with many applauding the exchange’s decision.
Oh my god @Binance Have been described $gmx
What a great way to be proud of the team and see gmx reach over a billion market cap here.
— Algod 🫐 (@AlgodTrading) October 5, 2022
$GMX 30% up right now haha what’s going on
— The Crypto Dog🫐 (@TheCryptoDog) October 5, 2022
https://t.co/Z2o052Kx6U Congratulations to all the Blueberry Gang🫐🫐🫐
Zero expense on CEX listings and mm, natural progress and @Binance finally move into action
This is a big milestone for us and we are very happy to have been blessed with you all.
— Dovey “Rug The Fiat” Wan 📍🇸🇬 (@DoveyWan) October 5, 2022
Meanwhile, DEX was recently hit with an exploit that allowed crypto traders to take advantage of its zero-slippage feature to win over $565,000 by manipulating the price of AVAX tokens.
