Why is GMX crypto gaining attention?  

Image Source: © Vasilebobirnac1976 | Megapixl.com

Highlights 

  • GMX is a decentralized spot and perpetual exchange.    
  • The trading on GMX is supported by a multi-asset pool that earns fees from swapping, leverage trading, asset rebalancing, and market-making. 
  • GMX is the utility and governance token of the exchange.

The GMX crypto is grabbing attention after it announced its participation in the Arbitrum Odyssey. The participants will be rewarded with NFTs designed by crypto artists Ratwell and Sugoi and project Galaxy. GMX is one of the first 56 participating projects.

Arbitrum, an Ethereum expansion program, said the Arbitrum Odyssey would continue for two months, starting mid-May. After the program, the users will receive Arbi-verse NFTs.

The GMX crypto was up over 17% to US$31.35 at 12:50 pm ET after the Odyssey announcement. Its volume soared 13.81% to US$10.1 million in the past 24 hours. 

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What is GMX crypto?

GMX is a decentralized spot and perpetual exchange to support low swapping fees and zero price impact trades. The trading on GMX is supported by a multi-asset pool that earns fees from swapping, leverage trading, asset rebalancing, and market-making. 

The Chainlink Oracles supports its dynamic and aggregate prices from different decentralized exchanges. According to its website, GMX has a total of 11,664 users.

Also Read: Charactbit (CHB), META Gaming (RMG), TNC Coin (TNC): 3 rising cryptos

Data Source: coinmarketcap.com

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GMX token:

GMX is its utility and governance token contributing 30% of the fees generated.

According to Its whitepaper, the GMX token can be bridged between Ethereum and Arbitrum.

However, users can’t access the bridged tokens for seven days, the waiting period. 

The GMX token can be traded on the Uniswap (V3), Bybit, TraderJoe, BKEX, etc. 

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Bottom line:

NFTs are becoming a major craze, with the metaverse concept gaining ground. However, the digital market is volatile and fraught with risks. Hence, investors should exercise caution before investing in the market.

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