Image Source: © Vasilebobirnac1976 | Megapixl.com
- 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.
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.
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.
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.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use on