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.
GMX metrics up as V2 incentive program kicks off
On November 7, the GMX team announced the V2 incentives program was live following the Arbitrum DAO’s adoption of a proposal aimed at incentivizing growth in the Arbitrum DeFi ecosystem.
With the DAO’s support, GMX unveiled a 12-week program that will see 12 million $ARB tokens distributed to incentivize growth in three areas: liquidity, trading and grants.
GMX enabled the trading incentives for all V2 markets on November 15, with the initiative aimed at cutting trading fees on DEX to 0.02% on average. This, according to the decentralised perpetuals exchange, will bring the fees to a “level comparable to that of leading centralised exchanges like Binance, ByBit, and others.”
As well as bringing CEX users to the DEX the program aimed at promoting the integration of Arbitrum protocols on GMX V2.
While the overall TVL for GMX V1 has continued to decline since hitting highs of $710 million in May, V2 has experienced a significant uptick since November 8. This increase could be down to the ARB incentive.
As DeFiLlama data shows, the spike in TVL from $96 million on November 8 to $171 million on November 20. This represents a 78% jump in less than two weeks.
It’s an outlook that has coincided with a spike in trading volume on V2. According to data from Dune Analytics, V2 has a total volume of $4.63 billion, with $586 million traded in the past week.
In terms of trading, the cumulative trading volume for the DEX platform was $151.79 billion as of November 20. The past 24 hours have seen a total of nearly $50 million in GMX volume, $6.81 million of it on V2 representing a 141% increase from figures recorded on November 18.
Meanwhile, the price of GMX has gained 4% in the past 24 hours to above $52 after trading to lows of $48.90 on Friday.