GMX incentive program drives 78% jump in V2 TVL

November 20, 2023 08:26 AM PST | By Invezz
Follow us on Google News:

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.

The post GMX incentive program drives 78% jump in V2 TVL appeared first on Invezz


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 only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

Top Listed Companies