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[https://gmx.io/ GMX] is a decentralized perpetual exchange running on Arbitrum and Avalanche. | [https://gmx.io/ GMX] is a decentralized spot and [[Futures|perpetual]] exchange running on Arbitrum and Avalanche. GMX allows users to leverage trade various assets and contains stop-loss orders, take-profit orders, no price-impact trades, and staking for the platform's utility and governance token. | ||
== History == | |||
GMX started as '''Gambit Protocol''', which was launched on [[Binance Smart Chain]] and initially focused on creating a partially backed stablecoin that automatically generated interest (USDG). Essentially, a [[stablecoin]] backed by leverage.<ref>https://gambitprotocol.medium.com/introducing-gambit-4a0a759ff4c2</ref> Gambit's native token was GMT which had a whitelist presale in early March 2021.<ref>https://twitter.com/GMX_IO/status/1367105171134631936</ref> Within three weeks of launching on mainnet, Gambit recorded $400m of volume and $380k in fees.<ref>https://gambitprotocol.medium.com/gambit-chapter-ii-c8bed25ac5fe</ref> In June, the name GMX started to take shape after a proposal passed to merge all four different protocol tokens into a single token called GMX.<ref>https://gov.gambit.financial/t/merge-all-tokens-into-one-and-launch-on-arbitrum/59</ref><ref>https://gambitprotocol.medium.com/gambit-migration-130ee8b79172</ref> With this change, GMX (still named Gambit at this time) also removed the backed-by-leverage stablecoin aspect of the protocol. Instead of users providing liquidity to a whitelisted asset and receiving USDG in return, they will receive GLP. | |||
In August 2021, GMX posted a Medium article detailing the launch plans to Arbitrum.<ref>https://medium.com/@gmx.io/gmx-launch-plan-8ecf60254410</ref> The contracts were deployed in July, but Arbitrum had not yet opened to the public. | |||
The GMX trading platform launched on Arbitrum on September 1st, 2021. Within two weeks after launching GMX handled a volume of $150m and earned $300k in fees.<ref>https://medium.com/@gmx.io/gmx-update-1-55255e695d62</ref> | |||
As of April 28th 2022, GMX has $341m total value locked (TVL). | |||
[[Category:DEX]] | [[Category:DEX]] |
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