HomeNewsGMX DEX spikes 35% as Binance, FTX announce listing

GMX DEX spikes 35% as Binance, FTX announce listing


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The native token of decentralized exchange GMX (GMX) has spiked 35% to $54.11 after two leading crypto exchanges announced they would be checklist it on Oct. 5.

Binance revealed that it could chance per chance checklist the token in its Innovation Zone with three trading pairs by 10: 00 UTC. FTX also stated that the asset would struggle live on its platform by 2 PM UTC.

GMX DEX spikes 35% as Binance, FTX announce listing
PHOTO CREDIT: medium.com

GMX’s increase

GMX token gained extensive standing in early September when its charge rose above the $50 trace at the end of a length when the broader market used to be trading flat.

The DEX permits users to replace space and perpetual futures at low prices thru its trading interface. It’s according to 2 networks, Ethereum layer2 protocol Arbitrum and Avalanche.

DeFillama info showed that its TVL is present at $453.98 million, with $388.6 million Arbitrum, while $65.38 million is on Avalanche (AVAX). Meanwhile, spherical $370 million in resources are staked on the platform.

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GMX incentivizes its token holders as they procure 30% of the protocol earnings for staking.

The decentralized protocol’s earnings have also regularly grown over the final 30 days. In step with token terminal info, GMX earnings rose to $12.94 million in the outdated 30 days.

The DEX has considered the token listed on loads of centralized exchanges and has now not too long ago scored loads of partnerships.

Community bullish on GMX

The crypto neighborhood is bullish on the GMX token, with many praising the exchanges for their decision.

Holy shit, @Binance listed $gmx

What a fine methodology to wake up, proud on the crew and here to stare gmx straggle to 1bn+ market cap

— Algod🫐 (@AlgodTrading) October 5, 2022

$GMX up 30% good now haha what is going down on

— The Crypto Canine🫐 (@TheCryptoDog) October 5, 2022

https://t.co/Z2o052Kx6U Congrats to the entire blueberry gang 🫐🫐🫐

We spent zero in cex checklist or mm, and took a long methodology to device pure development and recognition from expansive guys love @Binance to in a roundabout design accomplish the switch

A serious milestone for us, so blessed to uncover ya all

— Dovey “Rug The Fiat” Wan 📍🇸🇬 (@DoveyWan) October 5, 2022

Meanwhile, the DEX now not too long ago suffered an exploit that allowed a crypto trader to leverage its zero slippage feature to accomplish over $565,000 by manipulating the trace of the AVAX token.

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