FTX void: GMX token up 17% as decentralised exchanges cash in following fallout
The native GMX cryptocurrency of its namesake decentralised spot and perpetual exchange GMX is enjoying a rise in value by almost a fifth due to the fallout from the bankruptcy filing of crypto derivatives exchange FTX on 11 November.
What was bad news for Sam Bankman-Fried, founder and former CEO of FTX, appears to have been good news for GMX as the void left by FTX has fuelled the popularity of the GMX platform.
GMX was trading at $53.06 as of 09:51 GMT on 1 December – up by 17.81% compared with the previous day, according to CoinMarketCap.
Crypto perpetual trading was first launched by crypto exchange BitMEX in 2016, according to CoinDesk, but has since been dominated by Binance (BNB), the world’s largest cryptocurrency exchange by trading volume, and FTX prior to its bankruptcy.
BNB to USD
GMX overtakes Uniswap for first time ever
According to crypto and digital asset research platform Delphi Digital, the GMX platform raised $1.15m in trading fess on 29 November, overtaking Uniswap for the first time ever.
In comparison with the GMX token, the UNI token, which is used to power the Uniswap crypto exchange, only saw a rise of 1.59% to $5.81 over the same time period according to CoinMarketCap.
GMX, formerly known as Gambit Exchange, was launched in September 2021.
UNI to USD
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FTX listed GMX spot market
In October 2022, a month prior to filing for bankruptcy, FTX announced it would list the GMX spot market.
Trading with the GMX/USD trading pair started at 14:00 GMT on 5 October, while deposits and withdrawals began 12 hours earlier that day.
FTX described GMX as “a decentralised spot and perpetual exchange that supports low swap fees and zero price impact trades. Trading on GMX is supported by a unique multi-asset pool that earns liquidity providers fees from market making, swap fees and leverage trading.”
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