GMX is a decentralized exchange (DEX) for trading perpetual cryptocurrency futures with up to 50X leverage on popular cryptocurrencies like BTC, ETH and more. The platform launched in September 2021 as Gambit Exchange. To date, GMX has a total trading volume of over $130B and 283K total users, making it the leading derivatives DEX on Arbitrum and Avalanche.
GMX runs on the Arbitrum and the Avalanche blockchain. These ecosystems are connected to the exchange via Synapse — a cross-chain bridge.
## Who Are the Founders of GMX?
The founding team is anonymous, however, the lead developer is likely @xdev_10 on Twitter.
## What Makes GMX Unique?
Instead of an order book model employed by centralized exchanges (CEXs), trading occurs via its an innovation to the automated market model (AMM) deployed by DEXs like Uniswap. It features a native multi-asset pool, GLP, which generates revenue for liquidity providers.
GLP operates as a multi-asset liquidity pool (LP) which comprises of ETH, BTC, LINK, UNI, USDC, USDT, DAI and FRAX at the time of writing. Market prices depend on Chainlink's oracles, which collect token price data from all the top exchanges.
The decentralized exchange ecosystem is based on two tokens: GLP and GMX. The first token serves to supply liquidity. The GLP price reflects the value of all GMX assets, which are listed for trading with leverage and swaps. In other words, GLP is an index of all assets on the exchange. GMX is the utility and governance token.
Users can add liquidity by minting GLP, and in return, they receive 70% of all fees generated on the corresponding blockchain. Unlike some liquidity pools, GLP experiences no impermanent loss. Furthermore, the GLP pool acts as a counterparty for traders. When GLP token holders supply liquidity for leveraged trading, they profit when traders incur losses, and the opposite is also true.
How to buy GMX on an Exchange
Step 1: Choose a Reputable Exchange Platform
Select a trusted platform from among many available GMXtions for purchasing GMX. Some reputable platforms includeBybit、OKX、Binance, and others.
Step 2: Register an Account
Here, we'll register an account on the Gate.io (registration link) trading platform. You may need to provide personal information such as phone number and email to complete the registration process.
Step 3: Complete Identity Verification
For security purposes, some platforms may require you to complete identity verification. Follow the platform's instructions to provide necessary identity information (such as country/ID number) and undergo facial recognition. Once your identity is confirmed, you'll receive notification.
Step 4: Link Bank or Payment Method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing GMX.
Step 5: Purchase GMX
Find the option to buy coins on the exchange platform, choose the C2C coin purchase process, and then input the quantity of GMX you wish to purchase. Typically, you'll choose to buy USDT first and select your preferred payment method. Simply place the order, make the payment to the seller, and you'll receive the cryptocurrency. Once payment is complete, you can use your exchange assets to buy GMX.
Step 6: Store Your GMX
After purchasing, you can choose to store your GMX in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Reminder
To protect your exchange account and GMX assets, be sure to use a strong password and enable two-factor authentication.
GMX Price: GMX is a decentralized spot and perpetual exchange that supports low swap fees and low price impact trades.The price fluctuates daily, You can go to the exchange: Gate.io to check the price.
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