{"id":285957,"date":"2023-01-22T01:00:48","date_gmt":"2023-01-21T19:30:48","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=285957"},"modified":"2023-01-21T15:28:15","modified_gmt":"2023-01-21T09:58:15","slug":"gmx-retains-spot-as-the-leading-protocol-on-arbitrum-heres-why","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/gmx-retains-spot-as-the-leading-protocol-on-arbitrum-heres-why\/","title":{"rendered":"GMX retains spot as the leading protocol on Arbitrum, here&#8217;s why"},"content":{"rendered":"<ul>\n<li><em>GMX has the highest TVL on Arbitrum.<\/em><\/li>\n<li><em>Its native token might see a price drawdown with buyers&#8217; starting to experience exhaustion.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Despite the volatility in the decentralized finance (DeFi) market in 2022, GMX, a decentralized exchange for spot and perpetual trading on Arbitrum and Avalanche, has maintained its position as the project with the highest total value locked (TVL) on Arbitrum, according to data from <\/span><a href=\"https:\/\/defillama.com\/protocol\/gmx\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">DefiLlama<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check the <a href=\"http:\/\/ambcrypto.com\/calculator\/gmx-profit-calculator\" target=\"_blank\" rel=\"noopener\">GMX Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Since its launch in September 2021, GMX&#8217;s usage has steadily grown, leading to an increase in its total value locked (TVL). In fact, amid the market madness in the 2022 bear market, GMX\u2019s TVL grew by over 300%.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">GMX\u2019s total value locked (TVL) grew significantly despite the bearish environment that plagued the market in 2022. It&#39;s currently the largest protocol on Arbitrum, with approximately $400M in TVL at the time of writing. <a href=\"https:\/\/t.co\/WQS4JuPRgZ\">pic.twitter.com\/WQS4JuPRgZ<\/a><\/p>\n<p>&mdash; Campus (@TheBlockCampus) <a href=\"https:\/\/twitter.com\/TheBlockCampus\/status\/1616443419680817152?ref_src=twsrc%5Etfw\">January 20, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">As of this writing, GMX\u2019s TVL was $427.72 million giving it a 37.49% share of the overall TVL of $1.14 billion of the Arbitrum network.<\/span><\/p>\n<figure id=\"attachment_285966\" aria-describedby=\"caption-attachment-285966\" style=\"width: 1568px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.43.29.png\"><img decoding=\"async\" class=\"wp-image-285966 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.43.29.png\" alt=\"\" width=\"1568\" height=\"900\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.43.29.png 1568w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.43.29-300x172.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.43.29-1024x588.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.43.29-768x441.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.43.29-1536x882.png 1536w\" sizes=\"(max-width: 1568px) 100vw, 1568px\" \/><\/a><figcaption id=\"caption-attachment-285966\" class=\"wp-caption-text\">Source: DefiLlama<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Likewise, its deployment on <a href=\"https:\/\/defillama.com\/chain\/Avalanche\" target=\"_blank\" rel=\"noopener\">Avalanche<\/a> was ranked as the project with the fourth-largest TVL on the chain after Aave, Benqi, and Trader Joe. So far this year, GMX\u2019s TVL on Arbitrum has grown by 8%, data from DefiLlama showed.<\/span><\/p>\n<h3><b>More users equal more cash<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Since the year started, GMX has seen a tremendous rally in the count of total users on the DEX. Per data from <\/span><a href=\"https:\/\/stats.gmx.io\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">GMX Stats<\/span><\/a><span style=\"font-weight: 400;\">, the count of total users of the exchange has grown by 164% since 1 January. The daily counts of new and existing users on the DEX have consistently increased.<\/span><\/p>\n<figure id=\"attachment_285972\" aria-describedby=\"caption-attachment-285972\" style=\"width: 1394px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.56.58.png\"><img decoding=\"async\" class=\"wp-image-285972 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.56.58.png\" alt=\"\" width=\"1394\" height=\"910\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.56.58.png 1394w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.56.58-300x196.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.56.58-1024x668.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.56.58-768x501.png 768w\" sizes=\"(max-width: 1394px) 100vw, 1394px\" \/><\/a><figcaption id=\"caption-attachment-285972\" class=\"wp-caption-text\">Source: GMX Stats<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Increased user activity has led to a growth in trading volume on the exchange. As of this writing, total trading volume on the DEX stood at $4.25 billion, having risen by over 9000% since the year began.<\/span><\/p>\n<figure id=\"attachment_285974\" aria-describedby=\"caption-attachment-285974\" style=\"width: 1394px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.56.43.png\"><img decoding=\"async\" class=\"wp-image-285974 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.56.43.png\" alt=\"\" width=\"1394\" height=\"910\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.56.43.png 1394w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.56.43-300x196.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.56.43-1024x668.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-07.56.43-768x501.png 768w\" sizes=\"(max-width: 1394px) 100vw, 1394px\" \/><\/a><figcaption id=\"caption-attachment-285974\" class=\"wp-caption-text\">Source: GMX Stats<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Furthermore, the fees paid to process transactions on the DEX have also increased. Since the start of the year, GMX has recorded cumulative transaction fees of $7.98 million.<\/span><\/p>\n<figure id=\"attachment_285984\" aria-describedby=\"caption-attachment-285984\" style=\"width: 1394px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-08.16.43.png\"><img decoding=\"async\" class=\"wp-image-285984 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-08.16.43.png\" alt=\"\" width=\"1394\" height=\"910\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-08.16.43.png 1394w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-08.16.43-300x196.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-08.16.43-1024x668.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-21-at-08.16.43-768x501.png 768w\" sizes=\"(max-width: 1394px) 100vw, 1394px\" \/><\/a><figcaption id=\"caption-attachment-285984\" class=\"wp-caption-text\">Source: GMX Stats<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">How much are 1,10,100 GMXs\u00a0worth today?<\/p>\n<hr \/>\n<h3><b>GMX price performance<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">At press time, GMX, the DEX\u2019s utility, and governance token exchanged hands at $51.20. On a year-to-date basis, its value has increased by 23%, data from <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/gmx\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\"> revealed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An assessment of GMX\u2019s performance on a daily chart revealed a steady uptick in the alt\u2019s accumulation. At press time, key momentum indicators were positioned above their respective neutral zones in uptrends. For example, the Relative Strength Index (RSI) was pegged at 60.60. Likewise, GMX\u2019s\u00a0 Money Flow Index (MFI) was spotted at 54.55.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, a look at the alt\u2019s Directional Movement Index (DMI) confirmed that buyers had control of the market. The +DMI line (green) was positioned above the -DMI line (red).\u00a0 <\/span><span style=\"font-weight: 400;\">Typically, when the +DMI line is above the -DMI line, it suggests that the buyers&#8217; strength exceeded that of the sellers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, the Average Directional Index (ADX) for GMX, which is used to measure the strength of a trend in the market, was at 20. When an asset&#8217;s ADX is above 25, it indicates that the trend is strong, but if it is below 25, it suggests that the trend is weak or nonexistent. Therefore, with the ADX at 20, buyers&#8217; strength might be declining. As a result, a price decrease may be imminent in the GMX market.<\/span><\/p>\n<figure id=\"attachment_285982\" aria-describedby=\"caption-attachment-285982\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/GMXUSDT_2023-01-21_08-15-55.png\"><img decoding=\"async\" class=\"wp-image-285982 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/GMXUSDT_2023-01-21_08-15-55.png\" alt=\"\" width=\"2560\" height=\"1129\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/GMXUSDT_2023-01-21_08-15-55.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/GMXUSDT_2023-01-21_08-15-55-300x132.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/GMXUSDT_2023-01-21_08-15-55-1024x451.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/GMXUSDT_2023-01-21_08-15-55-768x339.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/GMXUSDT_2023-01-21_08-15-55-1536x677.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/GMXUSDT_2023-01-21_08-15-55-2048x903.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-285982\" class=\"wp-caption-text\">Source: GMX\/USDT on TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>GMX has the highest TVL on Arbitrum. Its native token might see a price drawdown with buyers&#8217; starting to experience exhaustion. Despite the volatility in the decentralized finance (DeFi) market in 2022, GMX, a decentralized exchange for spot and perpetual trading on Arbitrum and Avalanche, has maintained its position as the project with the highest<a href=\"https:\/\/ambcrypto.com\/gmx-retains-spot-as-the-leading-protocol-on-arbitrum-heres-why\/\">Continue reading <span class=\"sr-only\">&#8220;GMX retains spot as the leading protocol on Arbitrum, here&#8217;s why&#8221;<\/span><\/a><\/p>\n","protected":false},"author":64,"featured_media":285986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-285957","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>GMX retains spot as the leading protocol on Arbitrum, here&#039;s why - AMBCrypto<\/title>\n<meta name=\"description\" content=\"GMX has maintained its position as the project with the highest total value locked (TVL) on Arbitrum, according to data from DefiLlama.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/gmx-retains-spot-as-the-leading-protocol-on-arbitrum-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GMX retains spot as the leading protocol on Arbitrum, here&#039;s why - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"GMX has the highest TVL on Arbitrum. 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