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Crypto Exchange GMX Proposes Deployment on Coinbase's Base Blockchain
Some members of the GMX community have already voiced their support for the move.
Updated May 9, 2023, 4:10 a.m. Published Mar 21, 2023, 10:37 a.m.
Decentralized derivatives exchange GMX has the support of its community to deploy the protocol on crypto exchange Coinbase's (COIN) recently announced layer 2 blockchain, Base.
Several members of the GMX community are in favor of expanding the platform to another blockchain, according to a post on the GMX governance forum.
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GMX offers spot and derivatives trading. It has $582 million in total value locked, making it the largest decentralized-finance protocol on Arbitrum, according to DefiLlama.
Base is a layer 2 blockchain that has been developed using Optimism's OP stack. It will feed into the Ethereum blockchain's main network and won't feature a native token, unlike the recently airdropped token.
While the majority of GMX forum users were in favor of the exchange becoming a "first mover" on Base, others had concerns over whether the project's pseudonymous founders would need to submit identification documents to Coinbase in line with anti-money-laundering regulations.
In an interview on Bloomberg Radio, Coinbase CEO Brian Armstrong hinted that the exchange will establish know-your-customer checks when Base goes live.
The GMX token, the native token of the GMX exchange, was recently trading at $77.25. It's up almost 90% this year, according to Cryptowatch.
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