Share this article
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.
Make us preferred on Google
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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 Arbitrum 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.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Millions in crypto wealth at risk of vanishing when holders die. Here's how to protect them
Without proper planning, inherited crypto can easily be lost to delays, missing keys or fiduciaries unfamiliar with the asset class, experts warn.
What to know:
- Crypto holders can take a few steps to prevent their assets from disappearing forever when they pass away.
- Without proper planning, inherited crypto can easily be lost to probate delays, missing private keys, or fiduciaries unfamiliar with the asset class.
- Even with improved regulatory clarity, crypto adds complexity beyond what many in the advisory space are accustomed to.
Top Stories
