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Perpetuals-Focused Decentralized Exchange GMX Surpasses Uniswap in Daily Fees Earned
On Monday, GMX earned $1.15 million in trading fees, surpassing Uniswap's $1.06 million for the first time on record.
Updated Nov 30, 2022, 7:57 p.m. Published Nov 30, 2022, 8:57 a.m.
Decentralized exchange GMX has evolved as a serious competitor to established industry players such as Uniswap in the wake of FTX's collapse.
On Monday, GMX earned $1.15 million in trading fees, surpassing Uniswap's $1.06 million for the first time on record, according to data tracked by Delphi Digital.
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The decentralized exchange, which allows users to trade perpetuals or futures with no expiry without an intermediary using smart contracts, is perhaps benefitting from a broader shift toward perpetual-focused decentralized platforms triggered by the recent fall of centralized giant FTX.
GMX went live on Ethereum layer 2 system Arbitrum in September 2021 and debuted on Ethereum-competitor Avalanche early this year. The platform offers relatively low transaction fees and zero price impact or the influence of a single trade over the market price.
Crypto perpetuals trading was first launched by centralized exchange BitMEX in 2016 and later dominated by its rivals Binance and the now-insolvent FTX.
Sam Bankman Fried's exchange FTX filed for Chapter 11 bankruptcy protection on Nov. 11, denting investor confidence in centralized exchanges.
GMX has pocketed $15.7 million in trading fees in four weeks, becoming the fifth-largest decentralized application, ahead of prominent players lincluding dYdX and AAVE, according to data source Token Terminal.
GMX's hosts, Arbitrum and Avalanche, have earned $985,600 and $540,500 in trading fees in 30 days. Uniswap has collected $54 million in trading fees, retaining the industry leadership.
Yet, Uniswap's UNI token has declined by 16% this month, while GMX has gained by 4%.
GMX's outperformance probably stems from the fact that the GMX token holders receive 30% of all the trading fees, while the UNI token holders do not receive a share in trading fees.
GMX has distributed $4.7 million to the token holders in the past 30 days, the fourth-largest payout among all decentralized applications.
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