The native token of decentralized trade GMX (GMX) has spiked 35% to $54.11 after two main crypto exchanges introduced they might be itemizing it on Oct. 5.
Binance revealed that it might record the token in its Innovation Zone with three buying and selling pairs by 10:00 UTC. FTX additionally said that the asset would go stay on its platform by 2 PM UTC.
GMX token gained large reputation in early September when its worth rose above the $50 mark throughout a interval when the broader market was buying and selling flat.
The DEX permits customers to commerce spot and perpetual futures at low charges by way of its buying and selling interface. It’s based mostly on two networks, Ethereum layer2 protocol Arbitrum and Avalanche.
Defillama information confirmed that its TVL is at present $453.98 million, with $388.6 million Arbitrum, whereas $65.38 million is on Avalanche (AVAX). In the meantime, round $370 million in belongings are staked on the platform.
GMX incentivizes its token holders as they obtain 30% of the protocol income for staking.
The decentralized protocol’s income has additionally steadily grown during the last 30 days. In response to token terminal information, GMX income rose to $12.94 million within the earlier 30 days.
The DEX has seen the token listed on a number of centralized exchanges and has just lately scored a number of partnerships.
Neighborhood bullish on GMX
The crypto neighborhood is bullish on the GMX token, with many praising the exchanges for his or her determination.
What a pleasant option to get up, proud on the group and right here to see gmx go to 1bn+ market cap
— Algod🫐 (@AlgodTrading) October 5, 2022
$GMX up 30% simply now haha what is going on on
— The Crypto Canine🫐 (@TheCryptoDog) October 5, 2022
https://t.co/Z2o052Kx6U Congrats to all of the blueberry gang 🫐🫐🫐
We spent zero in cex itemizing or mm, and took an extended option to develop pure development and recognition from massive guys like @binance to ultimately make the transfer
A significant milestone for us, so blessed to have ya all
— Dovey “Rug The Fiat” Wan 📍🇸🇬 (@DoveyWan) October 5, 2022
In the meantime, the DEX just lately suffered an exploit that allowed a crypto dealer to leverage its zero slippage function to achieve over $565,000 by manipulating the worth of the AVAX token.