GMX.io Review – Trading Perpetuals on DEX

GMX.io is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades. It has around 90K total users. This article will give us a complete understanding of the GMX.io platform.

GMX.io: Summary

1. GMX.io is a DEX that is built on Arbitrum and Avalanche.
2. Users can trade their BTC, ETH, AVAX, and other top cryptocurrencies with up to 30x leverage directly from their wallet.
3. GMX is the utility and governance token accrues 30% of the platform’s generated fees.
4. GLP is the liquidity provider token that accrues 70% of the platform’s generated fees.
5. According to the GMX.io Official Documentation, the forecasted maximum supply is 13.25 million GMX tokens.
6. GMX.io team can also increase its maximum supply.
7. GMX.io is only audited once by ABDK Consulting.
8. GMX.io Team has also created a bug bounty on Immunefi, which has been live since January 2021.
9. GMX is currently listed on CoinW, Bybit, BingX, MEXC, and BKEX.
10. Users can get fee discounts and earn rebates through the GMX referral program.

GMX.io: What is GMX?

GMX.io is a DEX that is built on Arbitrum and Avalanche. Users can trade their BTC, ETH, AVAX, and other top cryptocurrencies with up to 30x leverage directly from their wallet. It is also supported by a multi-asset pool that earns liquidity providers fees from market making, swap fees, and leverage trading. In addition, its dynamic pricing is supported by Chainlink Oracles and an aggregate of prices from leading volume exchanges. As of now, there are two tokens in the GMX.io ecosystem:

1. GMX: The utility and governance token accrues 30% of the platform’s generated fees.
2. GLP: It is the liquidity provider token that accrues 70% of the platform’s generated fees.

GMX.io: How to Trade on GMX?

In this section, we will learn how to trade on GMX.io platform.

• Step 1: Go to GMX.io Official Website. Click on the Trade button on the upper right corner. Users will be redirected to Trade Dashboard.

• Step 2: Users must now agree to the Terms & Service.

• Step 3: Click on Connect Wallet.

• Step 4: We will see four wallet options, i.e., MetaMask, Wallet Connect and Coinbase Wallet. In this article, we will be selecting and using MetaMask Wallet as it is the most widely used and one of the most popular wallet.

• Step 5: Also, as we know that GMX is built on Arbitrum and Avalanche. We will have to change our MetaMask network from Ethereum Mainnet to Arbitrum or Avalanche. In this article, we will be using Arbitrum. Click on Switch to Arbitrum, if you Arbitrum Network is already added to MetaMask. Otherwise, choose Add Arbitrum. Users will see these options at the bottom right corner of the screen. In this article, we are using Switch to Arbitrum Option.

• Step 6: We will see a MetaMask notification pop up. Click on Switch Network.

• Step 7: Now, everything is done. Users can start trading now!

GMX.io: Token Distribution

According to the GMX.io Official Documentation, the forecasted maximum supply is 13.25 million GMX tokens. GMX.io team can also increase its maximum supply. But the GMX.io team will only use this option if more products are launched and liquidity mining is required. Also, a governance vote will be conducted before any changes. In addition, minting of GMX beyond the maximum supply is controlled by a 28-day timelock. GMX.io team has also created a dashboard where users can find all the descriptions regarding the GMX token.

GMX.io: Security

GMX.io is only audited once by ABDK Consulting. Here is the link to the complete audit by the ABDK team. GMX.io Team has also created bug bounty on Immunefi, which has been live since January 2021. Rewards are distributed to white hat hackers based on the severity of the vulnerability. This bounty program focuses on preventing Direct theft of any user funds, Permanent freezing of funds, Insolvency, Unable to call smart contracts, etc., and much more. Here is a quick table for reference:

Smart Contract:

Websites & Apps:

GMX.io: How to Buy GMX token

GMX is currently listed on CoinW, Bybit, BingX, MEXC, and BKEX. You can also buy it from different DEX platforms such as Uniswap.

GMX.io: Conclusion

We are currently witnessing a bear market, where everyone is losing their money in crypto, and the price of BTC has reached around $20K. But GMX Token is an outlier. It has seen a sharp increase in its price during the last few days, and many crypto users are benefitted from it. Here is the complete analysis by Nansen Team. Also, the GMX team has recently launched their platform in three new languages, i.e., Spanish, Korean & Japanese. This clearly shows that GMX is one of the few protocols accepted and adopted by people worldwide. All credits for images and information used here belong to GMX.io.

GMX.io: Frequently Asked Questions (FAQs)

Also Read