GMX Dominates Arbitrum Blockchain with $491.55M TVL, Surpassing Uniswap, Aave
GMX dominates Arbitrum despite intense competition
GMX, the decentralized spot and perpetual exchange on the Arbitrum blockchain, has established itself as the leading protocol on the chain. This is mainly due to the Total Value Locked (TVL). The TVL is the total value of all cryptocurrencies locked in a DeFi protocol.
Trust in Perpetuals
At the time of reporting, GMX’s TVL was $491.55 million, representing a 30-day increase of 11.96%. This suggests that more and more market participants are locking capital in GMX in the hope of better rewards. Interestingly, GMX’s TVL exceeds the values of the protocols Uniswap and Aave in second and third place, even when added together.
Reasons for GMX’s dominance
Our investigations have revealed that the Arbitrum Short-Term Incentive Program (STIP) is working wonders for GMX. Arbitrum has prioritized decentralized perpetual projects in the first distribution cycle, and GMX has received the largest share. This has helped GMX dominate the Arbitrum ecosystem.
Development in full swing
While GMX dominates the Arbitrum ecosystem, the value of its token has also increased over the past 30 days. At the time of writing this article, the price of GMX was $50.28. This represents an increase of 16.93% in the last 24 hours. GMX’s development activity has also increased, suggesting that the project is striving to develop new features for the users of its exchange.
Future prospects for GMX
If the use cases of the perpetual exchange attract more users, this could have positive effects on price development. For the moment, we are waiting to see how things develop.
Sources: AMBCrypto, DefiLlama, Santiment
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