GMX Participate Avalanche Rush with $4M in Trading Rewards
GMX is a protocol that allows anyone to participate in a decentralized spot and perpetuals exchange, providing clear on-chain trading and abundant liquidity. Traders can enter and exit positions while experiencing minimal price differences and no effect on the cost. Secure pricing is accomplished through combined price information, thus users also gain from decreased danger of liquidation.
The GMX protocol was launched on Avalanche on January 6, 2022 and has since been a leader in the field of on-chain swaps and futures trading, amounting to over $16 billion in volume. It allows users to trade AVAX, BTC, and ETH from their own personal wallets while taking advantage of the EVM-compatible blockchain’s near-instant finality; this allows traders to stay focused on their strategies while their trades are settled quickly.
About Avalanche Rush
In August 2021, the Avalanche Foundation introduced the Avalanche Rush liquidity mining incentive program to foster growth in their DeFi ecosystem. This initiative, which featured both native Avalanche and cross-chain dApps, pushed their Total Value Locked (TVL) up by a whopping 900% in just its first month of operation.
$4 million of AVAX token will be distributed over a period of multiple months to back up GMX.
GMX on Avalanche
GMX takes advantage of Avalanche’s reliable low-cost network and its growing DeFi environment. With the presence of other respected groups of developers on Avalanche, the protocol can extend its collaboration, including with new partners constructing products based on GMX’s pools.
Appreciation is due to partners such as Dopex, TraderJoe, DODO, YieldYak, Yeti Finance, and Moremoney for their effective collaboration. Additionally, integrations with popular DEX aggregators like ParaSwap, 1inch, OpenOcean and Firebird have contributed to the growth of GMX’s usage.
Since the beginning of January 2022, Avalanche’s trading community has seen GMX settle a total of $16.2 billion in exchange volume. This works out to an average of $51 million per day in swaps and perpetual futures transactions. Those wishing to learn more can use Token Terminal, DeFi Llama, or Dune.com’s analytics dashboards for further analysis.
As of November 2022, the Avalanche network has seen more than 16,300 GMX users. This is made possible thanks to the GLP Liquidity Pool protocol which enables spot swaps and derivatives trading on GMX. The pool holds a total of $65 million in user deposits.
“GMX is nothing without its supportive community. Building partnerships and fostering a builders’ mindset among users has always been the focus, so that we, together, evolve an ecosystem stronger than the sum of its individual parts. Avalanche understands this well. And community contributions like the GMX Blueberry Club and Blueberry Podcast are prime examples of it too.”– Jone Zee, GMX Communications Coordinator
We eagerly anticipate further integrations within the Avalanche network. GMX is renowned for its cost-efficient on-chain hedging solution, and numerous teams have approached us to construct extra services on the DeFi ‘building blocks’ of our protocol.