Published in: Blog

GMX Crypto

Author Bacoor Team

Published on: August 18, 2022

Table of Contents

What is GMX Crypto

The term GMX Crypto refers to the GMX DEX (gmx.io).

It is the first perpetual and spot exchange on Arbitrum, which later goes live on Avalanche in 2022.

GMX basically lets users put on Long, or Short orders with leverage up to 30x to take advantage of price volatility and earn profits.

The exchange on the other hand offers an instant swap with optional limit order on top of ready liquidity.

GMX puts up a unique multi-asset pool which earns liquidity providers fees through market making, swap fees and leverage trading.

Its dynamic pricing comes from Chainlink Oracles, as well as its aggregate of actual market prices from various leading volume exchanges.

In term of competitive edges, GMX differentiates itself from others with two main points.

Strong value accrual to GMX holders and liquidity providers, denominated in ETH, or AVAX.
A non-inflationary tokenomics design, GMX liquidity structure with GLP token stays away from the regular inflationary model (farm and dump).

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GMX Coin – GLP Coin

GMX Coin

GMX Coin exists as the main fuel of GMX DEX in a dynamic incentive mechanism.

Arbitrum Contract Address: 0xfc5A1A6EB076a2C7aD06eD22C90d7E710E35ad0a
Avalanche Contract Address: 0x62edc0692BD897D2295872a9FFCac5425011c661

By staking GMX, you will have various privileges offered by its ecosystem.

Earn a portion of GMX revenue in ETH or AVAX as 30% of its revenue will be distributed to stakers and liquidity providers.
Earn escrowed GMX (esGMX) which can be used to re-stake and earn ETH, or to put into vesting and receive GMX in 12 months.
Multiplier Point which has the same value as GMX token in the staking process and will be burnt once users unstake.

Besides, GMX crypto has a special feature, which is ‘Floor Price Fund’. The fund is denominated in ETH and GLP to grow in two different ways:

If GMX/ETH liquidity comes from the protocol, incurred fees from this pair will be converted into GLP and sent to Floor Price Fund.
A half of the fund collected from Olympus bonds will be deposited to Floor Price Fund, the other half will go to marketing fund.

This mechanism ensures liquidity in GLP and offers a reliable stream of rewards in ETH for GMX stakers.

Once the (Floor Price Fund) / (Total Supply of GMX) is less than the market price of GMX coin, the fund will be used to buy back and burn GMX.

It establishes a minimum floor price for GMX coin in terms of ETH and GLP.

Add GMX Crypto To KEYRING PRO

Tap on Wallet Value section
Scroll down, choose ‘Add token’
Choose a chain, insert GMX Smart Contract address
Tap ‘Next’, then ‘Add’

GLP Coin

GLP coin is a liquidity provider token offered by GMX DEX.

The GLP Index Composition includes an array of assets used for GMX swap and leverage trading.

In fact, GLP holders have exposure to all supported assets, along with trading fees and other rewards as esGMX tokens.

Those on Arbitrum can earn esGMX plus 70% trading fees in ETH.

Similarly, GLP holders on Avalanche can earn esGMX plus 70% trading fees in AVAX.

Minted GLP coin should stay in wallet at least 15 minutes before redemption.

GLP on Arbitrum and Avalanche are non-interoperable and non-transferable.

The GMX Crypto IDO Price

There was no IDO for GMX, but the migration price from GMX version 1 was $2 / GMX

For more information about the migration, please visit this site.

About GMX Crypto Tokenomics

Total Supply: 13,250,000 GMX

Max Supply: depend on governance voting

6,000,000 GMX (45.3%) from the XVIX and Gambit migration.
2,000,000 GMX (15%) paired with ETH for liquidity on Uniswap.
2,000,000 GMX (15%) reserved for vesting from Escrowed GMX rewards.
2,000,000 GMX (15%) to be managed by Floor Price Fund.
1,000,000 GMX (7.5%) are reserved for marketing, partnerships and community developers.
250,000 GMX (1.9%) were distributed to the team linearly over 2 years.

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A Glance at GMX Crypto Partners

Decentralized Finance Dashboard, Tracker: Defi Pulse, Defi Llama, DeBank.
DEX Aggregator: Open Ocean.
Decentralized Trading Protocol: DODO.
Yield Optimizer: Yield Yak.
Options Protocol: Dopex, Jones DAO.

GMX Crypto Team

The GMX team is an anonymous one. Please find the Twitter account of the founder below.

https://twitter.com/xdev_10

GMX Price – Where to buy GMX

GMX price has been going sideways since its launch in September 2021.

The token is now acquirable on popular DEX such as Uniswap, or Trader Joe, please find the exchange list below.

GMX Wallet – KEYRING PRO

KEYRING PRO is a multichain wallet facilitating the advanced Wallet Connect infrastructure.

This allows users to sign in and approve transaction from anywhere, on any browsers, across different devices with one trusted device.

It ensures the highest security and administration as authorization will come from one place.

The app is compatible with NFC hardwares.

It simply means users can export their accounts to an NFC Keycard, then use the card to authorize transactions as a hardware wallet (cold wallet).

Buy Crypto is another cool feature that allows users to purchase crypto directly to their wallet with a credit card.

In term of trading, KEYRING SWAP is part of the KEYRING PRO ecosystem.

It operates as a DEX aggregator which sorts out the best exchange rate from different DEXs.

This maximizes user’s profit in every trading session.

KEYRING SWAP is now supporting Ethereum, Polygon, Optimism, Arbitrum, Binance Smart Chain, and Avalanche.