GMX is a decentralised exchange (DEX) focused on trading perpetual cryptocurrency futures. It provides users the ability to trade popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) with leverage of up to 50x. The platform operates on the Arbitrum and Avalanche blockchains and is designed to provide a decentralised and secure trading environment.
GMX utilises a decentralised approach to trading, employing a unique multi-asset liquidity pool model. This model allows users to deposit various cryptocurrency assets into the pool and become liquidity providers. The platform aggregates prices from leading exchanges via Chainlink oracles, ensuring accurate and timely pricing data. The use of smart contracts, which have been audited by ABDK Consulting, helps manage liquidity and trading operations efficiently.
GMX's primary use cases include:
This versatility makes GMX particularly relevant in the cryptocurrency trading and DeFi sectors.
GMX was developed by a team of anonymous experts known for launching successful protocols like XVIX and Gambit. It launched its first version (V1) on the Arbitrum blockchain in September 2021 and expanded to the Avalanche blockchain in January 2022. In November 2022, the launch of GMX V2 brought enhancements in performance and functionality. Over time, GMX has evolved from being a basic decentralised exchange to a sophisticated platform with significant trading volume and market presence.