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Binance and FTX List GMX Token, Price Rockets For The Crypto Exchange Token

As a result of its defiance of this year's crypto rout, GMX attracted much attention. In the aftermath of the news of the listing, the...
GMX token rallies after binance and ftx listing
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As a result of its defiance of this year’s crypto rout, GMX attracted much attention. In the aftermath of the news of the listing, the price very nearly reached its record high.

The token of the decentralized crypto exchange GMX surged to an all-time high Wednesday, as Binance (and FTX) announced plans to list it.

GMX jumped as high as $60 from $40. This is the highest price since January when it was $62. Since then, the token has lost some of its gains and is now worth $48. CoinGecko data indicates that trading volume rose to $150 million, nearly 20 times the amount of the previous day.

GMX (decentralized exchange) is a platform that allows investors to buy and sell tokens directly from the platform.

Smart contracts make it possible for them to do so without any intermediaries. Low fees are offered by the platform, as well as zero price impact trading. This allows for capital-efficient trading and minimizes slippage.

This protocol gained popularity with cryptocurrency traders because it was able to defy this year’s market rout. As other decentralized-finance protocols saw their total value locked (TVL) – an effective metric for how much capital a platform can capture – deflate, GMX’s TVL has grown consistently, and now stands at a record-high \$455 million, according to crypto data provider DefiLlama. 

The GMX token holders earn 30% of all trading fees on the exchange.

CoinDesk reported that in September, a savvy trader used a loophole in GMX’s smart code code to manipulate the price AVAX of the Avalanche blockchain’s native token. He made over $500,000 to $700,000.

Traders can deposit GMX to trade against BTC and USDT on Binance beginning Wednesday at 10:00 UTC. The exchange stated in a statement. FTX stated that trading in the token would be possible starting at 14:00 UTC.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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