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The price of the GMX token touched an all-time high of $62 before retracing partially. Binance and FTX will allow trading of GMX against Bitcoin and USDT.
On Wednesday, October 5, GMX, the native token of decentralized crypto exchange GMX made a new all-time high after its listing on popular crypto exchanges like Binance and FTX. The listing of GMX on two of the world’s largest crypto exchanges would provide massive liquidity to the cryptocurrency.
GMX Token Listing
The official announcement by crypto exchange Binance read:
“Binance will list GMX (GMX) in the Innovation Zone and will open trading for GMX/BTC, GMX/BUSD and GMX/USDT trading pairs at 2022-10-05 10:00 (UTC)”.
Over this news, the GMX price jumped to as high as $60 gaining 50% in a single day, as per data on CoinGecko. The cryptocurrency made an all-time high of $62. However, since then, the crypto token has pared most of its gains and is currently trading 12% down at a price of $48. The trading volume for the GMX cryptocurrency also soared to $150 million in the last 24 hours.
GMX Crypto Exchange
GMX is a decentralized cryptocurrency exchange wherein investors can buy and sell digital assets without any intermediary by using smart contracts. At a very low fee, the platform also offers zero price impact trading. This facilitates more capital-efficient trading without any sort of slippage. The slippage in trading parlance refers to the difference between the expected price of a trade and the actual price.
The decentralized GMX protocol has gained a lot of popularity among crypto traders as it managed to defy this year’s market rout. Also, other decentralized finance (DeFi) protocols saw their total value locked (TVL) going down.
On the other hand, GMX’s total value locked (TVL) has grown consistently and now stands at a record high of $455 million. The holders of the GMX token shall be meaning 30% of all trading fees accused on the exchange. The strong performance of GMX comes despite the major slowdown in the decentralized finance (DeFi) market.
Back in September last month, a savvy trade exploited a loophole in GMX’s smart contract code to manipulate the price of AVAX.