GMX Trading Volume Increases Over 1000% After Listing Binance, FTX
GMX saw its performance skyrocket and it nearly hit its previous all-time high after the news of the listing on Binance and FTX.
According to CoinCu data, GMX has risen to as high as $60 from roughly $40, the most since January when it reached $62. The token has now lost some of its gains, trading around $46.17 at the time of publication.
According to CoinMarketCap data, the token trading volume increased by about 1000% in the last 24 hours, surpassing $220 million.
GMX is a decentralized exchange (DEX), which means that investors may use smart contracts to purchase and sell tokens on the platform without the need for an intermediary. The platform has cheap costs and zero price impact trading, which enables more capital-efficient trading without slippage, which is the gap between the expected and actual price of a deal.
In early September, a knowledgeable trader took advantage of a flaw in GMX’s smart contract code to manipulate the price of AVAX, the Avalanche blockchain’s native token, profiting from $500,000 to $700,000.
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