GMX joins Avalanche Rush, with $4M in Trading Rewards
Celebrating eleven months of decentralized perpetual trading and low-fee swaps on Avalanche — with up to $4,000,000 in Rush rewards plus other benefits for users.
GMX is a permissionless protocol that enables users to participate in a decentralized spot and perpetuals exchange, offering transparent on-chain trading and deep liquidity. Traders can enter and exit positions with minimal spread and zero price impact. Reliable pricing is achieved through aggregated price feeds, so users also benefit from reduced liquidation risks.
The GMX protocol deployed to Avalanche on 6 January 2022 and, since then, has been at the forefront of on-chain swaps and futures trading — facilitating more than $16 billion in volume. You can trade AVAX, BTC, and ETH from your self-controlled wallet, while benefiting from the EVM-compatible blockchain’s sub-second finality; traders can focus on their strategies, while their trades settle near-instantly.
About Avalanche Rush
Avalanche Rush is a liquidity mining incentive program by the Avalanche Foundation that launched in August 2021 to grow the Avalanche DeFi ecosystem. Launching with native Avalanche and multi-chain dApps, the incentive program boosted Avalanche’s DeFi total value locked (TVL) by 900% within just a month of the program’s launch.
$4 million worth of AVAX will now be allocated over a multi-month time period to support GMX.
GMX on Avalanche
GMX benefits from Avalanche’s secure low-fee chain and its expanding DeFi ecosystem. The presence of many other respected teams of builders on Avalanche allows the protocol to expand its cooperation, including with new partners building products on top of GMX’s pools.
Thanks goes out to collaborators like Dopex, TraderJoe, DODO, YieldYak, Yeti Finance, and Moremoney for their productive cooperation. Integrations with well-known DEX aggregators like ParaSwap, 1inch, OpenOcean and Firebird have also boosted GMX’s adoption.
Due to the growing trading community on Avalanche, GMX has settled more than $16.2 billion in trading volume since its launch on Avalanche in January 2022. This makes for an average of $51 million in daily swaps and perpetual futures trading. Eager analysts can dive into the details at Token Terminal, DeFi Llama, or the analytics dashboards at Dune.com.
The number of GMX users on Avalanche crossed 16,300 as of November 2022. All this activity is made possible by the protocol’s GLP Liquidity Pool, which facilitates all spot swaps and derivatives trading on GMX. The pool currently contains over $65 million in user deposits.
“GMX is nothing without its supportive community. Building partnerships and fostering a builders’ mindset among users has always been the focus, so that we, together, evolve an ecosystem stronger than the sum of its individual parts. Avalanche understands this well. And community contributions like the GMX Blueberry Club and Blueberry Podcast are prime examples of it too.” — Jone Zee, GMX Communications Coordinator
We look forward to many more upcoming integrations across the Avalanche ecosystem. With GMX being the most capital-efficient on-chain hedging solution, a wide range of teams has reached out to build additional services on the protocol’s DeFi ‘lego blocks.’
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GMX is a permissionless, decentralized exchange protocol that provides a capital-efficient on-chain solution for both hedging and taking directional exposure to leading cryptocurrencies including BTC, ETH, and AVAX.
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GMX joins Avalanche Rush, with $4M in Trading Rewards was originally published in Avalanche on Medium, where people are continuing the conversation by highlighting and responding to this story.