Gmx Review : Read Everything About Gmx 2023 Updated

Gmx Review By Wootfi. Hello Wootfi visitors today we come with another defi article about Gmx one of the defi project . Please note this article is not investment advice only written for educational purposes . Do your own research before investing your time or money at Gmx.

About Gmx

GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades. Trading is supported by a unique multi-asset pool that earns liquidity providers fees from market making, swap fees, leverage trading (spreads, funding fees & liquidations) and asset rebalancing. Dynamic pricing is supported by Chainlink Oracles along with TWAP pricing from leading volume DEXs. For token holders: Tokenomics and Rewards For liquidity providers: GLP For traders: Trading

Basic Details About GMX Review

What is GoodGhosting and how does it work?

GMX is a German-based email service provider. It allows users to create an email account and send and receive emails using the GMX platform.

To use GMX, you will need to create an account by providing your name, email address, and a password. Once your account is created, you can log in to the GMX website or use an email client such as Microsoft Outlook or Apple Mail to access your email.

You can compose, send and receive emails, organize your emails with folders, manage your contacts and check your calendar. You can also use additional features such as email filters, signatures, and automatic replies.

GMX also offers additional services such as online storage, calendar, and tasks. It’s a free service and also provides paid plans for additional features like more storage, email forwarding, and more.

How To Use GMX? 

The GMX exchange offers a viable alternative to traditional exchanges, allowing users to trade and earn by providing liquidity for market making. Trading requires no registration process or account, with users requiring only their wallets. Users can start a leveraged trade by setting their preference to “long” or “short.” Users can also access low-fee spot swaps, allowing them to swap between assets in the GLP pool. All open trades appear under the “positions” tab, and opening or closing a leveraged trade costs 0.1% of the position size.  Users can also stake their GMX tokens, earning a yield with boosted and compounded rewards. 

GMX Price Live Data

The live GMX price today is $50.89 USD with a 24-hour trading volume of $18,902,872 USD. They update the GMX to USD price in real-time. GMX is down 3.08% in the last 24 hours. The current CoinMarketCap ranking is #85, with a live market cap of $427,930,160 USD. It has a circulating supply of 8,409,186 GMX coins and the max. supply is not available.

Features Of GMX Defi Project

Reduce Liquidation Risks

An aggregate of high-quality price feeds determine when liquidations occur. This keeps positions safe from temporary wicks.

Save on Costs

Enter and exit positions with minimal spread and zero price impact. Get the optimal price without incurring additional costs.

Simple Swaps

Open positions through a simple swap interface. Conveniently swap from any supported asset into the position of your choice.

Escrowed GMX

Escrowed GMX (esGMX) can be used in two ways:

1. 1.Staked for rewards similar to regular GMX tokens
2. 2.Vested to become actual GMX tokens over a period of one year

Each staked Escrowed GMX token will earn the same amount of Escrowed GMX and ETH / AVAX rewards as a regular GMX token.

Note that Escrowed GMX (esGMX) is not meant to be transferrable unless you are doing a full account transfer. The amount of GMX or GLP required to vest esGMX is unique per account and capped to the rewards received by that account. Please do not buy esGMX off the market or OTC as you will not be able to vest them.

The Referral Program

The referral program has a tier system to prevent gaming through self-referrals, this helps to ensure that referrers receive the rebates for the users they brought onto the platform.

• Tier 1: 5% discount for traders, 5% rebates to referrer
• Tier 2: 10% discount for traders, 10% rebates to referrer
• Tier 3: 10% discount for traders, 15% rebates to referrer paid in ETH / AVAX, 5% rebates to referrer paid in esGMX

Anyone can create a Tier 1 code. To upgrade your code to Tier 2 or Tier 3:

• Tier 2: At least 15 active users using your referral codes per week and a combined weekly volume above $5 million
• Tier 3: At least 30 active users using your referral codes per week and a combined weekly volume above $25 million

Is GMX safe?

The GMX team is completely anonymous, which means that all users should proceed with caution. That said, the protocol has amassed over $375m in total value locked, which means that it is trusted by high-net-worth and institutional investors. The platform has also been extensively audited by ABDK Consulting, you can find the full audit on the GMX Github.