What is GMX? GMX is a Blockchain platform that provides 50x leverage to leading cryptocurrencies directly from the wallet. cryptocoin.com In this article, we answered questions among investors such as what is GMX, what it offers, what does GMX coin do, how to buy it. Now, let’s examine this project, which defines itself as a “decentralized and continuous cryptocurrency exchange”, together.
What is GMX?
GMX is basically a decentralized derivatives exchange. This exchange is used in Avalanche Blockchain network and Arbitrum One Layer-2 scaling solution. The protocol supports cryptocurrencies such as ETH, WBTC, LINK, UNI, DAI, USDC, USDT and FRAX. Its main purpose is to facilitate trading of the best digital assets in the crypto market. According to the project’s website, the platform currently supports trading on these assets with 50x leverage. It also offers spot trading feature for these assets.
GMX also allows users to buy and sell BTC, ETH and other popular cryptocurrencies directly from their crypto wallets. In doing so, it uses Blockchain technology and works decentralized. A GMX user can do what he does on a centralized exchange. Accordingly, the platform supports spot swaps and provides perpetual futures with up to 50x leverage. However, they trade through their wallets, with higher security than a centralized exchange.
What does GMX offer?
GMX aims to provide a better trading experience with low fees and zero price transactions. Trading takes place through a local multi-asset pool that earns fees for liquidity providers. Also, the platform uses dynamic pricing to aggregate prices from other high-volume exchanges. This is where Chainlink’s Oracle technology comes into play. The platform allows anyone to trade without permission through their own private wallet. It also combines the understanding of DeFi and the stock market.
What is GMX coin? What does it do?
GMX coin is a utility and governance token. Holders of this Arbitrum-based token vote on proposals that will help decide the future direction of GMX. Thus, they provide decentralized management of the network. Cryptocurrency also works with the Proof-of-Stake mechanism. Thanks to this mechanism, users can get high returns by staking GMX coins. However, all gas fees that the platform receives from users are distributed among token holders.
How to buy GMX coin?
GMX coin is currently listed on crypto exchanges such as Binance, BTCEX, MEXC, Bitrue. Those wishing to purchase the cryptocurrency must access and become a member of these exchanges. After that, they can buy cryptocurrency by depositing funds into their wallets.
