Try Quests to earn cryptoIntroduction
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 and leverage trading.
GLP consists of an index of assets used for swaps and leverage trading. It can be minted using any index asset and burnt to redeem any index asset. The price for minting and redemption is calculated based on (total worth of assets in index including profits and losses of open positions) / (GLP supply).
For Arbitrum, holders of the GLP token earn Escrowed GMX rewards and 70% of platform fees distributed in ETH
Method
I used the arbitrum.core.fact_event_logs table to track GMX Traders activities over time, Swapping, Stake/UnStake and futures position transactions and unique users count for all of those over time, also calculated the amount of gained Fees by platform over time and in total.
I found there are total 9 tokens currently available on GMX to swap and some of them to trade, as below and found their contract address and base of them analyzed the traders utilizing this platform on Arbitrum.
'USDC', 'USDT', 'DAI', 'FRAX', 'UNI', 'WBTC', 'WETH', 'LINK', 'MIM'
After breaking down the data, I identified the top 10 wallet addresses in each category based on volume and transaction count, and then followed their movements over time to determine which assets they preferred to exchange or leverage.
I used following filters to find leveraged positions and Stake/UnStake activities.
when origin_function_signature in ('0xe70dd2fc') then 'Short Position'
when origin_function_signature in ('0x332e0382','0xc9874170') then 'Long Position'
when origin_function_signature in ('0xe70dd2fc','0x11d9444a') then 'Short Position'
when origin_function_signature in ('0xc9874170','0xd38ab519') then 'Long Position'
WHEN origin_function_signature in ('0xde2ea948') and event_inputs:from = '0x489ee077994b6658eafa855c308275ead8097c4a' then 'liquidate Position'
At the end, I calculated the metrics by weekly, but you can ==change== it by above tape to your own period time choice.
✍🏻 Conclusion
Late in June, two major events on the Arbitrum network—the Odyssye campaign and the Nitro Upgrading—had an impact on GMX (and the other platforms in the Arbitrum ecosystem as a whole).
From the data in the current dashboard, we can tell that the users who have been most engaged with the GMX platform.
However, the top 10 swappers (based on total switched volume) did not tend to participate in the Odyssey campaign in the first week, despite merchants' efforts to get them involved.
0xd4…60f3 address, had most activity on futures trading in GMX platform.
Additionally, we can observe more and increasing activity on the GMX platform in recent days and with the Nitro upgrade of Arbitrum.
Overall, GMX's protocol is flourishing and its performance is improving over time.
The most common tokens used for purchases on this site are USDC and WETH.
As a result of the strong relationship between Traders and Liquidity providers on the GMX protocol, the vast majority of GMX platform users have completed all three types of transactions (Leverage Trading, Swap, and Liquidity Providing) on GMX.
The GMX exchange, on the other hand, uses an oracle to set asset prices in advance. Puts and calls on GMX have no effect on the price. In this sense, the profits made by future traders represent the liquidity provided by GLP investors. You can trade Ethereum, Bitcoin, or stablecoins for GLP tokens on the GMX platform. If traders make a profit, the liquidity providers will incur a loss. Speculative businesses have uncovered a vulnerability in GLPs, which might be exploited to drain the accounts of anyone who holds them.
As a result, I believe that trading futures and providing liquidity on GMS is extremely dangerous for anyone without prior experience in either of those areas.
About:
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Author: HaM☰d
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Discord: 0xHaM☰d#8391
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Twitter: @arjmandi_hamed
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Email: h_arjmandi2012@yahoo.com
Hey there 👋!
Firstly, I appreciate you sticking with it until the conclusion.
I’m Hamed, Ph.D. In Civil Engineering and interested in data science.
I've made many similar dashboards and visualizations since I started at Flipside in January.
Please have a look at my various contact information and let me know what you think.
🔭 Findings:
On late of June & early of Sep, activity on GMX (as same as other Arbitrum ecosystem platforms) were effected by two important event on Arbitrum, Odyssye campaign and Nitro Upgrading, respectively.
Total 123.6k swap transactions were made on GMX by closely 40.5k unique users with total volume of $313B and average volume of $785, Median, Max & Min volume were $22.5, $3.23m & $0.8U respectively.
Total amount of swap transactions fees was $476m, and in average $1.199.
🔭 Findings:
The results in this section shown that the most number of swaps and swappers on Arbitrum have achieved during the late of June. June 27th, is the Arbitrum Odyssey early date and to engage in swap transactions on the GMX platform was one of its tasks.
As we see there is not a significant change in volume in comparable with count of swap transactions, on these days on the volume charts. this is because this Odyssey had not a minimum volume limit.
Overall, in spite of unclear trend on swap transactions and unique swapper over time (except occasionally, in special event like Odyssye campaign and Nitro Upgrading), we can see increasing trend of USD volume of swaps on the GMX platform by users over time.
🔭 Findings:
In spite of retailers, Top 10 swappers (based on total swapped volume), didn’t show tend two participate in Odyssey campaign in the first week.
In the other hand in upgrading date to Nitro, most volume were swapped by them and as excepted WETH to USDC with more than $7.2m was in the first place on that date.
June was in the most volatile moth by top 10 swappers.
0x31…3aff address, was the most active amongst the top 10.
🔭 Findings:
Totally, as of perpetual positions transactions count in the above can observed that number of these leveraged positions on GMX platform over time increased and overall trend-line is positive.
As we see, there is a close difference between these 2 position types on all days over time, so that more than 51% of tx count are belongs to Short positions and 43.4% to Long positions. Liquidate positions gained 5.2% of tota; transactions count.
In the other hand, against to count of leveraged transactions, gained fees by platform was decreased over the last 30 days.
Although, Long positions on assets are more but in overall share of short positions are more.
🔭 Findings:
In this section and next, I tried to find the most traded top 10 asset over time, by top 10 traders.
The top 10 traders (Based on Trade Volume) activities are in an increasingly trend over time.
As can observed, the trading transactions on GMX by top 10 trader were increased since late of May to date.
The first place in top 10 most popular assets are belongs to USDC.
0xd4…60f3 address, had most activity on futures trading in GMX platform.
🔭 Findings:
As same as previous section, the top 10 traders (based on Trade tx Count) activities are in an increasingly trend over time.
As can observed, the trading transactions on GMX by top 10 trader were increased since late of May to date.
The first place in top 10 most popular assets are belongs to WETH, as excepted.
0xd4…60f3 address, had most activity on futures trading in GMX platform.
🔭 Findings:
As excepted, on June 27th the highest LP transactions were done.
More than 74% of LP transactions are belongs to Staking and 25.4% to UnStaking action.
According to the Following charts, 0xb0…c0e1 is the top Liquidity Provider on GMX with most share of number of stake transaction (14.5%) on this platform.
🔭 Findings:
In this section as final section, I compared all three activities (Swapping, Leverage position trading & Liquidity providing) on GMX over time.
More than 51% of total count of transactions were belongs to leverage position trading.(23.6% long positions vs. 27.9% short positions).
Most of new users started their activity on GMX platform, with swapping transactions that is normal, because of normally first interactions on each platform is swapping. 33% of total count of new users swapped their asset on GMX, that followed by Staking actions with roughly 29%.
Most amount of Fees volume gained by Staking/UnStaking transactions with closely 70% of total gained fees, that followed by long position future trading with 16% of gained fees volume.
The lowest count of transactions and amount of gained fees volume are belongs to Liquidation transactions with less than 0.7%.
🔭 Findings:
Over half of the volume switched was from WETH to USDC and just 13.2% was from USDC to WETH, which told us that most swappers were anticipating a lower price for ETH due to the current market conditions and bear market.
More than 31% and 22% of all $USD volume fees were used up by WETH to USDC and USDC to WETH exchanges, respectively.
Cumulative swap transactions count and swapped volume in $USD are shown in the following charts.