Introduction

What is GMX?

GMX is one of the few cryptocurrencies to have risen in value since the start of 2022. Today we’ll discover the next crypto derivatives leader in this in-depth article.

GMX is a decentralized spot and perpetual contract trading platform that supports low swap fees and zero price impact trades allowing users to leverage up to 30x on their trades.

This protocol first went live on Arbitrum in September 2021 before launching on Avalanche at the beginning of 2022.

Trading is supported via a unique multi-asset liquidity pool that generates rewards from market making, swap fees, leverage trading (spreads, funding fees & liquidations) and asset rebalancing which are channelled back to liquidity providers.

GMX is a decentralized derivative exchange currently deployed on the Arbitrum One Layer 2 (L2) scaling solution and the Avalanche blockchain.

The protocol offers spot trading for a handful of top cryptocurrencies and stables, namely ETH, WBTC, LINK, UNI, DAI, USDC, USDT,MIM and FRAX.

The GMX system may be divided into two distinct functional tokens:

• GMX Token for governance.
• GLP Token for trading liquidity.

Last 1 Month :arrow_down: :arrow_down: :arrow_down: :arrow_down:

Last 3 Months :arrow_down: :arrow_down: :arrow_down: :arrow_down:

Method

I analyzed the GMX swaps on Arbitrum and used the arbitrum.core.fact_event_logs table for this purpose with filter

contract_address = '0xabbc5f99639c9b6bcb58544ddf04efa6802f4064' which is the Arbitrum router address in GMX protocol.

GMX swaps are on ETH, WBTC, LINK, UNI, DAI, USDC, USDT, and FRAX, so I filtered them to find the top swap tokens.

I analyzed the number of swaps, volume and swappers, as well as the swap token that had the highest volume and number of swaps.

I analyzed

• Total Number of swaps

• Total Swaps Volume

• Number of Swappers

• Swaps token that has the largest volume and number of swaps

  In the last 1 month and 3 months

• September 7 was the largest swap volume in GMX with Arbitrum Bridge with 17.8M dollars in the last 3 months.
• On June 29, the number of swappers was the highest, and then this number decreased, and from September 5, the number of swappers suddenly increased.
• The daily chart of the number of swaps is similar to the daily chart of the number of swappers, and after June 29, which was the highest number of swappers in the last 3 months, the number of swaps has increased since September 5.
• It is noteworthy that on September 7, the volume of swaps was the highest, but the number of transactions was less And it can be said that on that day, transactions with a high volume were swapped.

Total Daily Swaps Volume, Number of Swaps and Number of Swappers

Cumulative Swaps Volume, Number of Swaps and Number of Swapper

• The slope of the cumulative volume chart is bullish.It is noteworthy that since September 5, the cumulative upward slope of the volume has increased.
• What can be understood from the comparison of the two cumulative charts of the number of swaps and the number of swappers is that the number of swaps is more than the number of swappers.
• The cumulative number of swaps is higher than the number of swappers.
• The number of swaps is almost twice the number of swappers.

Top 10 Swaps Currency Pairs

Top Swaps Currency Pairs by Volume

:1st_place_medal:WETH → USDC

:2nd_place_medal: USDC → WETH

:3rd_place_medal:WBTC → USDC

In the last 1 month, the percentage of swap volume of WETH → USDC currency has increased and percentage of swap volume of USDC → WETH currency has decreased.

Top Swaps Currency Pairs by Number of Swappers

:1st_place_medal:WETH → USDC

:2nd_place_medal: USDC → WETH

:3rd_place_medal:WETH → DAI

There is no noticeable difference in the Number of Swappers percentage of swapped currency pairs, only the Number of Swappers of WETH → DAI currency pair has increased in the last 1 month.

Top Swaps Currency Pairs by Number of Swappers

:1st_place_medal:WETH → USDC

:2nd_place_medal: USDC → WETH

:3rd_place_medal:DAI → USDC

There is no noticeable difference in the number of swaps of top currency pairs 1 month ago and 3 months ago.

Conclusion

• The number of swaps, the number of swappers, as well as the volume of swaps, have increased significantly since September 5th, and therefore more fees have been awarded to GMX.
• The largest swap volume, the number of swaps was on currency pair WETH → USDC and its swap volume has increased in the last 1 month compared to the last 3 months.

THANK YOU FOR READING!

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