Introduction

What is GMX?

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.

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

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

What is GLP?

GLP is the liquidity provider (LP) token consisting of an index of assets with target component weights that change with net perp positioning.

Dynamic GLP swap fee pricing for the component assets is designed to bring actual component weights to target weights.

Method

In this dashboard, I analyzed swappers and stakers in GMX on Arbitrum, as well as the activity of stakers in GLP.

• Swappers: I used the arbitrum.core.fact_event_logs table and filtered based on contract_address = '0xabbc5f99639c9b6bcb58544ddf04efa6802f4064' which is the address of Arbitrum router on GMX. I got the swap volume, the number of swaps, and the number of traders on ETH, WBTC, LINK, UNI, DAI, USDC, USDT,MM and FRAX tokens that can be swapped in GMX.

  I also got top traders based on volume in swapped currency pairs.

• Stakers on GMX:

  I used the arbitrum.core.fact_token_transfers table with the filter from_address = lower ('0x00000000000000000000000000000000000000000') and contract_address = lower('0x908C4D94D34924765f1eDc22A1DD098397c59dD4') which is the GMX stake address contract, I got the total number of stakers and unstakers daily.

• Stakers on GLP:

  I used arbitrum.core.fact_token_transfers table with filter contract_address = lower('0x1aDDD80E6039594eE970E5872D247bf0414C8903') and ORIGIN_FUNCTION_SIGNATURE IN ('0x53a8aa03', '0x364e2311') which is the GLP stack address contract, I got the total number of of stakers and unstakers daily.

Swap

Observations

• Total Traders: 40.3k traders
• Traders have started swapping since May 30 and the volume has increased since this date
• On June 29, 2022, the highest number of traders on GMX was from Paul Arbitrum, after that The total number of traders decreased and again on September 6, the number of traders increased dramatically.
• Since September 4, the cumulative upward slope of the number of traders has increased.

Observations

• The largest volume of swaps, the number of swaps and traders was for the WETH→USDC token pair.
• It can be said that traders have done the most swaps from WETH to USDC.
• WETH to USDC swap is almost twice as much as USDC to ETH swap.

In the query below, it shows the list of the top 50 wallets based on the volume of swaps performed.

The largest volume of swaps belongs to 0x577…7169 wallet with 14.8M dollars and 8 swaps.

Comparison of tokens that can be swapped From/To

GMX Stakers/UnStakers

GLP Stakers/UnStakers on Arbitrum

Observations

Total Stakers: 33.54k with 72.6%

Total Unstakers: 12.6k with 27.4%

• The number of stakers is more than number of Unstakers.
• Cumulative of stakers is above Unstakers and is increasing with a steep climb.
• From June 27 and 28, 2022, the number of stakers and Unstakers was the highest, then this number decreased in the following days, and again from August 28, this number increased, and September 6 has the highest number of stackers and Unstakers in the last 1 month.

Swappers Activities

Overall

• 50% of the swap(From) volume was for WETH token.
• Cumulative volume of swap(From) tokens for WETH is more than other tokens.
• Traders are withdrawing WETH and swap to USDC.
• On September 7th, when the most volume happened, about 15.2M dollars was swapped to other tokens, especially USDC.
• This could be due to the market crash on September 6.

• 56% of the swap(To) volume was for USDC token.
• Cumulative volume of swap(To) tokens for USDC is more than other tokens.
• On September 7th, when the most volume happened, about 13M million dollars have been swapped from other tokens to USDC.
• This could be due to the market crash on September 6.

Observations

Total Stakers: 21.8k with 75.3%

Total Unstakers: 7169 with 24.7

• The number of stakers is almost 3 times that of Unstakers.
• Cumulative of stakers is above Unstakers and is increasing with a steep climb.
• On August 26 and 27, the most number of stakers and Unstakers was in GMX on Arbitrum.

Conclusion

Swaps

• Total Traders: 40.3k traders

• Total Swaps: 122.4k swaps

• Total Swaps Volume: 257M dollars

• Traders have started swapping since May 30 and the volume has increased since this date.

• On June 29, 2022, the highest number of traders on GMX was from Paul Arbitrum, after that The total number of traders decreased and again on September 6, the number of traders increased dramatically.

• The largest volume of swaps, the number of swaps and traders was for the WETH→USDC token pair.

• The largest volume of swaps belongs to 0x577…7169 wallet with 14.8M dollars and 8 swaps.

• 50% of the swap(From) volume was for WETH token.

• 56% of the swap(To) volume was for USDC token.

• On September 7th, when the most volume happened, about 15.2M dollars was swapped to other tokens, especially USDC.

• On September 7th, when the most volume happened, about 13M million dollars have been swapped from other tokens to USDC.

GMX Stakers/UnStakers on Arbitrum

Total Stakers: 21.8k with 75.3%

Total Unstakers: 7169 with 24.7

• The number of stakers is almost 3 times that of Unstakers.
• Cumulative of stakers is above Unstakers and is increasing with a steep climb.
• On August 26 and 27, the most number of stakers and Unstakers was in GMX on Arbitrum.

GLP Stakers/UnStakers on Arbitrum

Total Stakers: 33.54k with 72.6%

Total Unstakers: 12.6k with 27.4%

• The number of stakers is more than number of Unstakers.
• Cumulative of stakers is above Unstakers and is increasing with a steep climb.
• From June 27 and 28, 2022, the number of stakers and Unstakers was the highest, then this number decreased in the following days, and again from August 28, this number increased, and September 6 has the highest number of stackers and Unstakers in the last 1 month.