Introduction

• In this dashboard, You will read about the GMX platform. I went through the GMX platform and analyzed two parameters on the Arbitrum chain:

  1. ‘Swap‘ feature
  2. GMX Stake and Unstake Activities

• For the Swap feature, I drew a two-time frame chart. One is the Weekly chart from April 2022. The other one is the Daily chart for the last 30 days.

What is GMX?

Since its launch in September 2021, GMX has released several products aimed at improving cryptocurrency trading and investing. GMX is a novel cryptocurrency spot and perpetual contract trading platform built first on Arbitrum one – an Ethereum Layer 2 solution and launched later on Avalanche blockchain.

Analyzed By Hess - Reading Time Almost 15 Min

Method

• As I mentioned, I only analyzed the Swap feature of GMX. We don’t have an exact Swap table on Arbitrum tables. So I made a custom swap table for GMX. But How?

• I made a swap transaction on GMX.

• Then I looked up the transaction on Arbiscan. I found all swaps have interacted with this contract address 0xabbc5f99639c9b6bcb58544ddf04efa6802f4064. I read GMX documents and found this is GMX Router on Arbitrum.

• I used the Fact event table and put this address as the contract address with swap event name.

• From the Event_inputs column I extracted the below data:

  EVENT_INPUTS:inputToken as token_in, EVENT_INPUTS:inputValue as amount_in, EVENT_INPUTS:outputToken as token_out, EVENT_INPUTS:outputValue as amount_out

• I mentioned that we don’t have a swap table on Arbitrum tables. Also, We don’t have token labels, Prices and decimals on Arbitrum. I found that GMX supports some tokens. I found their addresses and decimals. Then, I hard-coded those tokens. Then Joined my custom swap table. Now I have their symbols. I joined to Ethereum Hourly price table and extracted their Prices over time.

• Our Custom Swap table is ready To use.

Note: Some charts are based on Since GMX data on Arbitrum and the last 30 days.

Stake and Unstake GMX

• The total number of Stakers and Unstakers increased over time. In June the daily stakers was 450 unique wallets but in the last month reached 1K unique wallets.
• The highest number of stakes was on August 27 and the highest number of Unstake was on September 5 with 476 unstakes.
• More than 5M GMX staked and nearly 4.5M unstaked.
• The average unstake amount was higher than the average stake amount.

A Summary Of Most Important Findings

• More than 38K users made 94K Swap transactions. Only Swap not Long or Short Positions. They Swapped Nearly 220M US dollars. GMX gained about 667K US dollars in Fees.

• The total number of swaps and users increased over time but the volume grew faster. especially in the last 30 days.

• Users Swapped most from WETH and USDC. Also, They Swapped to USDC and WETH too based on Volume. On both sides, USDC and WETH were popular.

• WETH is more popular ‘from’ side and USDC is more popular on the ‘to’ Side.

• GMX gained most Fees from WETH → USDC pool.

• The large group of Users made one swap and swapped 10-100$.

• GMX gained most from Below 1$ swaps.

  Stake:

• There are 20K Unique Stakers and 6K Unstakers on GMX. Stakers staked more than 90K times and Unstaked 14K times.

• They Staked 5M GMX and Unstaked 4.6M.

FULL ANALYSIS:

Swap Activities on GMX

Users and Transactions

• The total number of Users and swaps increased in the last month. However, The highest number of users and swaps was o June 27.
• I found an Event that may cause a huge growth on June 27th. Layer3 had a task that users about swapping on GMX. I made a screenshot and put it in the Conclusion section.
• After June 27, The highest activity was recorded on September 6.

Swap Volumes

• The swap volume increased over time. Each week, The swap volume increased.
• The highest swap volume was on first week of September when 42M US dollars swapped.
• The Volume growth was super fast.

Platform Fees

Platform Fees followed the swap Volume. Actually, it’s normal. The platform fees are based on Swap Volume.

Top Swapped Tokens From and To Based on volume in USD and Users

Share of Tokens Based on Volume

Platform Fees based on Pairs

GMX gained the highest Fees in USD from WETH → USDC. Almost 300K US dollars.

The second pair was USDC → WETH which was 153K US dollars.

The third one was WBTC → USDC with 37K US dollars.

Users Breakdown

Conclusion

• As I mentioned in the Introduction, I only analyzed the GMX swap feature.
• They gained nearly 600K from Swaps Activity on Arbitrum chain.
• According to the GMX stat, they gained around 66.6M US dollars from all their feature on Arbitrum and Avalanche.
• The highest gain was from Margin Trading.
• Their gain from Swap was only 5-10% daily.
• They are growing super fast. Also, They use Web3 platforms to increase their unique users. The below Picture show the Layer3 Task for GMX.

THANK YOU FOR READING!

ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

Twitter: hessaminanloo - Discord: hess#0890

Analyze Date: 2022/SEP/19