Amount Spent Fee in Total & Over Time

The low amount of fees in the Arbitrum network is one of the most important reasons for users to use this network, and users expect the transaction to be low-cost. During the last month, users have paid a total of 3 ETH, which is equivalent to $4,200, for the fee, and the highest fee paid in one day was on September 6, when users paid about 0.45 ETH. During the last 3 months, the situation is completely different, so that users have paid 48 ETH in total in the last 3 months, which is equivalent to 67 thousand dollars, for the fee, which is a very large amount compared to the last month. The highest fee paid in one day and in the last 3 months is on June 28, when users paid 28 ETH for the fee on this day, which is equivalent to $40,000, which means more than 60% of the total fee paid in the last 3 months. In the following, we will look at what transaction this volume of paid fees was for. Almost most of the fees paid in this protocol by users have been successful and a very small percentage of them have failed, so that only 2.7% of them have failed in the last 3 months.

Project : Arbitrum

Bounty Name : Flash Bounty: GMX Protocol Overview

\n Question: How has the protocol been performing over the past month? Three months? How is it absorbing these massive fees?

Date of analysis : 2022-09-19

Successful in attracting New users

The total number of users of this protocol in the last 3 months was 44,000 people, but the most surprising thing is that this platform had 42,000 new users in the last 3 months, and this means an explosive increase in the users of this platform.

The number of new users of this platform has been 14,000 in the last month, which is a very good growth. The largest number of new users attracted to this platform in one day and in the last 3 months is on June 29, when the number of new users on this day was 11.6 thousand, which happens to be the highest fee paid for this protocol. The process of attracting new users of this protocol in the last month has been relatively upward and acceptable compared to the last 3 months.

Users Activity

Most user transactions in the GMX protocol is Long Position. Users of this protocol had about 182k transactions with this title in the last 3 months and paid about $81,000 per fee, which is 27% of the total fees paid. The total number of users who made this type of transaction in the last 3 months was 77 thousand people. On that day when users paid the highest fee, that is June 29, the highest fee was paid for staking and the amount paid was 55 thousand dollars, and after that, users paid about $29,000 for swapping.

Thanks for reading

\n All data used are from:Flipside Crypto

My Twitter :Sepehrmhz8

Conclusion

This protocol has been able to attract many users to its platform recently, but this platform must observe a very important point, which is the management of fees paid by users, because this very dangerous factor can discourage users of this platform.

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.

The 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. source

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FEE

The blockchain fee is a cryptocurrency transaction fee that is charged to users when performing crypto transactions. The fee is collected in order to process the transaction on the network.

You need to pay the blockchain fee to ensure your cryptocurrency transfers arrive in a timely manner. The blockchain fee is one of the main tools used to speed up crypto transactions, which are often slow due to high congestion on the blockchain network. The lower the blockchain fee, the lower your transaction's priority in the blockchain network.

Methods

Table I used :

1. arbitrum.core.fact_transactions

2. arbitrum.core.fact_event_logs

3. ethereum.core.fact_hourly_token_prices

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GMX Protocol Address : '0xaBBc5F99639c9B6bCb58544ddf04EFA6802F4064'

Functions

('0xe70dd2fc') then 'Short Position'

('0x332e0382','0xc9874170') then 'Long Position'

('0xf3daeacc','0xef8c5994','0x364e2311','0x53a8aa03') then 'Stake'

('0x078580d2','0x64f64467','0xabb5e5e2','0x0f3aa554') then 'UnStake'

All analyzes are for the last one and three months

Metrics

• Amount Spent Fee
• Total Spent Fee
• Status of Spent Fee for transactions
• Number of new users
• Total Number of New
• Number of Users
• Total Number of Users
• Users Transactions Type
• Total Users Transactions Type
• Amount spent Fee per Transactions Type
• Total Amount spent Fee per Tranasctions Type
• Number of Users per Transactions Type
• Total Number of Users per Transactions Type