• Trading activity has surged on GMX.
• This was because of the general market rally in the past few days.

Leading on-chain derivatives protocol GMX [GMX] achieved a single-day trading volume of $652 million on 4th December, marking its fourth highest trading volume since the year began, AMBCrypto found. 

This surge in trading activity on the protocol coincides with the ongoing rally of major cryptocurrencies, as Bitcoin [BTC] and Ethereum [ETH] continue to trade at yearly highs. 

Data obtained from Dune Analytics revealed that the V2 iteration of the trading protocol accounted for $260 million of this volume while generating $218,000 in single-day fees.

This marked the second-highest single-day fee generated by GMX V2 since January. The first one was on 9th November, when the protocol’s fees totaled $222,000. 

State of GMX

So far this month, GMX’s total value locked (TVL) has risen by 4%. As of this writing, the protocol’s TVL was $578 million, its highest level since August.

With the increased trading activity recorded in the last week, the value of all derivatives contracts traded on GMX in December has totaled $1.02 billion.

GMX recorded a derivatives volume of $5 billion in November, representing its monthly highest since June, according to DefiLlama.

Regarding protocol fees, GMX has seen a sum of $1.61 million paid in total fees by tra

Go to Source to See Full Article
Author: Abiodun Oladokun

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details