• GMX witnesses a surge in fees as demand for ARB and AVAX grew.
• Despite protocols growth, GMX tokens prices continue to decline.

GMX has been one of the most prominent dApps on the Arbitrum [ARB] network. However, as the ARB token was announced, there was a lot of speculation that it might impact GMX negatively.

Read GMX’s Price Prediction 2023-2024

Plot twist

However, recent data suggested that the GMX protocol actually ended up benefiting from the surge in interest in ARB. According to data analytics platform Artemis, the fees generated by the GMX protocol through ARB and Avalanche [AVAX] surged materially over the past few days.

The high fees generated by GMX can have many implications.

Realistic or not, here’s GMX’s market cap in BTC’s terms

First, it indicates that the platform is experiencing higher trading volumes, potentially leading to increased revenue and liquidity. This can make the platform more attractive to users and investors, as it can provide greater opportunities for trading and profit.

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Author: Himalay Patel

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