• GMX captured a larger part of the perps market.
• ARB’s price declined, along with its velocity.

Arbitrum [ARB] has been seeing a massive surge in activity over the past few months. GMX, one of the most popular DEX’s on the Arbitrum network, gained some headwind from the surge in activity and secured some traction.

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Token Terminal’s data indicated that GMX had 15% of the overall market share at the beginning of April. However, as time passed, GMX was able to 25% of the overall perpetual market share.

The spike in interest for perpetual on the GMX network proved to be beneficial for Arbitrum. According to Artemis’ data, the spike in the number of transactions on the GMX protocol increased. Additionally, the gas fees paid by the network also started to surge.

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Author: Himalay Patel

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