Victoria, Seychelles, 10 February, 2023 – The utility and governance token of the decentralized spot and perpetual exchange, GMX, is set to list on ProBit Global.
Owned and governed by GMX token holders, the non-custodial exchange’s protocol allows token holders to vote on proposals that aim to improve the GMX network. The GMX platform enables traders to make non-custodial perpetual swaps and to take long and short positions with low transaction fees.
Known for its capability to be bridged between Arbitrum and Avalanche networks using Synapse—and even with the Ethereum network (though there will be a 7-day waiting period before access)—, GMX could also be staked to earn rewards in the form of escrowed GMX, multiplier points and ETH/AVAX rewards.
The reward is generated from market making, swap fees, and leverage trading in the platform’s multi-asset pool in which liquidity providers deposit assets to support trading and make their earnings. Subsequently, users can either choose to redeem their staking rewards into a wallet or compound them to increase earnings.
GMX has a forecasted maximum supply of 13.25 million tokens that could be increased after a governance vote (the increment would be subject to a 28-day time lock).
GMX is the utility token for the decentralized derivative exchange that offers leverage trading services. Users on the GMX platform can take up to 30x leverage on trades for major crypto assets such as BTC, ETH, AVAX, UNI, and LINK. Powered by Chainlink Oracles, the exchange allows users to trade without the need for a username or password and it uses aggregate price data from various volume exchanges to reduce liquidation risk.
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