GMX — the native token of the decentralized exchange (DEX) GMX — daily fees hit $2.11 million on January 9th.
The second surge in fee volume in a single day after Ethereum came just five days after GMX Whale wallet was hacked for $3.4 million on January 4th.
According to the GMX Whitepaper, approximately 30% of the fees generated will be swapped into ETH or AVAX and distributed to the GMX token stakers.
Of the 30%, about 1% will be used to cover the network costs of the GMX “keeper”, leaving about 29% of the $2.11 million (approximately $611,900) to be distributed to those staking GMX tokens will be
The GMX token is priced at $44.54 (up 1.5% over the last 24 hours) at the time of writing, giving it a market cap of $372.8 million.
According to CryptoSlate’s research, GMX is one of the best performers in the 2022 bear market so far.
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