GMX daily fees soar over 1100% to $2.11M

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.

Journalist at CryptoSlate

Josh has been writing for 10 years and is passionate about mainstream adoption of cryptocurrencies, bringing positive financial change to the masses across cryptocurrencies and decentralized finance.