The latest cryptocurrency news talking about new groundbreaking developments is GMX’s announcement to go live with its new version. GMX is the most popular decentralized exchange (DEX) built on the Arbitrum network. The company announced going live with its new version, GMX version 2 on Thursday with enhanced features. This new version includes several new add-ons including support for the DOGE pool, which is expected to offer an annualized percentage yield (APY) of 40%.
What is GMX?
GMX is one of the most prominent decentralized exchanges (DEX) powered by the Arbitrum One Blockchain. Arbitrum is an Ethereum layer 2 solution built to enhance the speed and scalability of Ethereum smart contracts. GMX is a decentralized and non-custodial exchange platform facilitating users to trade popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and many more through crypto wallets. It enables the user to engage in spot swaps and trade perpetual futures with leverage of up to 50x, similar to the one in a centralized exchange. However, unlike centralized exchanges, the users can retain full control over their funds at all times.
Launch of GMX Version 2
GMX, an Arbitrum-powered decentralized exchange, announced the launch of its new version On Thursday. The newest version comes with advanced features providing a seamless experience to its users. A notable enhancement is that the new version supports the DOGE pool, a beloved cryptocurrency in the market. This model of the trading platform garnered around $1.2 million for its liquidity pool in the subtle launch that followed. The new version (V2) will operate alongside the current GMX platform but with an expanded list of tradable assets like the dogecoin (DOGE). The idea behind this strategic approach is to attract a larger user base and drive company growth.
GMX’s GM pool
At the core of this innovative platform is the individual GMX market or GM pool providing liquidity on V2. Liquidity providers can lock their tokens on GMX earning a percentage of fees generated through leverage trading, swaps, and borrowing. Each GM pool contains long tokens, which bet on higher prices and short tokens betting on lower prices, and index pool tokens.
GMX’s pool contains popular digital assets like Litecoin, Solana, XRP, Dogecoin, and Arbitrum within the Arbitrum network. Additionally, the cryptocurrencies like SOL, XRP, LTC, and DOGE are on the Avalanche network as well. Through the use of version 2, the investors can enjoy lower trading fees and earn passive rewards by providing liquidity for the pools. As per the reports on Friday, the GM pool for dogecoin was expected to offer an annualized percentage yield of 45%, and the Solana pool to offer 47%. The rates are subjected to fluctuations depending on the market condition.
Conclusion
As the cryptocurrency market continues to evolve, GMX’s commitment to delivering innovative and user-centric solutions has the potential to reshape the future. With the expansion in digital asset offerings and enhanced user experience, GMX has secured a position as the most popular decentralized exchange platform. The data depicts that GMX has traded over $117 billion worth of tokens generating $184 million in fees for its Arbitrum network alone. The launch of the new version has undoubtedly added more traders to its community and could eventually drive up the value of its governance token, GMX.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
