Due to their unique value proposition, GMX is positioning itself to be a leader in this derivatives product offering space because of two main points:
GMX respects the privacy of its users. The copyright uses advanced privacy features to ensure that user data is kept confidential and secure.
Traders or users who exchange assets use the GLP liquidity pool to buy and sell. Regarding spot trading, the GLP liquidity pool is not very different from other automated market maker agreements in that it charges 0.
The profit from the closed position is taken out of the GLP liquidity pool. The profit from closing the position will be removed from the GLP liquidity pool, while the loss will be deducted from the margin.
These features primarily isolate risks among liquidity providers and incentivize arbitrageurs through varying fees to balance long and short positions. Trades that promote balance benefit from lower fees, favorable price impacts, no borrowing fees, and additional funding fee income.
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As regulatory pressures mount in 2024, these platforms will become harder to find, yet they remain essential for those who value privacy. Below, we’ve highlighted the leading exchanges that still offer pelo-KYC futures trading across centralized and decentralized finance applications.
On GMX, users can select a minimum leverage level of 1.1x their deposit and a maximum level of 30x on long and short trades.
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GMX is powered by Chainlink Oracles. It uses an aggregate price feed from leading volume exchanges to reduce liquidation risk from temporary wicks.
The second token, GLP, represents the index of assets used in the protocol’s trading pool. GLP coins can be minted using assets from the index, such as BTC or check here ETH, and can be burned to redeem these assets. GLP holders provide the liquidity traders need to get leverage. This means they book a profit when traders take a loss, and they take a loss when traders book a profit.
Image Credit: GMX Having a vast amount of the circulating supply staked associates with lesser panic and unnecessary selling in the market. This is evident as GMX is currently trading at only 54% off its ATH as compared to the rest of the market which has plummeted an average of 80% from their ATH.
Image Credit: CoinGecko As the bear market continues, investors will be looking for protocols with real users and sustainable revenues. In my humble opinion, GMX fits the bill and will be the front-runner when the market is headed back up again.
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