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According to the most recent data, GMX earned more daily revenue than Uniswap, becoming the market leader for the first time ever.
Delphi Digital reported that the platform raked in $1.15 million in trading fees, while that of Uniswap stood at $1.06 million.
- Moreover, GMX is now the fifth-largest decentralized application on Token Terminal’s dashboard, trailing behind already established players such as Ethereum, OpenSea, dYdX, and PancakeSwap.
- Formerly known as Gambit Exchange, GMX is essentially a trading platform initially launched on Arbitrum One last September and later this year on Avalanche.
- Over the past 30 days, Arbitrum has earned total trading fees of well over $93.5 million. During the same time frame, Avalanche amassed nearly $25 million.
- Self-custodial wallet ZenGo, too, experienced unprecedented growth with an over 375% increase in asset deposits and a 230% jump in new wallet users who deposited funds in just a week since FTX paused withdrawals.
- In recent times, volumes on DEXes have been increasing, signifying that more investors are seeking to gain control over the assets in response to their dented confidence in centralized gatekeepers.
- It is still early to determine if the trend of investors leaving CEXs will continue, but it is also important to note that DEX volume for the month of November skyrocketed to $90 billion, increasing by over 80% since last month.
- DEX volume on the Ethereum blockchain alone surged by an astonishing 730% to $2.3 billion on November 10, up from a mere $278 million a few days earlier.
- Meanwhile, there has also been a significant bump in usage among DEX aggregator platforms.
The post Decentralized Exchange GMX Flips Uniswap in Daily Revenue for First Time Ever appeared first on CryptoPotato.
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