GMX Trading Volume Outperforms Uniswap

NEW YORK – The decentralized exchange GMX has outperformed its popular competitor Uniswap in exchange fees for the first time on record, according to data tracker Token Terminal. 

Image source: Token Terminal

The main reason for the change in rank is likely the fact that investors on GMX receive 30% of all trading fees while Uniswap traders do not receive any trading fees. GMX distributed $4.7 million to token holders in November making it the fourth-largest payout from a decentralized exchange.

Uniswap had been the market leader for many weeks, dropping two positions below GMX after the latter posted trading fee earnings of $1.15 million to Uniswap’s $1.06 million. In four weeks GMX earned $15.7 million in trading fees. While UNI shed 16% in November, the GMX token has risen 4%. 

GMX provides investors with the option to trade non-expiry digital futures or perpetuals without a third-party smart contract. This shift away from centralized smart contracts has been accelerated in the wake of the FTX bankruptcy which damaged investor confidence in centralized exchanges.