The post Active user base soars on GMX, but there’s a catch appeared on BitcoinEthereumNews.com.

GMX recorded a slight decline in TVL in the last month. Network activity, however, grew during the same period.  Leading decentralized exchange (DEX) for perpetual contracts GMX ranked as the protocol housed within the Avalanche network [AVAX] with the second-highest total value locked (TVL) decline in the last month, on-chain data firm IntoTheBlock noted in a recent post on X. According to the data provider, Kyberswap, GMX and Abracadabra recorded TVL declines of $1.07 million, $869,000, and $738,000 in the last 30 days. Latest Monthly TVL Trends in Avalanche Ecosystem 📈 Top 3 TVL Gainers: 1. Trader-Joe: Impressive growth with a $11.39M. A significant increase reflecting robust activity.2. Balancer: Gained $3.04M in TVL3. MUX Protocol: Enhanced its TVL by $641K 📉 Top 3 TVL Losers: 1.… pic.twitter.com/Lss3NVn3Pv — IntoTheBlock (@intotheblock) November 30, 2023 GMX excelled on other fronts Although the protocol recorded a TVL decrease in the last month, the uptick in GMX’s user activity during that period drove up its trading volume, transaction fees, and revenue obtained from the same. AMBCrypto found that during the period under review, trading volume on the DEX totaled $576 million. This represented a 19% growth from the $485 million that was recorded in trading volume in October.  Due to the high transaction volume, transaction fees also rallied. Data from DefiLlama showed that GMX users paid a total sum of $12 million as fees to use the DEX during the 30-day period.  This figure was a 140% markup from the $6 million recorded in October. It also represented the highest monthly fees seen by the protocol since June.  Further, monthly revenue also surged. In November, GMX recorded a revenue sum of $3.6 million from the transaction fees paid by its users. For context, this was also its highest monthly revenue since June, when it…

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Filed under: News - @ December 2, 2023 6:12 pm