Crypto Market Dynamics Sees High GMX Fees, Holders Take Gains

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2 mins read News
  1. The recent spike in market volatility leads to high generation of GMX fees.
  2. On January 09, 2023, GMX generated more than $2.74 million in fees.
  3. GMX holders will gain around $822,000 in revenue.

With the sudden spike in crypto prices, many are expecting bullish green signals to stay for a while longer. Meanwhile, the recent increase in volatility has led to a high generation of GMX (Arbitrum + Avalanche) in terms of fees.

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In detail, the cryptocurrency GMX seems to have generated over $2.74 million in fees on January 9, 2023. This is a record high in fees for the blockchain. More so, the record is second only to the Ethereum network. 

This is a very significant record as Ethereum has always been known for its high fees. In fact, other scalable blockchain networks only came to rival Ethereum and provide a solution to the ridiculously high transaction fee issue. 

However, it seems Arbitrum and Avalanche are keeping their community in mind and are making the best of this situation. To specify, the platform is giving 30% of the GMX generated in fees to GMX holders. 

In particular, this amounts to distributing around $822,000 as revenue to GMX holders. Certainly, this was a good day to be a GMX holder. According to GMX statistics, the analytics say GMX total volume is $76,047,613,567. 

At the time of writing, Total fees has shot up to $105,332,660. Presently, the platform has a GLP Pool of $369,391,688 and has a total of 182,175 users. Adding on, the data says that open interest is up to $132,804,639. 

According to CoinGecko, the price of GMX is $44.31 at the time of writing. The asset shows a total market cap of $371,029,020 with a 24 hour trading volume of $15,043,882. It seems that the price of GMX is slowly inching towards its previous all-time high of $62.10. Only time will tell if it will overtake this value.

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