Arbitrum-Based GMX Surpassed Ethereum Blockchain in Daily Fees Over Weekend

This added to the $120 million in total fees accrued since September 2021, GMX’s dashboard data shows – which may signal fundamental strength for GMX’s native tokens.

The costs are divided between the two tokens of gmx, gmx and glp. Gmx is the utility and governance token and earns 30% of the fees generated by the platform, while glp is the token of the liquidity provider who earns 70% of the fees generated by the platform.

The cost of ether reached 4.7 million dollars during this period. These fees have been generated by users' actions on ethereum, such as transactions or token issuance erc20.

However, this fee does not include fees generated by the ethereum apps themselves. Uniswap, for example, has collected over one million dollars in user fees.

DeFi products like GMX rely on intelligent contracts to deliver financial services, such as trading and credit, to users. Gmx enables users to trade futures, or spot token financial derivatives, on its swap with leverage up to 50 times the initial collateral.

Gmx features such as low sliding, inexpensive fees and protection from unwanted liquidations also contributed to the popularity of the index. He locked more than $500 million in chips starting Monday, with $455 million on the arbitrum and the rest on the avalanche.

As such, some crypto Twitter community members said a portion of Friday’s $5 million revenue came as Mechanism Capital founder Andrew Kang closed his multimillion-dollar positions on bitcoin and ether on GMX.

Meanwhile, Ethereum was back in first place on Monday with more than $3 million in fees generated over 24 hours.