{"id":9704,"date":"2023-01-11T15:33:47","date_gmt":"2023-01-11T15:33:47","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=9704"},"modified":"2023-01-11T15:33:48","modified_gmt":"2023-01-11T15:33:48","slug":"gmx-daily-fees-soar-over-1100-to-2-11m","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9704","title":{"rendered":"GMX daily fees soar over 1100% to $2.11M"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p>GMX\u00a0 \u2014 the native token of the decentralized exchange (DEX) GMX \u2014 daily fees hit $2.11 million on Jan. 9 on the back of margin trading volume on Avalanche and Arbitrum.<\/p>\n<p>The huge surge in fee volume \u2014 second only to Ethereum for the day \u2014 occurred just five days after a GMX whale wallet was hacked on Jan. 4 for $3.4 million.<\/p>\n<p>Source: (stats.gmx.io)<\/p>\n<p>Roughly 30% of fees generated are swapped to ETH or AVAX and then distributed to GMX token stakers, according to the GMX whitepaper.<\/p>\n<p>Within the 30%, roughly 1% is used to cover the network cost of GMX \u201cKeepers\u201d \u2014 leaving approximately 29% of $2.11 million \u2014 or roughly $611,900 \u2014 for distribution to those staking GMX tokens.<\/p>\n<p>GMX token price was $44.54 as of press time \u2014 up 1.5% over the last 24 hours \u2014 and had a market cap of $372.8 million.<\/p>\n<p>CryptoSlate research showed that GMX has been one of the best performers through the 2022 bear market so far.<\/p>\n<p> Journalist at CryptoSlate<\/p>\n<p>Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.<\/p>\n<h3>Read Our Latest Market Report<\/h3>\n<h2>Connect your wallet, trade with Orion Swap Widget.<\/h2>\n<p>Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.<\/p>\n<p><strong>Disclaimer:<\/strong> Our writers&#8217; opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/gmx-daily-fees-soar-over-1100-to-2-11m\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>GMX\u00a0 \u2014 the native token of the decentralized exchange (DEX) GMX \u2014 daily fees hit $2.11 million on Jan. 9 on the back of margin trading volume on Avalanche and Arbitrum. The huge surge in fee volume \u2014 second only to Ethereum for the day \u2014 occurred just five days after a GMX whale wallet [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-9704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9704"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9704\/revisions"}],"predecessor-version":[{"id":9706,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9704\/revisions\/9706"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9705"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}