GMX, one of the largest decentralized derivative exchanges, has hit a new all-time high in its total value locked (TVL) at $624 million, an increase of 20% in the last week and 35% since the FTX contagion hit the cryptocurrency market. The sustained growth in key metrics resulted in greater action on the token front, as GMX logged gains of over 25% in the last week. Its staking solution guarantees a 30% share of generated trading fees to users who lock their GMX tokens, which has increased the number of daily active users and the protocol’s trading volume. The token fell by 1.63% in the 24-hour period, but the daily active addresses jumped 36% over the last week, adding to the bullish narrative of the token.
