GM(x) frens 🫐❤️ After messing around with @GMX_IO V2 for almost 2 weeks I want to breakdown why I think it is (once again) defining a new gold standard for the DEX perp sector. I start with a breakdown of the liquidity and fee model. Welcome to the beautiful new world of GM. The success of GMX is strongly connected with the liquidity model GLP. At the recent top GLP had a TVL of $576m and undoubtedly started a wave of iterations, protocols building on top of it and utilisations of GLP for defi dapps (@muxprotocol, @Dolomite_io, @rage_trade,...)

1/7 Today @chaos_labs published an article in the GMX gov forum presenting their @GMX_IO risk dashboard. This one really lifts trading analytics for GMX to a new standard. Let´s take a look.

community.chaoslabs.xyz/gmx-arbitrum/c… 2/7 The dashboard offers a variety of tabs beginning with an overview tab visualising high-level stats of the platform like pool value and composition, open interest and fees. You can toggle between stats for @arbitrum and @avax. Very smooth and professional UI in my opinion.

1/4 Let me see if I got the line of events correct:
1) We got Arbitrum, it was improved multiple times (NITRO) and has proven to be a reliable base layer for DEFI
2) The ARB foundations launches token as the biggest stimulus check to the community ever 2/4
3) After some chopping up and down $ARB token is nuking now and all tokens on arbitrum are nuking as well (bad tec)
4) We start trading meme coins on mainnet again and pay $50 for a single transactions pretty much like back in the days

1/13 My recent tweet about DEX perps made me think more about how to reliably compare the user base/trading volume. What came out is the following:
-Number of unique addresses trading in 30 days
-Average trading size
-% of volume contributed from top traders
-Token incentives 2/13 When looking at trading volume of derivate exchanges on @tokenterminal, you find @GMX_IO, @GainsNetwork_io, @Level__Finance and @muxprotocol among those with high trading volumes in the last 30 days. How do these 4 compare?

1/9 Perp DEXes are popping up everywhere, let´s take a breakdown of some high level stats of the Perp DEX sector. I gathered most of the data from the protocol stats pages / Dune dashboards. Big shoutout to @JamesCliffyz for his fantastic overview
dune.com/shogun/perpetu… 2/9 The total volume of selected protocols more than doubled on average from Nov/Dec 22 to Feb/March 23. While @GMX_IO was dominating the market in 22, volume got fragmented in 2023. Anyhow, volume on GMX doubled on average as well, showing heavy growth of the overall sector.

1/9 A lot of people have seen the open trades from @Rewkang on @GMX_IO and are asking: "What will happen to $GLP when he closes these trades". Let´s check.

https://twitter.com/Rewkang/status/1616476297844391936?s=20&t=pCdnLJQXcDbOL2369d4jXQ

2/9 Currently, @Rewkang has circa $16m of open profits in his trades including positions both on @arbitrum and on @avalancheavax. He withdrew most of his collateral already or the collateral was reduced by fees since most of the trades started at very high leverage close to 50x.

1/10 Short fact check about recent tweets about "Avi performing the highly profitable trading strategy vs GMX, quoted by @adamscochran:

https://twitter.com/napgener/status/1596304990108549120?s=20&t=Ve77jQt1BuzDFDNnu1J7VQ

2/10 The address they are talking about is this one:
gmx.house/arbitrum/accou…
On GMX house you can check the trading history of the respective address, including PnL, position size and applied leverage