GMX Powers DeFi Boom: $427M Total Value Locked and 164% User Increase

• GMX is the project with the highest Total Value Locked (TVL) on Arbitrum, with a total of $427.72 million.
• Despite the bearish market in 2022, GMX’s TVL has grown by over 300%.
• The count of total users of the exchange has grown by 164% since 1 January, with daily counts of new and existing users consistently increasing.

GMX is a decentralized exchange for spot and perpetual trading on Arbitrum and Avalanche that has maintained its position as the project with the highest total value locked (TVL) on Arbitrum. Despite the volatility in the decentralized finance (DeFi) market in 2022, GMX’s TVL grew by over 300%, according to data from DefiLlama. At the time of writing, GMX had $427.72 million in TVL, giving it a 37.49% share of the overall TVL of $1.14 billion of the Arbitrum network. In addition, its deployment on Avalanche was ranked as the project with the fourth-largest TVL on the chain after Aave, Benqi, and Trader Joe.

GMX has seen a tremendous rally in the count of total users on the DEX since the year started. Per data from GMX Stats, the count of total users of the exchange has grown by 164% since 1 January, with daily counts of new and existing users consistently increasing. This increase in user activity has led to a growth in trading volume on the exchange. As of this writing, total trading volume on the platform was $1.13 billion, up from $351 million in January.

The success of GMX has been a major contributor to the growth of the DeFi market. In the past few months, the DeFi market has seen massive growth, with total value locked (TVL) across all networks reaching $100 billion. GMX’s impressive TVL growth and increasing user base prove that it is one of the leading projects in the DeFi space.

With its strong fundamentals, the GMX token may see a price drawdown with buyers‘ starting to experience exhaustion. However, the future of GMX still looks bright as the project continues to expand its user base, increase its TVL, and grow its trading volume.