The GMX token continues to remain stable as cryptocurrencies continue to consolidate, with volumes in its ecosystem decreasing.
Current State of GMX
GMX was trading at $25.2, slightly above this month’s low of $21.55. It has risen by over 44% from its lowest level this year, with its market cap reaching over $244 million. Recently, GMX's volumes have declined. According to DeFi Llama, the exchange handled over $144 million in the last 24 hours and $924 million in the past seven days. It has been surpassed by Hyperliquid, dYdX, Satori Finance, Orderly Network, and Jojo during this period.
New Products and Hopes for GMX
GMX developers hope to regain market share by launching new innovative products. Last week, they introduced a new 'kink borrowing' model across all markets, boosting available liquidity by 30-40%. There are speculations that GMX will soon deploy on the Solana blockchain. The developers are working on enabling GMX staking, which will allow users to generate rewards. In July, network members voted to introduce new revenue distribution methods.
GMX Token Outlook
The GMX token, like other futures networks, has seen its transaction volume retreat in recent months. This volume peaked at $321 billion in March when BTC reached a record high of $73,800. GMX's monthly volume in September stands at $291 billion. The GMX token remains under pressure, despite rising by over 40% this year, and stays below the 50-day and 100-day Exponential Moving Averages as well as the 23.6% Fibonacci retracement level, indicating that bears are still in control.
Despite the GMX token's stability and developers' efforts to introduce new products, the token remains under pressure due to decreasing volumes and market competition.
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