Introduction to Arbitrum

1. Arbitrum is an Ethereum Layer 2 network, like Polygon, Optimism, and ZkSync.
2. In the decentralised ecosystem, a Layer 1 network is a blockchain, whereas a Layer 2 protocol is a third-party integration that can be used in conjunction with a Layer 1 blockchain.
3. Bridges such as the Arbitrum native bridge, Hop Protocol, Across, LiFi, and others can be used to connect users' ETH and ERC20 assets to Arbitrum.

1. There have been 16.37k unique traders on GMX in the last 30 days, with 9.23k of them being new traders (traders that have never traded before on GMX).
2. This means that new traders account for 56.38% of all traders on GMX over the last 30 days, indicating that the protocol is successfully attracting new traders.
3. New swappers are critical to the success and resilience of a new DEX protocol like GMX.
4. September 6th is the day on GMX with the most traders, with 4560 new traders and 1560 existing traders that traded on the protocol that day.
5. On a daily basis, new traders account for roughly 30-40% of all traders on GMX, which is an incredible achievement for the protocol.

1. Over the last 30 days, there have been 42.6k swaps on GMX.
2. On GMX, this translates to an average of 1.42k swaps per day.
3. The number of swaps completed on GMX in the previous 30 days peaked on September 6th 2022, with 6696 swaps completed on the protocol that day.

1. Over the past 90 days, there have been 36.9k unique traders on GMX, out of which 15.69k of them are new traders (traders that have never traded before on GMX).
2. This means that in the last 90 days, new traders accounted for 42.52% of all traders on GMX.
3. The day with the most traders on GMX is June 29th, with 7837 new traders and 2964 existing traders trading on the protocol that day.
4. The impact of Arbitrum Odyssey Week 2 is responsible for the increase in trader count on GMX on July 29th. Users are rewarded with NFTs for bridging to Arbitrum and performing on-chain tasks on Arbitrum during the Arbitrum Odyssey event.
5. One of the week 2 tasks for obtaining Arbitrum NFT is to complete a swap on GMX.

1. The number of swaps on GMX amounted to 104.3k over the past 90 days.
2. This translates to an average of 1.158k swaps per day on GMX.
3. In light of Arbitrum Odyssey Week 2, the number of swaps on GMX over the last 90 days peaked on June 29th 2022, with 12.164k swaps completed on the protocol that day.

Introduction to GMX and this dashhboard.

1. GMX is a decentralised spot and perpetual contract trading platform that allows users to leverage up to 30x on their trades with low swap fees and zero price impact trades.
2. GMX first launched on Arbitrum in September 2021, followed by Avalanche in early 2022.
3. For information about GMX can be found here.
4. In this dashboard, we will first look at the protocol health of GMX by looking at its existing and new traders over the last 30 and 90 days.
5. Then, we will also look at the number of swaps completed on GMX in the last 30 to 90 days.
6. GMX is a protocol that shares 100% of the fees they make from swapping and leverage trading with the $GMX and $GLP stakers.
7. Growth in new traders swaps activity on DEXes such as GMX is essential as investors actively look for protocols with real yields (such as GMX, an on-chain decentralized margin trading DEX that provides real yields to stakers).
8. As a result, in this dashboard, we will also investigate what the growth swap activity and traders on GMX mean for the real yield narrative, and if GMX will continue to fit the real yield narrative.

Methodology

1. GMX has been launched on Arbitrum and Avalanche, but this dashboard only focuses on GMX swap activities on Arbitrum.

2. Swap activities on GMX is identified by using the arbitrum.core.fact_event_logs table filtering for event_name = ‘Swap’ and

   contract_address = '0xabbc5f99639c9b6bcb58544ddf04efa6802f4064'.

3. Traders are obtained by using event_inputs:sender on the arbitrum.core.fact_event_logs table.

4. New traders are those who have just made their first swap on GMX and have never traded before.

Sections in this dashboard

1. Number of EXISTING and NEW Traders over Past 30 Days on GMX.
2. Number of Swaps over Past 30 Days on GMX.
3. Number of EXISTING and NEW Traders over Past 90 Days on GMX.
4. Number of Swaps over Past 90 Days on GMX.
5. What Does All These Mean for GMX’s Real Yield Narrative

i. Number of EXISTING and NEW Traders over Past 30 Days on GMX.

ii. Number of Swaps over Past 30 Days on GMX.

iii. Number of EXISTING and NEW Traders over Past 90 Days on GMX.

iv. Number of Swaps over Past 90 Days on GMX

v. What Does All These Mean for GMX’s Real Yield Narrative

1. $GMX is the utility and governance token on GMX, while $GLP is the liquidity provider token. Both of these tokens earn 30% and 70% of the platform's generated fees.
2. This means that as GMX gains more swap activity and traders on the platform, swap fees (yields) will rise as swap volume rises.
3. With higher fees collected, the returns on holding GMX and GLP tokens increase, causing more users to want to buy the tokens, increasing the buying pressure on the GMX platform tokens.
4. We can see that GMX is growing in terms of swap activity and new trader count over the last 30 and 90 days.
5. GMX, without a doubt, fits the real yield narrative and will continue to do so by providing real yields to token stakers.

Conclusion

1. Over the past 30 days, there have been 16.37k unique traders on GMX, out of which 9.23k of them are new traders (traders that have never traded before on GMX). New traders accounts for 56.38% of all traders on GMX over the past 30 days.
2. The number of swaps on GMX amounted to 42.6k over the past 30 days, this translates to an average of 1.42k swaps per day on GMX.
3. Number of swaps on GMX over the past 30 days peaked on September 6th 2022, with 6696 swaps completed on the protocol that day.
4. Over the past 90 days, there have been 36.9k unique traders on GMX, out of which 15.69k of them are new traders, new traders accounts for 42.52% of all traders on GMX over the past 90 days.
5. June 29th is the day on GMX with the most traders, with 7837 new traders and 2964 existing traders that traded on the protocol that day.
6. The increase in traders count on GMX on July 29th is due to the impact Arbitrum Odyssey Week 2. During Arbitrum Odyssey event, users are rewarded with NFTs for bridging to Arbitrum and performing on-chain tasks on Arbitrum.
7. The number of swaps on GMX amounted to 104.3k over the past 90 days, this translates to an average of 1.158k swaps per day on GMX.
8. Over the past 30 and 90 days, we see that GMX is growing in terms of swap activity and new trader count. Undoubtedly, GMX is a protocol that fits the real yield narrative and will continue to do so by providing real yields to their token stakers.