Introduction

GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades.

Trading is supported by a unique multi-asset pool that earns liquidity providers fees from market making, swap fees and leverage trading.

Dynamic pricing is supported by Chainlink Oracles and an aggregate of prices from leading volume exchanges.​

GNS Gains Network is developing gTrade, a liquidity-efficient, powerful, and user-friendly decentralized leveraged trading platform. Our uniquely designed synthetic architecture makes gTrade more capital efficient than any existing platform, allows for low trading fees, and a wide range of leverages and pairs (up to 150x on cryptos, up to 1000x on forex, and up to 100x on stocks). You can read more about this here: The gTrade Platform.

The protocol revolves around the ecosystem's ERC20 utility token (GNS) and ERC721 utility token (NFTs). GNS and the NFTs are designed to be actively used within the platform (utility) and to allow ownership of the protocol through revenue capture & governance (soon). It includes GNS holders receiving platform fees through Single Sided Staking, burning of GNS using platform revenue, NFT holders getting reduced spread and boosted rewards, as well as NFT bots executing limit orders and liquidations. You can read about this here: GNS Token​ \n

Scopes

1. Weekly and Cumulative Swap Activity per Protocol and GMX Assets since platforms inception
2. Trade Size Distribution
3. Total and Average Fee Generated in Polygon and Arbitrum
4. Platforms Stats over the past days/weeks/months

Method

• Chains: this dashboard includes GMX on Arbitrum and GNS on Arbitrum and Polygon data

• control past weeks/months by the parameter in the header

• I use the polygon and arbitrum Transfer tables to extract the trade data for both protocols.

• using Ethereum hourly prices, I find the price of tokens by their transferred contract address.

• GMX Protocol contracts:

  • 0x3d6ba331e3d9702c5e8a8d254e5d8a285f223aba 0xb87a436b93ffe9d75c5cfa7bacfff96430b09868

• GMX Protocol contracts (old and new):

  • 0xd8d177efc926a18ee455da6f5f6a6cfcee5f8f58, 0x65187fec6ecc4774c1f632c7503466d5b4353db1, 0xf8a140db8b05bec52c7e86d0d40d72f8e54fe559

• GNS Token contract:

  0x8f3cf7ad23cd3cadbd9735aff958023239c6a063

  \

🟠 Observations

• GNS is older than GMX. it was established in Feb 2022, and while the GMX launched in April
• the GMX growth is much faster than GNS, as of today $2B trade happened in GMX, but this number on GNS is $375M. the trade count distance is lower, 586K trades occurred in GMX and 299K trades in GNS
• in June the GMX trade activity increased heavily due to the Arbitrum Odyssey event. users need to make a trade to contribute to this event

GMX Assets

Trade Size Distribution

🟠 Observations

• the GNS trades are done with only DAI asset, but the GMX supports multiple assets.
• USDC and WETH with $1.254M and $630M and also 282K and 254K trades are the top assets in GMX.
• the other assets are much less active in GMX.
• in June, the volume spiked especially for WETH and USDC, this is because of Arbitrum Odyssey.

🟠 Observations

• 37% (GMX) and 40% (GNS) of trades in the protocols are between $100 and $1K
• 4.6 percent of GMX trades are less than $10 but there is not any under $10 in GNS
• in the last weeks in GNS, the trades between $10 and $100 increased, and $100 and $1K decreased. so GNS trade sizes declined
• the distribution of GMX trade sizes didn’t change much in the last weeks.

GNS and GMX tokens in Polygon and Arbitrum - Transaction Fees

🟠 Observations

• GMX is native to Arbitrum and GNS initially launched on the Polygon blockchain but was deployed on Arbitrum on Dec 31, 2022.
• because GNS is on Polygon and the polygon network had much lower transaction fees, the GMX average fee per transaction until October was much higher than GNS.
• since October and after the Arbitrum Nitro Upgrade, the arbitrum fees declined and decreased heavily, and we can see GMX fees decreased and are lower than GNS.
• as of today, GMX generated $231K in transaction fees in the Arbitrum network, but GNS generated $52K
• GMX is used by 292K wallets but the GNS is used by 38K wallets

💡 Conclusion

• GNS is older than GMX. it was established in Feb 2022, and while the GMX launched in April

• the GMX growth is much faster than GNS, as of today $2B trade happened in GMX, but this number on GNS is $375M. the trade count distance is lower, 586K trades occurred in GMX and 299K trades in GNS

• in June the GMX trade activity increased heavily due to the Arbitrum Odyssey event. users need to make a trade to contribute to this event

• the GNS trades are done with only DAI as a collateral asset, but the GMX supports multiple assets.

• USDC and WETH with $1.254M and $630M and also 282K and 254K trades are the top assets in GMX.

• in June, the volume spiked especially for WETH and USDC, this is because of Arbitrum Odyssey.

• 37% (GMX) and 40% (GNS) of trades in the protocols are between $100 and $1K. 4.6 percent of GMX trades are less than $10 but there is not any under $10 in GNS

• in the last weeks in GNS, the trades between $10 and $100 increased, and $100 and $1K decreased. so GNS trade sizes declined

• GMX is native to Arbitrum and GNS initially launched on the Polygon blockchain but was deployed on Arbitrum on Dec 31, 2022.

• because GNS is on Polygon and the polygon network had much lower transaction fees, the GMX average fee per transaction until October was much higher than GNS.

• since October and after the Arbitrum Nitro Upgrade, the arbitrum fees declined and decreased heavily, and we can see GMX fees decreased and are lower than GNS.

• as of today, GMX generated $231K in transaction fees in the Arbitrum network, but GNS generated $52K

• $GMX is used by 292K wallets but the $GNS is used by 38K wallets

THE END

Twitter link: @misaghlb

Discord: misaghlb#2424

:calendar: Analyze Date: 2023/02/08