GMX, the native token powering GMX, a decentralized perpetual exchange for trading complex crypto derivatives, is under intense selling pressure when writing on August 11. Trackers show that the governance token is down 7% on the last trading day, pushing monthly losses to 24%. Despite the setback, DeFiLlama’s data is stable as GMX’s Total Value Locked (TVL) remains over $534 million. Most of the trading platform’s liquidity is locked in Arbitrum, a layer-2 scaling solution for Ethereum. The sell-off on August 11 coincides with actions by GMX “whales.” According to Lookonchain data, four whales sold 62,274 GMX worth $3 million.
Check out the hashd app. It gives you important crypto news and updates in short, simple and easy to read slides. Amazing!
Android: https://links.hashd.co/android
Comments