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What is GMX? How To Buy GMX In India?

What is GMX? How To Buy GMX In India?

GMX is a decentralized exchange available on Arbitrium and Avalanche blockchain. Its prime offerings are crypto swaps and perpetuals. A swap is a quick trade between two crypto assets. Crypto perpetuals are derivatives contracts that allow individuals to gain exposure to a crypto asset by assessing its value. A crypto trader can choose to enter into a perpetual contract by taking a position and can short or long the trade depending on the contract. This type of a trade allows the trader to hold a position on a crypto asset for an indefinite period. 

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Launch Date September 6, 2021
Founder  Anonymous 
Blockchain Protocol Proof of Stake (ERC-20)
Native Token  GMX
Market Cap ₹31,011,361,489
Token Type DeFi, DEX
Circulating Supply 8,391,590 GMX
Max Supply  NA
Consensus Method  Proof-of-stake

WHO ARE THE FOUNDERS OF GMX?

GMX – a decentralized crypto swap and perpetual exchange was founded by an anonymous team in 2021. The GMX protocol was founded after the merger of XVIX and Gambit. The founders of the protocol remain anonymous to keep any frivolous lawsuits at bay. 

HOW DOES GMX WORK?

GMX uses oracles to fetch crypto prices in real time. The platform uses Chainlink oracles to support dynamic pricing and for fetching TWAP prices from leading decentralized exchanges. The exchange has a multi asset pool that offers fees for liquidity providers by offering  market making, swap fees, leverage trading (spreads, funding fees & liquidations) and asset rebalancing. 

WHAT MAKES GMX UNIQUE CASES?

Multi token assets pool: Unlike other decentralized exchanges, GMX has created a multi token asset pool using GLP token to offer a range of tokens and stablecoins for investors and traders. The economic model of GMX is powered by GLP token. The liquid providers are incentivized with GLP for offering liquidity for a range of tokens to automate the rebalancing of the asset pools. 

Low fees on crypto swap: The exchange offers crypto swaps at a comparatively low fee. The platform also offers zero price impact trade. Traders on the platform need to pay only two kinds of fees. First is the platform fee which comes to 0.01% to open a trade. Second is the borrowing fee which is equivalent to the total assets borrowed divided by the size of the asset pool. 

Perpetual trading: GMX offers 50x leverage on perpetual contract based trades. With minimal fee and an easy to use interface, pro level trading of crypto assets on GMX is the USP of the exchange. The platform offers the best of both worlds: a secure trading experience and relatively low fee on trades. 

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GMX PRICE ANALYSIS

Source: TradingView 

GMX has recorded a 30 day high of $52.97 ~ INR 4,310.01. The volatility percentage of the asset is approximately 7.10%. The sentiment of GMX was bullish in 2022 Q4 and entered into a slight bearish trendline in 2023 January. According to the statistics there will be more buy pressure on GMX as markets are moving into a consolidation and price correction phase. 

GMX Price Today ₹3,699.49
Price Change <Yearly> NA
Market Dominance 0.04%
Market Rank (as per CMC) 89
Market Cap ₹31,039,754,745
Fully Diluted Market Cap ₹32,918,461,904
ATH ₹ 5,053.27
ATL ₹ 938.23

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HOW TO BUY GMX TOKEN IN INDIA?

Want to buy GMX tokens in India, CoinDCX is the best-suited place. Being India’s leading crypto exchange, CoinDCX is also one of the best Bitcoin and crypto apps for beginners. To begin with, all you have to do is,

  • Download the CoinDCX App on your smartphone
  • Enter the details required for registration
  • Complete KYC
  • Once your profile is verified, fund your CoinDCX wallet and buy GMX (GMX)
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