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- The community of GMX is in favor of the deployment.
- Spot and derivative trading are available on GMX.
- The GMX token, which most recently traded for $77.25, has increased by 90%.
In exchange for decentralized derivatives, the community of GMX favors the protocol’s deployment on a layer 2 blockchain Base, which Coinbase (COIN), a cryptocurrency exchange, just announced.
According to a post on the GMX governance forum, several members of the GMX community support extending the platform to a different blockchain.
Spot and derivative trading are available on GMX. DefiLlama states it is the largest decentralized-finance protocol on Arbitrum, with $582 million in total value locked.
Using Optimism’s OP stack, Base is a layer 2 blockchain that has been created. Unlike the previously airdropped Arbitrum (ARB) token, it won’t have a local token and will feed into the Ethereum blockchain’s main network instead.
Users In Support Of Joining Base
Low swap fees and trades with no price impact are supported by the decentralized spot and perpetual exchange known as GMX. A special multi-asset pool that supports trading generates fees for liquidity providers through market making, swap fees, leverage trading (spreads, financing fees & liquidations), and asset rebalancing. Chainlink Oracles support both TWAP pricing from top volume DEXs and dynamic pricing.
Most GMX forum users supported the exchange joining Base as a “first mover.” Still, others were unsure whether the project’s fictitious founders would have to provide Coinbase with identification documents by anti-money-laundering laws.
Coinbase CEO Brian Armstrong suggested that the exchange implement know-your-customer checks when Base launches in an interview with Bloomberg Radio.
The native token of the GMX exchange, the GMX token, was most recently trading for $77.25. This year, it has increased by roughly 90%, according to Cryptowatch.
More about Coinbase Blockchain
Blockchain technology underpins digital currencies like Bitcoin and Ethereum. A blockchain is a catalog of transactions anybody can examine and validate. For instance, the Bitcoin blockchain keeps track of every time someone sends or receives bitcoin.
Online value transfers are made feasible by cryptocurrencies and the blockchain technology that underpins them, eliminating the need for intermediaries like banks or credit card companies.
Imagine having a mobile device and an internet connection to access a global, open alternative to any financial service you currently use.
Blockchain networks provide security for almost all cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. It implies that a significant amount of computational power is constantly used to verify their accuracy.
For the majority of cryptocurrencies, the blockchain’s record of transactions is essential because it enables secure payments to be conducted between strangers without going through a third-party validator like a bank.
Summary
The community of GMX favors the protocol’s deployment on a layer 2 blockchain Base, which Coinbase (COIN), a cryptocurrency exchange, just announced. DefiLlama states it is the largest decentralized-finance protocol on Arbitrum, with $582 million in total value locked. The base is a layer two blockchain that has been created and does not have a local token.
Many GMX forum users supported the exchange joining Base as a “first mover.” In contrast, others were unsure whether the project’s fictitious founders would have to provide Coinbase with identification documents in accordance with anti-money-laundering laws. The GMX token, which most recently traded for $77.25, has increased roughly 90%.
Bitcoin blockchain technology underpins digital currencies like Bitcoin and Ethereum, allowing for online value transfers. Blockchain networks provide security for almost all cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The blockchain record of transactions is essential for secure payments to be conducted without strangers going through a third-party validator.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
