GMX on Arbitrum Blockchain Overtakes Ethereum in Daily Fees

GMX, a decentralized finance (DeFi) exchange, generated over $5 million in fees in a 24-hour period over the weekend, temporarily overtaking the Ethereum blockchain as the largest revenue generator in DeFi.

The exchange has accrued over $120 million in total fees since September 2021. The fees are shared between GMX’s two tokens, gmx and glp, with gmx accruing 30% and glp accruing 70% of the generated fees.

Recent activity on @GMX_IO , including the closing of Andrew Kang's long positions of ETH and BTC, has resulted in a new all-time high for GMX on our Fees Dashboard. In the past 24 hours, GMX reached $5,641,320 in user fees, which is more than double its previous all-time high pic.twitter.com/HqW3ZMdSsL

— DefiLlama.com (@DefiLlama) February 11, 2023

Some attributed a portion of Friday’s revenue to Andrew Kang closing his multimillion-dollar positions on bitcoin and ether on GMX.

Despite the brief surge, Ethereum was back to the top spot on Monday with over $3 million in fees generated.

TagsCrypto