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.
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.
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