Decentralized Exchange GMX Flips Uniswap in Daily Revenue for First Time Ever

According to the most recent data, GMX earned more daily revenue than Uniswap, becoming the market leader for the first time ever.

Delphi Digital reported that the platform raked in $1.15 million in trading fees, while that of Uniswap stood at $1.06 million.

• Moreover, GMX is now the fifth-largest decentralized application on Token Terminal’s dashboard, trailing behind already established players such as Ethereum, OpenSea, dYdX, and PancakeSwap.
• Formerly known as Gambit Exchange, GMX is essentially a trading platform initially launched on Arbitrum One last September and later this year on Avalanche.
• Over the past 30 days, Arbitrum has earned total trading fees of well over $93.5 million. During the same time frame, Avalanche amassed nearly $25 million.
• Self-custodial wallet ZenGo, too, experienced unprecedented growth with an over 375% increase in asset deposits and a 230% jump in new wallet users who deposited funds in just a week since FTX paused withdrawals.
• In recent times, volumes on DEXes have been increasing, signifying that more investors are seeking to gain control over the assets in response to their dented confidence in centralized gatekeepers.
• It is still early to determine if the trend of investors leaving CEXs will continue, but it is also important to note that DEX volume for the month of November skyrocketed to $90 billion, increasing by over 80% since last month.
• DEX volume on the Ethereum blockchain alone surged by an astonishing 730% to $2.3 billion on November 10, up from a mere $278 million a few days earlier.
• Meanwhile, there has also been a significant bump in usage among DEX aggregator platforms.

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