GMX, the perpetual trading decentralized exchange (DEX) allowing up to 50X leverage, now generates more trading fees than the BNB Smart Chain (BSC) and Bitcoin.GMX Is The Third Most Active Platform According to statistics, GMX’s 1-day fee on January 19 was around $589,000, while BSC and Bitcoin on-chain fees, over the same period, stood at $524,232 and $328,935, respectively.Ethereum and Uniswap are the only two major protocols more active than the perpetual trading decentralized exchange, per the above data.During this time, the total Gas fees accrued in Ethereum exceeded $5 million.In Uniswap, it was over $2.1 million, roughly 4x GMX’s and BSC’s daily fees.GMX supports trading various coins, including BTC, ETH, and AVAX.As of writing, GMX had $96,802,651,673 in total trading volume with open interest, that is, the number of opened positions, long and short, of $207,102,720.
Meanwhile, over 208,000 active traders were using the platform to trade on Arbitrum and Avalanche.GMX launched on Arbitrum and Avalanche, considering their scalability and low fees versus Ethereum.Arbitrum is Ethereum’s layer-2 platform permitting scalable and low-fee trading fees.On the other hand, Avalanche is scalable and boasts the fastest settlement time in crypto.By launching on these two platforms, GMX says it allows users to save on costs by entering and exiting positions with minimal spread and zero price impact.
Traders take the profits of selling positions in USDC and the quote token when they go long.GMX prices are based on Chainlink’s decentralized oracles to prevent price manipulations.Trading Fees As A Measure Of Activity Trading fees generated by a dApp or on a blockchain are a crucial activity indicator.Despite the tendency of users to opt for protocols offering near-zero fees, the decentralized nature of blockchains means validators or entities securing core infrastructures must be compensated.
In decentralized finance dApps like Uniswap and GMX, trading fees generated from swapping activities are distributed to liquidity providers (LPs).There are also governance tokens that are distributed.Anyone can be an LP.In September 2020, Uniswap distributed UNI to users who had, in one way or another, used the protocol to swap tokens before the airdrop distributing date.Currently, UNI trades at $6.1.
Interestingly for GMX, the 1-day trading fee of $589,000 posted on January 19 exceeds the total average amount accrued over the past trading week of $565,682.The same trend can be observed in the top-5 most active platforms.Making extensions on this could point to renewed interest from users and traders using the protocol in one way or another.In GMX, it could mean more traders are posting traders, aiming to clip the market and turn in a profit.Coincidentally, the upswing in trading fees is recorded when the cryptocurrency market appears to be bottoming up after losses.At least, this was the trend in 2022.Featured image from GMX, charts from TradingView.com Avalanche Smart Contract Tokens, Defi Economy See Strong Growth, Market Capitalization Swells By $78 Million In 30 Days Smart contract tokens and the decentralized finance economy have been on a tear during the last month, gaining against the U.S.
dollar.The market capitalization of the smart contract platform token economy has swelled by $78 million over the last 30 days, increasing from $243 billion to the current $321 billion.
Furthermore, the total value locked in decentralized finance (defi) has risen by $5.39 billion in the same time frame.Smart Contract Tokens Experience Double-Digit Gains, Led by Oneledger, Harmony, and Waves It’s been a rough crypto winter, to say the least, and after numerous insolvencies and bankruptcies within the industry, crypto assets have been hit hard.The latest, and one of the most tragic blowouts this year, took place 67 days ago when FTX was found to be insolvent and the company filed for bankruptcy protection on Nov.11, 2022.The crypto economy took a beating during the last two weeks of November and into December, and the lackluster end-of-the-year holiday market action made things worse.Approximately 30 days ago, on Dec.
18, 2022, the smart contract token economy was worth $243 billion, and a great deal of coins lost considerable value.Ethereum (ETH), for instance, was down 6.1% that week, and cardano (ADA) was down 14.4%.All ten of the leading smart contract coins that week were down by double digits against the U.S.dollar.But over the last month, the smart contract platform token economy grew by $75 billion, and as of Jan.17, 2023, the entire lot is worth $321 billion.
Decentralized Finance Total Value Locked Increases by $5.39 Billion in One Month Smart contract tokens that have made major moves this past week include oneledger (OLT), harmony (ONE), waves (WAVES), solana (SOL), fantom (FTM), and avalanche (AVAX).The aforementioned smart contract tokens increased by 37.2% to 53.7% in value against the U.S.dollar in seven days.Other notable smart contract coin gainers this week include holo (HOT), ronin (RON), parsiq (PRQ), and immutable x (IMX).The rise in smart contract tokens over the last month has fueled decentralized finance stats as well.Currently, defi statistics show that from Dec.
18, 2022, to Jan.
17, 2023, or 30 days, the total value locked (TVL) in defi increased by $5.39 billion.
At the time, 30 days ago, the TVL in defi was around $39.9 billion, and it has since grown to $45.29 billion.The largest and most dominant defi protocol on Jan.17 is the liquid staking solution Lido.The defi protocol Lido has an overall TVL size of around $7.81 billion or 17.2% of the $45.29 billion TVL.Most of Lido’s increase is due to ether’s 20.6% rise against the U.S.dollar.
The same can be said about the entire defi TVL as the growth is highly correlated with the double-digit gains smart contract tokens have accrued over the last month.Tags in this story Avalanche, bankruptcies, Cardano, crypto assets, Crypto Winter, decentralized finance, Decentralized Finance Data, defi stats, Ethereum, Fantom, growth, Harmony, holo, Immutable X, Insolvencies, January Market Action, Market Capitalization, oneledger, PARSIQ, ronin, smart contract coins, Smart Contract Tokens, Solana, Stats Defi, U.S.dollar, WAVES What do you think is driving the recent growth in the smart contract token and defi economy? Share your thoughts in the comments below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.
Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.
Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Avalanche Smart Contract Tokens, Defi Economy See Strong Growth, Market Capitalization Swells By $78 Billion In 30 Days Smart contract tokens and the decentralized finance economy have been on a tear during the last month, gaining against the U.S.dollar.The market capitalization of the smart contract platform token economy has swelled by $78 billion over the last 30 days, increasing from $243 billion to the current $321 billion.Furthermore, the total value locked in decentralized finance (defi) has risen by $5.39 billion in the same time frame.Smart Contract Tokens Experience Double-Digit Gains, Led by Oneledger, Harmony, and Waves It’s been a rough crypto winter, to say the least, and after numerous insolvencies and bankruptcies within the industry, crypto assets have been hit hard.
The latest, and one of the most tragic blowouts last year, took place 67 days ago when FTX was found to be insolvent and the company filed for bankruptcy protection on Nov.11, 2022.The crypto economy took a beating during the last two weeks of November and into December, and the lackluster end-of-the-year holiday market action made things worse.
Approximately 30 days ago, on Dec.18, 2022, the smart contract token economy was worth $243 billion, and a great deal of coins lost considerable value.
Ethereum (ETH), for instance, was down 6.1% that week, and cardano (ADA) was down 14.4%.
All ten of the leading smart contract coins that week were down by double digits against the U.S.dollar.But over the last month, the smart contract platform token economy grew by $78 billion, and as of Jan.17, 2023, the entire lot is worth $321 billion.Decentralized Finance Total Value Locked Increases by $5.39 Billion in One Month Smart contract tokens that have made major moves this past week include oneledger (OLT), harmony (ONE), waves (WAVES), solana (SOL), fantom (FTM), and avalanche (AVAX).The aforementioned smart contract tokens increased by 37.2% to 53.7% in value against the U.S.
dollar in seven days.Other notable smart contract coin gainers this week include holo (HOT), ronin (RON), parsiq (PRQ), and immutable x (IMX).The rise in smart contract tokens over the last month has fueled decentralized finance stats as well.Currently, defi statistics show that from Dec.
18, 2022, to Jan.17, 2023, or 30 days, the total value locked (TVL) in defi increased by $5.39 billion.
At the time, 30 days ago, the TVL in defi was around $39.9 billion, and it has since grown to $45.29 billion.The largest and most dominant defi protocol on Jan.17 is the liquid staking solution Lido.The defi protocol Lido has an overall TVL size of around $7.81 billion or 17.2% of the $45.29 billion TVL.Most of Lido’s increase is due to ether’s 20.6% rise against the U.S.dollar.
The same can be said about the entire defi TVL as the growth is highly correlated with the double-digit gains smart contract tokens have accrued over the last month.Tags in this story Avalanche, bankruptcies, Cardano, crypto assets, Crypto Winter, decentralized finance, Decentralized Finance Data, defi stats, Ethereum, Fantom, growth, Harmony, holo, Immutable X, Insolvencies, January Market Action, Market Capitalization, oneledger, PARSIQ, ronin, smart contract coins, Smart Contract Tokens, Solana, Stats Defi, U.S.dollar, WAVES What do you think is driving the recent growth in the smart contract token and defi economy? Share your thoughts in the comments below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.
Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.
It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.- Avalanche’s RSI was in an overbought position.
– However, other metrics and market indicators were bearish.Avalanche [AVAX] investors had a good start to 2023 as the token registered massive gains on its chart.
According to CoinMarketCap, AVAX’s price increased by over 30% in the last seven days, and at the time of writing, it was trading at $15.35.Top Gainers in @Avalancheavax Ecosystem Last 24H 🚀🚀$XAVA @AvalaunchApp $SAVAX @BenqiFinance $AVAX @avalancheavax $JOE @traderjoe_xyz $ALPHA @alphaventuredao $AAVE @AaveAave $SYN @SynapseProtocol $QI @BenqiFinance $FXS @fraxfinance $UNI @Uniswap #avalanche $AVAX pic.twitter.com/8g9Iw1bHIx — AVAX Daily 🔺 (@AVAXDaily) January 12, 2023 Realistic or not, here’s AVAX’s market cap in BTC’s terms This massive surge in price can be attributed to Avalanche’s latest partnership with AWS, which would promote the widespread use of blockchain technology in businesses and government agencies.
Not only that, but AVAX also made it to the list of the top gainers in the Avalanche ecosystem over the last 24 hours.However, the investors had reason to worry as CryptoQuant’s data revealed a major bearish signal, which might restrict AVAX’s price from going up any further in the coming days.
Avalanche investors should be cautious As per CryptoQuant’s data, AVAX’s Relative Strength Index (RSI) was in an overbought position, suggesting a trend reversal soon.Interestingly, Avalanche’s NFT ecosystem witnessed growth, as according to AVAX Daily, AVAX’s market cap increased by 8%, while its volume went up by nearly 20%.🔺Avax NFT Weekly Highlights🔺 MarketCap: $43.05M Volume: $219.69K Sales: 9129 Overview 🧵👇#AVAX #Avalanche $AVAX #NFT #GameFi pic.twitter.com/YXU19vCAb7 — AVAX Daily 🔺 (@AVAXDaily) January 12, 2023 Avalanche’s development activity has also increased lately, which was a positive signal.Apart from these, the rest of the on-chain metrics were supportive of a price decline.For instance, AVAX’s Binance refunding rate registered a sharp decline, reflecting less demand from the derivatives market.
After spiking, AVAX’s positive sentiments also went down, which was not in favor of the token.
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