GMX

Gmx In-depth Report Generated by AI - For further details, please review:

https://sosovalue.com/coins/gmx

1)What is gmx (GMX)?

GMX (GMX) is a utility and governance token primarily used within a decentralized derivatives market. The market operates on the Ethereum layer-2 solution, Arbitrum. This platform enables users to engage in spot trading and trade perpetuals, which are types of financial derivatives. GMX was initially launched as Gambit Financial on the BNB chain before rebranding and merging four tokens into the current GMX token, followed by a relaunch on Arbitrum in September 2021. As for its utility, the GMX token allows holders to participate in governance by voting on proposals, influencing the exchange's future direction. Additionally, those who stake their GMX tokens receive rewards, one of which includes a share of 30% of all protocol fees generated, distributed among the stakers. In terms of market performance, as of the latest available data, the price of GMX is around $48.38, with a market capitalization of approximately $447.7 million and a circulating supply of 9.2 million GMX tokens. The token's price has experienced fluctuations, including a significant increase of about 89% since the beginning of 2023, although it also showed a price decline of around 2.89% in the last 24 hours and 6.31% in the past week.

2)Which sector does gmx (GMX） belong to?

GMX (GMX) belongs to the sector of decentralized finance (DeFi), specifically focusing on decentralized exchanges (DEXs) that offer derivative trading. This sector has witnessed significant growth and evolution, especially in the context of offering financial derivatives like futures, options, and perpetual contracts. These derivatives are increasingly popular due to the flexibility they offer in trading, allowing traders to hedge against market volatility and generate stable returns. The current situation of this sector is quite dynamic. Despite the bear market in 2022, DEX derivatives have made an explosive entrance into the crypto ecosystem, with leading players like GMX performing well. There has been a noticeable shift of users towards DEX derivatives, partly due to the fall of centralized platforms like FTX and an increased need for self-custodian practices. This shift has been accompanied by the growth of DeFi's total value locked (TVL), which has gained 29% since the beginning of 2023, reaching its highest level since early November at $57.3 billion in January 2023. Looking ahead, the sector's development prospects appear promising. The shift towards decentralized infrastructures and models suggests potential growth for decentralized derivatives trading. Innovations continue to roll in, focusing on delivering better financial products, usability, efficiency, and freedom to individuals globally. Decentralized derivatives models are geared towards more efficient and transparent trades, with improvements to the product stack, including concentrated liquidity, market depth, better bridging, and on-ramps. This innovation is underpinned by the principles of decentralization, offering greater transparency, privacy, and security. Additionally, there is an emerging trend towards the adoption of options derivatives, with the introduction of the OpFi protocol (DeFi infrastructure powered by Options), which is expected to witness more adoption. This trend indicates a more nuanced approach to derivatives trading in the blockchain space, potentially attracting traditional investors and facilitating their transition to crypto derivatives

3)What is tokenomics of gmx (includes allocation and supply schedule)?

Token Supply and Allocation: The forecasted max supply of GMX tokens is 13.25 million. The initial token distribution is as follows:

45.28% to XVIX and Gambit migration

15.09% to the Floor Price Fund

15.09% to Reserve

15.09% to Liquidity

7.55% to Presale Round

1.89% to Marketing & Partnership

Minting and Supply Management: Minting beyond the max supply of 13.25 million is controlled by a 28-day timelock. Additional minting would only be used if more products are launched and liquidity mining is required, subject to a governance vote.

Specific Token Allocation:

6 million GMX from XVIX and Gambit migration

2 million GMX paired with ETH for liquidity on Uniswap

2 million GMX reserved for vesting from Escrowed GMX rewards

2 million GMX tokens managed by the floor price fund

1 million GMX tokens reserved for marketing, partnerships, and community developers

250,000 GMX tokens distributed to contributors linearly over 2 years

Release Schedule: The detailed release schedule of GMX tokens, particularly regarding the timeline of how tokens are vested and released into circulation, was not explicitly found in the sources I accessed.

Liquidity on Uniswap: GMX liquidity on Uniswap is added gradually as the price of GMX increases.

4)What about the team and the investors of gmx?

Team Behind GMX

The specific founders of GMX have not been clearly disclosed.

Two notable individuals who can sign a multisig wallet connected to GMX are Krunal Amin, founder of UniDex, and Benjamin Simon, co-founder of Stealth Crypto.

A developer associated with the project is known by the pseudonym "X" on Twitter.

GMX has a governing community of around 63,000 members, where GMX token holders can vote on project proposals. source Funding History

GMX's funding rounds and history are not extensively detailed. The development treasury reportedly holds about 1.8 million in USDC, expected to sustain the team until March 2024.

Gambit, a project that was rebranded as GMX, raised funds through a token sale, which may have transitioned to GMX.

Key investors in GMX include Blocktower, which purchased GMX worth more than 2,400 ETH and staked 336,478 GMX, and Flood Capital. Arthur Hayes, founder and former CEO of BitMEX, is said to be a prominent individual holder with over 200,000 GMX. source

GMX secured the largest grant in the $40 million Arbitrum program, receiving 12 million ARB tokens (approximately $10 million). This funding is intended to facilitate development and improve user or developer onboarding efforts. source

There was mention of a private funding round for GMX that raised approximately $900K, but details were scarce. source

5)What is the development history of gmx?

List all important events and milestones in the development process of gmx. From the information available, it's clear that GMX has made strides in its development, particularly in securing significant funding and establishing a strong community governance model. Key events such as securing the largest grant in the Arbitrum program and the involvement of notable individuals and organizations in its development are notable milestones.

6)What is the progress and future roadmap of it?

For the most accurate and up-to-date information on GMX's development timeline and future plans, I recommend checking their official website or reaching out directly to their team through official channels. Additionally, keeping an eye on their announcements on social media platforms or community forums may provide more insights into their progress and upcoming milestones.

7)List all important links related to it.

Official Website: GMX

8)Bullishness index for this token from the perspective of token valuation and future potential from Chatgpt 4

Near-Term Predictions: Analysts have projected an average rate of $46.55 for GMX in November 2023, with a possible range between $42.23 and $50.87, suggesting a potential return on investment (ROI) of 10.1%

Another prediction indicates that by December 03, 2023, GMX's value might increase by 8.11% to reach approximately $54.81

Long-Term Outlook: Assuming a sustained growth rate of 25% of its historical levels, GMX's price could reach as high as $111.46 in 2023, offering a 210% upside from its current valuation

For the longer horizon, predictions for 2025 suggest an average price of $241.78, potentially climbing to $736.97 in 2030, and possibly surpassing the $1,000 mark to reach $1,024.27 in the same year

Technical Analysis: Recent price action indicates a recovery phase for GMX, having rebounded from the lower trendline of a declining channel pattern. The token currently trades around $35.30, with the price trend possibly remaining indecisive within a channel formed by the sellers dominating near $38.8 and buyers getting aggressive near $30.09. Key technical levels suggest support at $30.09 and $25.4, with resistance levels at $38.8 and $47.08