**1. Project overview**
GMX is a decentralized platform for trading futures and perpetual contracts with a unique liquidity model. In 2025, the protocol ranks **2nd** in the DeFi derivatives segment after dYdX.
**Key metrics (Q2 2025):**
- TVL: **$3.8 billion** (240% growth since 2023)
- Monthly volume: **$142 billion**
- GMX holders: **890,000+** addresses
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**2. Technical Innovations 2024-2025**
**2.1. Multi-chain expansion**
- Support for **6 networks**: Arbitrum, Avalanche, Base, Linea, Manta, Blast
- Unified interface for cross-chain trading
**2.2. GMX V3**
- **New order architecture**:
- 0-slot limit orders
- Partial execution
- **Enhanced pricing system**:
- Oracle aggregator with 12 sources
- Protection against front-running
**2.3. Decentralization**
- Complete transition to DAO governance
- veGMX 2.0 voting mechanism
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**3. Economic model**
**3.1. GMX tokenomics**
- **Total supply**: 15.2 million (85% in circulation)
- **Distribution**:
- 45% — liquidity/staking
- 30% — team/development
- 25% — community
**3.2. Revenue sources**
- Trading fees (0.05-0.1%)
- Lending function (up to 28% APY)
- Volatility fee
**3.3. Dividends for holders**
- 30% of revenues are distributed among stakers
- Average yield: **9.8%** in ETH
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**4. Competitive advantages**
| Parameter | GMX | dYdX | Gains |
|----------------|---------|---------|---------|
| Fees | 0.05% | 0.1% | 0.15% |
| Max. leverage | 50x | 20x | 100x |
| Liquidity | $1.2B | $2.8B | $0.4B |
| Number of pairs | 38 | 52 | 19 |
**Unique features of GMX:**
- No forced liquidations
- Negative fees for market makers
- Liquidity pool insurance
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**5. Risks and challenges**
**5.1. Regulatory**
- CFTC investigation (USA)
- KYC requirements for large traders in the EU
**5.2. Technical**
- Oracle hack (June 2024, loss of $12M)
- Competition with CEX hybrids (Binance Dex 2.0)
**5.3. Economic**
- Volatility of returns (from 5% to 45% APY)
- Dependence on trading activity
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**6. Forecast for 2026**
- **GMX Price**: $120-180 (based on current metrics)
- **TVL Growth**: up to $7B (with RWA integration)
- **New features**:
- On-chain options
- Social trading
- AI assistant for LP
**"GMX has proven that decentralized derivatives can compete with CEX"** — Cobie, 2025
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**7. How to earn with GMX?**
**7.1. For traders**
- Arbitrage between GMX and CEX
- "0-risk hedging" strategy
**7.2. For investors**
- GMX staking (up to 15% APY)
- Liquidity provider (up to 45% APY)
**7.3. For developers**
- Creating custom derivatives
- Integration with GMX API
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**Where to buy GMX in 2025?**
- **DEX**: Uniswap, Camelot
- **CEX**: Binance, Bybit, OKX
- **Own AMM**: GMX Pool
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