As of July 1, 2024, data from @IntotheBlock reveals that $GMX is leading the Total Value Locked (TVL) category among derivative protocols with an impressive $517.97 million.
Following $GMX, Synthetix holds $453.80 million, and dYdX comes in third with $308.82 million in TVL.
Emerging protocols are also showing significant growth. Vertex Protocol boasts a TVL of $90.99 million, while ApeX follows closely with $88.41 million. This rising TVL underscores strong user confidence, trust, and adoption in these platforms.
$GMX is not only leading in TVL but also dominating the decentralized exchange (DEX) space, capturing approximately 90% of the fee share. This highlights its pivotal role in the market and its ability to attract substantial liquidity and user activity.
Adding to its momentum, $GMX has launched an incentive campaign on the Avalanche blockchain. This initiative, known as the GMX Summer Boost campaign, aims to incentivize AVAX users. By providing liquidity and trading perpetuals during this campaign, users can earn a share of AVAX rewards.
The GMX Summer Boost campaign is designed to further enhance liquidity and trading volume on the Avalanche blockchain, fostering a more robust and active user base. This strategic move is expected to solidify $GMX’s position in the market and drive increased engagement from the AVAX community.
The remarkable TVL figures and the launch of the incentive campaign underscore $GMX’s strong market presence and its ongoing efforts to foster user engagement and platform growth. As derivative protocols continue to evolve, $GMX’s dominance and innovative initiatives position it as a key player in the DeFi space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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