GMX (GMX/USDT — Trade it here) is a decentralized spot and perpetual exchange that enables inexpensive swap costs, trades with no price impact, and up to 30x leverage right from your wallet. The protocol first went live on Arbitrum in September 2021, then on Avalanche in the beginning of 2022. Trading between them is made possible by a unique multi-asset liquidity pool. It generates profits from market-making, swap charges, leveraged trading (spreads, funding charges, and liquidations), and asset rebalancing and channels them back to liquidity providers.
What Is the Difference between GMX Token and GLP Token
Fundamentally, GLP is the token for trading liquidity, whereas GMX is the token for governance. The utility and governance token for the network is called GMX, and it gives users a 30% cut of all platform costs. Additionally, users have the option of staking their tokens to receive escrowed GMX, multiplier points, and ETH fees on Arbitrum or AVAX fees on Avalanche.
The network’s native liquidity provider token is GLP, on the other hand. They are given newly created GLP when liquidity providers take part in the platform’s multi-asset indexes. The investments give the exchange the necessary liquidity. The GLP is burned when a liquidity source decides to withdraw their investment. As a result, the demand-driven continuous minting and burning will cause fluctuations in the supply of GLP.
How to buy GMX Token (GMX)?
You can buy GMX Token (GMX) on MEXC by the following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “GMX” using the search bar to see the available trading pairs. Take GMX/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of GMX you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy GMX] to confirm your order. You will find the purchased GMX in your Spot Wallet.