The native token of decentralized exchange (DEX) GMX surged briefly to a record high of $60.45 after listing news from Binance on Oct. 5.
At the time of press and amid rising interest from traders betting on the project’s growth, the token saw a 39% bump in the span of just a few hours.
GMX is a DEX that allows users to trade spot and perpetual futures using its on-chain trading interface at low fees. The DEX runs on Arbitrum and Avalanche and aids users in borrowing up to 30x their initial margin to increase futures betting. GMX receives aggregated prices for its assets using Chainlink price oracles.
Binance listing followed by retail euphoria
A Binance blog revealed that the exchange is set to list GMX in the Innovation Zone and will open trading for its BTC, BUSD, and USDT trading pairs at 10:00 UTC on Oct.5.
Binance users have started depositing GMX in preparation for trading, while withdrawals opened at 10:00 UTC on Oct. 5.
In tandem with the listing revelation, GMX also saw heightened social interest. Data from LunarCrush highlighted that in the current top 10 coins, GMX took the second spot right after Dogecoin.
The aforementioned ranking measures a coin’s performance relative to the entire crypto market.
TVL and price on the rise
A look at GMX’s price chart highlighted hei
GIPHY App Key not set. Please check settings