GMX Is Now Available on Avalanche
Home Cryptocurrency News GMX Is Now Available on Avalanche
Cryptocurrency News - January 7, 2022

GMX Is Now Available on Avalanche

GMX is currently available on Arbitrum and has recently debuted on Avalanche. Swaps, as well as leverage trading with up to 30x leverage, is now available on Avalanche!

Holders of GLP on Avalanche would also receive 50,000 esGMX tokens from January 2022 to March 2022, with this amount increasing to 25,000 esGMX tokens for every month from April 2022 to December 2022.

To answer a few commonly asked questions:

  • Interlinking of GMX from Arbitrum to Avalanche is still not available but will be made available in the following weeks, along with GMX-AVAX liquidity on Avalanche.
  • Arbitrum and Avalanche will both pay fees to GMX wagered on Arbitrum.
  • The GLP token on Avalanche is distinct from the GLP token on Arbitrum; the price and prizes will differ between different networks.
  • Users will end up losing multiplier points if they unstake GMX to connect it to Avalanche; GMX may support connecting multiplier points in the future, but this will take a bit of time to enforce.
  • If users receive esGMX benefits from GLP, users will need GLP from the same chain to vest the esGMX into GMX.
  • Avalanche vesting is still not accessible but will be in the following weeks.
  • GMX wagered on Arbitrum would receive rewards in the form of ETH, whereas GMX staked on Avalanche would earn benefits in the form of AVAX.

Why do so many users love GMX?

  • It Lowers Liquidation Risks – An overall average of premium-quality price feeds determine when liquidations occur. This protects roles from momentary wicks.
  • It saves money – It allows you to enter and exit positions with a small spread and no price impact. Obtain the best possible price while incurring no additional costs.
  • Simple Swaps – Users can open positions using a straightforward swap interface. Transfer can be easily made from any supported asset to the position of one’s own choice.

Avalanche has great potential and is expected to be one of the top cryptocurrencies this year, mainly for its native token, AVAX, that ensures high transaction security coupled with speed scaling a trillion per second. According to this Avalanche prediction, the AVAX price could cross all barriers scaling $150.

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