DeFi Although the security vulnerabilities in the sector have been discussed frequently in recent months, decentralized finance initiatives continue to receive investments.
AVAXis running a program for DeFi initiatives to support smart contract platforms and increase liquidity and user numbers. blockchain network, “Avalanche Rush” He donated another grant within the scope of the incentive program.
The Avalanche (AVAX) Foundation announced today that it has awarded GMX, one of their decentralized trading platform projects. Foundation officials transferred their donation to the GMX exchange as AVAX tokens. The dollar-based value of the donation is $4 million.
AVAX Foundation officials spread the donated amount over time. GMX It will distribute it to the common platforms prepared on it. GMX-based startups include exchanges such as TraderJoe and Dopex.
What is GMX?
operating on the GMX, AVAX and Arbitrum networks. is a decentralized cryptocurrency exchange. The platform offers its users spot and futures trading services similar to major exchanges.
The GMX exchange uses a different model than other DEXs. Developers do not allow liquidity providers to bear the loss if traders make a profit. The exchange bears the loss on its own instead of the liquidity providers. Due to this model, the decentralized exchange lost over $100 million last October.
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