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Key Takeaways<\/h3>\n

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• The decentralized futures platform GMX has seen an increase in use following the collapse of FTX.<\/li>\n
• Last week, GMX registered a new all-time daily high trading volume of $1.17 billion. <\/li>\n
• Other decentralized trading platforms, such as the Polygon-based Gains Network, have also increased in popularity. <\/li>\n<\/ul>\n

  Share this article<\/h4>\n

  GMX trading volume has hit an all-time daily high of $1.17 billion in the wake of FTX\u2019s collapse.\u00a0<\/span><\/p>\n

  GMX Trading Volume Soars\u00a0\u00a0<\/span><\/strong><\/h2>\n

  Crypto traders are turning to DeFi following FTX\u2019s implosion.<\/span><\/p>\n

  The decentralized futures trading platform GMX has soared in popularity over the past week due in no small part to the loss of trust in centralized exchanges. The DeFi protocol facilitates trustless leveraged trading using smart contracts rather than taking custody of users\u2019 assets.\u00a0<\/span><\/p>\n

  Over the past week, trading volume on GMX has registered a new daily high of $1.17 billion, per Dune data compiled by @saulius.<\/span> The number of daily users also significantly increased, jumping to the highest level since June. The increased trading volume puts GMX in contention with many established centralized exchanges. For example, over the past 24 hours, the U.S.-based Kraken exchange has handled $737 million worth of transactions, while centralized futures exchange Bybit has seen just over $800 million in volume, per CoinGecko data.\u00a0<\/span><\/p>\n

  The GMX protocol\u2019s governance token has reacted positively to the increase in use. It\u2019s up over 67% since the market crashed on November 10. Despite the current weakness in the crypto market, GMX is only 28% off its all-time high of $62.10 recorded in January. Bitcoin, meanwhile, is down 75% from its peak.<\/span><\/p>\n