GMX Token Price Skyrockets 89% In 2023 — Here's Why

The native token of the GMX (CRYPTO: GMX) exchange is currently trading at $83.12 and has increased by about 89% since the start of the year, according to CoinGecko.

The decentralized derivatives exchange is receiving support from its community for the deployment of its protocol on Base, Coinbase's recently-launched layer 2 blockchain.

Members of the GMX community are advocating for the expansion of the platform to other blockchains, as discussed in a post on the GMX governance forum.

See Also: 'The Only Guarantee In Crypto Is Risk' Is What Belgium Wants Firms To Add In Their Advertisements

Per DefiLlama, GMX currently holds the largest total value locked (TVL) of $582 million in Arbitrum among decentralized finance protocols offering spot and derivatives trading.

Base, developed using Optimism's OP stack, integrates with Ethereum's (CRYPTO: ETH) mainnet and will not have its own native token, unlike the recently-airdropped Arbitrum token.

While most GMX forum users were in favor of becoming a "first mover" on Base, some expressed concern about the pseudonymous founders having to submit identification documents to Coinbase in compliance with anti-money laundering regulations.

Coinbase (NASDAQ: COIN) CEO Brian Armstrong has hinted at KYC restrictions being imposed when the blockchain is launched, per Bloomberg News.
Next: Crypto Winter Isn't Stopping A Turkey-Based Exchange From Raising Million Even Before Launch