The price of GMX rallied to its second-highest level in history on Dec. 1 as traders assessed the decentralized exchange’s ability to evolve as a serious competitor to its top rival Uniswap.
GMX established an intraday high of $54.50 in a recovery that started on Nov. 29 from $40.50. Its rally’s beginning coincided with crypto research firm Delphi Digital’s tweet on the GMX decentralized exchange, as shown below.
GMX beats Uniswap in fees for the first time
Notably, GMX earned about $1.15 million in daily trading fees on Nov. 28, which surpassed Uniswap’s $1.06 million in trading fees on the same day.
This seemingly renewed buying sentiment in the GMX market, helping its price rally 35% to $54.50 afterward.
Moreover, GMX also benefited from the growing discontent against centralized exchanges in the wake of the FTX collapse. The decentralized exchange’s revenue rose by 107% to $5 million in November, boosted by a 128% increase in annualized trading volume and a 31% rise in daily active users.
In comparison, Uniswap’s annualized revenue increased by about 75% and daily active…
