What is GMX Protocol?

GMX is a decentralised derivative exchange built on the Avalanche blockchain and Arbitrum One Layer 2 (L2) scaling solution. GMX protocol provides spot trading for some of the most popular cryptocurrencies and stablecoins. With up to 30x leverage, traders can long or short major tokens on its perpetual swap markets.

Introduction

In this dashboard, we will look at the performance of GMX Protocol. There will be 2 sections in this dashboard to help us evaluate the growth of GMX Protocol over the past 30 and 90 days.

Over the past 30 days

Over the past 90 days

• The metrics above shows the overall activity and new users on GMX Protocol over the past 30 days.
• As can be seen, the daily active wallets and transactions on GMX in September has shown massive growth when compared to August.
• It peaked on September 6th with a total of 5.97k active wallets and 6.7k transactions executed.
• Following that, September 6th also had the highest number of new users executed their first transactions on GMX with 3.24k new wallets and 4.78k transactions executed by new wallets.
• The average transactions executed by each new user over the past 30 days is 2.038 transactions.
• We can see that from September 7th forward, each new user had executed above the total average transaction count, showing that new wallets are extremely active since the second week of September.
• GMX Protocol saw a total of nearly 15k new wallets over the past 30 days, and a total of 28.42k transactions executed by these new wallets.

Conclusion

1. GMX Protocol saw a total of nearly 15k new users over the past 30 days and 42.9k new users over the past 90 days.
2. The average number of transactions for each new user is more than 2 transactions.
3. Furthermore, each new user has been transacting above the average transaction count since the second week of September. This indicates that new users on GMX Protocol are extremely active.
4. The cumulative number of new wallets and transactions performed by new wallets saw a healthy growth over time, showing no signs of slowing down.
5. As a conclusion, we may deduce that the performance of GMX Protocol over the past 30 and 90 days have been extremely positive due to a large number of new users and a high number of transactions executed each day.

Approach

1. Table used: arbitrum.core.fact_event_logs
2. GMX Contract address: 0xabbc5f99639c9b6bcb58544ddf04efa6802f4064
3. Users who performed their first transactions on GMX within the specified time period (30 or 90 days) are considered new users.

• The metrics above shows the overall activity and new users on GMX Protocol over the past 90 days.
• On June 30th, it was the most active day on GMX Protocol with 9.07k active wallets and 12.16k transactions performed in a single day.
• Out of the 9.07k active wallets, 7.61k of the wallets are new wallets, making it the day with the most new wallets over the past 90 days.
• The cumulative number of new wallets and transactions performed by new wallets have been steadily increasing over the past 90 days and generated a total of 42.9k new users and executed 97k transactions in total.
• Similarly, new users on GMX has been transacting above the total average transaction count since the second week of September.