GMX on Avalanche experienced explosive growth in early 2025, with total swap volume surging from $173,000 to $67.9 million in January, representing a 39,000% increase. The platform saw nearly 22,000 total swaps, with daily unique swappers ranging from 20 to 434, and trading predominantly concentrated in the $11-100 USD range. The WAVAX->USDC route emerged as the most significant, accounting for 23.61% of market share and generating over $16 million in swap volume, highlighting the ecosystem's strong preference for stablecoin and wrapped token exchanges.