What is Arbitrum?

Arbitrum aims to reduce transaction fees and congestion by moving as much computation and data storage off of Ethereum's main blockchain (layer 1) as it can. Storing data off of Ethereum's blockchain is known as Layer 2 scaling solutions.

What Are Perpetuals?

A perpetual contract is a derivative financial contract that has no expiration date or settlement, allowing it to be held or traded for an indefinite amount of time.

What is GMX?

GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades. Trading is supported by a unique multi-asset pool that earns liquidity providers fees from market making, swap fees, leverage trading (spreads, funding fees & liquidations) and asset rebalancing.

Methodology

In this dashboard we will look at the GMX activity on Arbitrum. We will primarily focus on staking and order book deposit activity. The data for this dashboard comes from the arbitrum.core.fact_token_transfers, arbitrum.core.fact_event_logs, and ethereum.core.fact_hourly_token_pricestables of flipsides database. The data for this dashboard starts April 18th 2022.

Sections

1. GMX Overview
2. GMX Staking activity
3. GMX Order book deposit activity

GMX Staking activity

GMX Order book deposit activity

Observations

• June staking activity reached its peak in number of GMX at the beginning of August 2022
• Since mid April there has been a total of 20.5K wallets that have staked GMX on Arbitrum
• The average size of GMX stakes have been consistently smaller than unstakes events

GMX Overview

Observations

• Since mid June there has been an large up trend in the price of the GMX token
• In mid June 2022 and at the beging of September 2022 there were sustained increases in the active users
• Starting in June there was a consistan increase in GMX transactions on Arbitrum
• Since mid April there has been 80K Wallets making 1.15 million transactions

Observations

• About 88% of all GMX order book deposits on Arbitrum are in ETH and USDC
• Nearly 75% of all GMX order book deposits on Arbitrum were in ETH
• USDC and WETH are the only two tokens with over 300 order book depositors
• There has been consistent growth in the volume of GMX order book deposits over time 

Conclusion

• GMX Overview
  • Since mid June there has been an large up trend in the price of the GMX token
  • In mid June 2022 and at the beging of September 2022 there were sustained increases in the active users
  • Starting in June there was a consistan increase in GMX transactions on Arbitrum
  • Since mid April there has been 80K Wallets making 1.15 million transactions
• GMX Staking activity
  • June staking activity reached its peak in number of GMX at the beginning of August 2022
  • Since mid April there has been a total of 20.5K wallets that have staked GMX on Arbitrum
  • The average size of GMX stakes have been consistently smaller than unstakes events
• GMX Order book deposit activity
  • About 88% of all GMX order book deposits on Arbitrum are in ETH and USDC
  • Nearly 75% of all GMX order book deposits on Arbitrum were in ETH
  • USDC and WETH are the only two tokens with over 300 order book depositors
  • There has been consistent growth in the volume of GMX order book deposits over time