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

The native token of the GMX GMX/USD 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.

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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 ETH/USD 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 COIN CEO Brian Armstrong has hinted at KYC restrictions being imposed when the blockchain is launched, per Bloomberg News.
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