• GMX, a popular perp DEX protocol on the Avalanche network, has seen significant growth in the last month.
• This increase in activity can benefit the Avalanche network by bringing more users and generating more revenue.
• However, despite this progress, there is still a lack of interest in Avalanche’s NFT ecosystem.
Rising Popularity of GMX on Avalanche
GMX, a popular decentralized exchange (DEX) on the Avalanche network has been gaining massive popularity over the last month. According to recent data , GMX is ranked second in terms of revenue generated by a perp over the last month. The GMX protocol managed to acquire $4.1 million in terms of revenue over this period due to an increase in activity across the protocol; there are now over 300,084 users on it.
Positive Impact on Avalanche Network
The traction brought on by GMX and other DeFi dApps could positively impact Avalanche in the future; not only could GMX’s success bring more users to the Avalanche network but also generate more revenue for it as well. Over the past week alone, active users on the Avalanche protocol saw an increase of 15.1%, while fees also rose by 15.1%. If GMX continues with its positive performance then it could lead to further improvements for both activity and fees within Avalance’s network over time.
Lack of Interest In NFT Ecosystem
Despite making progress from dApps such as GMX, Avalance has failed to attract interest towards its NFT sector . According to AVAXNFTSTATS data , sales of NFTs have dropped drastically by 12.5% within a week’s time alongside a decrease in minted NFTs being produced on its platform . Despite this lack of interest from investors, AVAX coins have continued to be purchased yet failing to revive any form of attention towards their NFT sector .
Will This Benefit Avalance Positively?
It is uncertain whether or not these developments will benefit Avalance positively; while increasing user numbers and fees may seem like good news for its platform , this does not necessarily translate into increased demand for its NFTs . It remains unclear how much impact GMX’s successful run will have on Avalance’s overall performance going forward .
Overall , GMX has seen considerable success recently which may result in some benefits for Avancle such as increased user numbers and higher fees ; however , until Avancle can regain investors‘ attention towards its NFT ecosystem , it ’s difficult to tell whether or not these developments will truly yield positive results for them .