Arbitrum-Boosted GMX Yields: SOL, XRP, DOGE Soar to 75%

These achievements have become attainable due to GMX emerging as the primary beneficiary of Arbitrum's ARB token grant, a result of a community vote that took place in October. The implementation of Arbitrum's incentives on GMX, which began on a recent Wednesday, has led to substantial annualized yields on various prominent tokens.

GMX's platform facilitates the trading of major tokens, both spot and perpetual futures, via a low-fee, on-chain interface. Recent data highlights that GMX has seen a trading volume exceeding $136 million within the last 24 hours. Notably, XRP trading pools on GMX have been offering users nearly 75% returns when paired with the U.S. dollar, while Solana's SOL and dogecoin (DOGE) pools have been generating yields of up to 65%.

Bitcoin (BTC) yields have surged to over 28%, marking GMX as one of the leading DeFi platforms in terms of returns. Meanwhile, Ether (ETH) yields have risen to 19%, as evidenced by platform data. The liquidity for these pools is furnished by individual GMX Market, or GM, pools, where liquidity providers are users who lock their tokens on GMX. In return, they receive a share of the fees generated from various services, including leverage trading, borrowing, and swaps.

GMX Trading Pool Yields: Maximizing Returns (GMX)  

The opportunity for these impressive rewards emerged thanks to GMX's significant reception of Arbitrum's ARB token grant following a community vote held in October. As previously reported, numerous projects built on the Arbitrum blockchain secured a collective allocation of $40 million in ARB tokens as part of a short-term incentives program (STIP). This initiative aimed to attract fresh capital to the already popular blockchain.

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The incentives GMX was granted by the @Arbitrum DAO to support the growth of the Arbitrum DeFi ecosystem have been successfully received.

On Wednesday 8 November, tomorrow, the GMX V2 incentive program kicks off... pic.twitter.com/sxePzsLY9W

— GMX ???? (@GMX_IO) November 7, 2023

Over a span of 12 weeks, 12 million ARB tokens will be distributed across three distinct incentive categories on GMX. The program begins with incentives for individuals who provide liquidity to the trading pools. Subsequently, trading incentives will be introduced in the upcoming weeks, rewarding users with high trading volumes across various tokens. The final phase will involve grant incentives, offering rewards to developers contributing to the enhancement of GMX's ecosystem.

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