AbstractIn the crypto bear market, most decentralized spot and perpetual exchanges’ volumes have declined. However, GMX, one of the on-chain exchanges, has seen its TVL grow and almost touch US$400 million. We will analyze GMX by evaluating its strengths, token design, mechanisms, and risks, to find the reasons for its success.Source: DefillamaI. What is GMX?GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades. Different from other DEXs, ...