About Blockchain and Distribution on Coinbase’s Base Blockchain
- The community of GMX is in favor of the rollout.
- Spot and derivatives trading is available on GMX.
- The GMX token, which last traded at $77.25, has increased by 90%.
In exchange for decentralized derivatives, the community of GMX favors the protocol’s deployment on a layer 2 blockchain Base, as Coinbase (COIN), a cryptocurrency exchange, just announced.
According to a post on the GMX governance forum, several members of the GMX community support expanding the platform to another blockchain.
Spot and derivatives trading is available on GMX. DefiLlama states that it is the largest decentralized finance protocol on Arbitrum, with $582 million in total value locked.
Using Optimism’s OP stack, Base is a layer 2 blockchain that has been created. Unlike the previously airdropped Arbitrum (ARB) token, it will not have a local token and will instead feed into the Ethereum blockchain’s main network.
Support users to join the base
Low exchange fees and trades with no price impact are supported by the decentralized spot and perpetual exchange known as GMX. A special multi-asset pool that supports trading generates fees for liquidity providers through market making, swap fees, leverage trading (spreads, funding fees and liquidations) and asset rebalancing. Chainlink Oracles support both TWAP pricing from DEXs for peak volume and dynamic pricing.
Most GMX forum users supported the exchange joining Base as a “first mover.” Still, others were unsure whether the project’s fictitious founders would have to provide Coinbase with identification documents under anti-money laundering laws.
Coinbase CEO Brian Armstrong suggested the exchange implement know-your-customer checks when Base launches in an interview with Bloomberg Radio.
The native token of the GMX exchange, the GMX token, was last traded at $77.25. This year, it has increased by about 90%, according to Cryptowatch.
More about Coinbase Blockchain
Blockchain technology underpins digital currencies such as Bitcoin and Ethereum. A blockchain is a catalog of transactions that anyone can examine and validate. For example, the Bitcoin blockchain keeps track of every time someone sends or receives bitcoin.
Online value transfers are made possible by cryptocurrencies and the blockchain technology that underpins them, eliminating the need for intermediaries such as banks or credit card companies.
Imagine having a mobile device and an internet connection to access a global, open alternative to any financial service you currently use.
Blockchain networks provide security for almost all cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin. This means that a significant amount of computing power is constantly being used to verify accuracy.
For most cryptocurrencies, the blockchain’s record of transactions is important because it makes it possible to make secure payments between strangers without going through a third-party validator like a bank.
Summary
The GMX community favors the protocol’s deployment on a layer 2 blockchain base, as Coinbase (COIN), a cryptocurrency exchange, just announced. DefiLlama states that it is the largest decentralized finance protocol on Arbitrum, with $582 million in total value locked. The base is a layer two blockchain that has been created and does not have a local token.
Many GMX forum users supported the exchange joining Base as a “first mover.” In contrast, others were unsure whether the project’s fictitious founders would have to provide Coinbase with identification documents in accordance with anti-money laundering laws. The GMX token, which last traded at $77.25, has increased by approximately 90%.
Bitcoin blockchain technology underpins digital currencies such as Bitcoin and Ethereum, enabling online value transfers. Blockchain networks provide security for almost all cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin. The blockchain recording of transactions is essential for secure payments to be made without strangers going through a third-party validator.
