Daily Crypto NewsEDITION #862, 08 November 2023

GMX is giving away moni, and we're trying to grab our share

Recently, Arbitrum DAO generously distributed a significant amount of funds to various projects within its ecosystem to stimulate growth. Among these projects was GMX, which has been receiving praise and attention for several months. The only project that seems to rival GMX in terms of popularity within Arbitrum is Pendle, but let's focus on GMX for now.

Today, GMX is launching a 12-week program during which they will distribute 12 million $ARB tokens (almost $12.9 million). Participants have the opportunity to get their piece of the pie.

Let's break down GMX's program:

Program Objective: First, to promote V2, and second, to attract as many users as possible. Ideally, they aim to move users from centralized exchanges like Binance to decentralized exchanges like GMX.

Three Program Categories:

- Providing Liquidity: This is straightforward. The more liquidity you provide and hold in the pools, the greater the rewards.

- Trading: According to the document, they want to incentivize the use of GMX, not just trading for the sake of it. This means that $ARB tokens from Arbitrum DAO will cover the transaction fees for your trades. So, trading is a great idea.

- Grants: This category is for developers and protocols that rely on GMX V2.

Overall, the document is still a work in progress, and we're waiting for further announcements today. If all of this seems too complicated for you, we would recommend simply trading on GMX. Additionally (NOT FINANCIAL ADVICE!), keep an eye on the $GMX token:

- It has seen a 33%+ increase in the past month

- It's likely to continue growing during the program

- In the long term, it looks promising if you're not a trader and prefer to HODL

Stay tuned for announcements on Twitter 👈

That's the scoop, folks. And remember, Arbitrum might do a second airdrop for active participants, so why not keep an eye on that too?