HomeUncategorizedIs DeFi back? GMX rallies toward all-time high and LOOKS price gains 30% By Cointelegraph

Is DeFi back? GMX rallies toward all-time high and LOOKS price gains 30% By Cointelegraph

December 13, 2022

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In a recent blog post, cryptocurrency legend and former BitMEX CEO Arthur Hayes mentioned he holds sizable bags of GMX and LOOKS tokens. According to Hayes, his main reasoning for investing in both tokens was their platform revenue and the potential of both assets to outperform standard treasury bills.

Let’s take a brief look at on-chain data and compare GMX and LOOKS to competitors to determine whether Arthur’s assumption will work out.

GMX fees and daily active users. Source: Token Terminal
GMX token performance. Source: Delphi Digital
Fees earned by and GMX. Source: TokenTerminal
Daily active users of LooksRare and OpenSea. Source: TokenTerminal
Fees earned by LooksRare and OpenSea. Source: TokenTerminal