Easy way to Buy GMGMX(GMX) Online with Wigwam crypto app

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How to buy and hold GMX with Wigwam

GMX

1. Choose a token number that you want to buy

2. Create a wallet, where to store your crypto

3. Pay with credit card

810.46 GMX

4. Check your crypto in the created wallet

Why Wigwam is the best crypto wallet for GMX (GMX) storage

Ultimate security, only you have access to your GMX tokens

Send, Receive, Store your GMX tokens free and without limitations

Check the real-time value of your crypto tokens

Buy, Sell, Exchange GMX (GMX) directly in the wallet

Stake GMX (GMX) by connecting Wigwam to the popular DeFi dApps

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Why Wigwam is the best crypto wallet for GMX (GMX) storage

GMX token review

The GMX token is the utility token of the GMX, a decentralized exchange (DEX) that has reinvented derivatives trading in the cryptocurrency space. GMX token is the backbone of the DEX, it's designed to incentivize and empower the community, as token holders can vote on proposals and shape the future of the GMX ecosystem.

The token was initially introduced on the Arbitrum One, an Ethereum Rollup, in September 2021, before expanding to the Avalanche in early 2022. As the token is built on Ethereum blockchain, it offers a unique and innovative approach to trading, and provides users with a secure, transparent, and decentralized trading environment.

About GMX

GMX is a decentralized exchange (DEX) operating on the Ethereum, Avalanche, and Arbitrum blockchains. The DEX allows users to trade cryptocurrencies directly from their wallets. It aims to solve liquidity and risk exposure in derivatives trading. The GMX ecosystem has other tokens besides GMX, such as esGMX, GLP, and Multiplier Points, each token having unique functions within the ecosystem.

GMX allows the ability to trade perpetual cryptocurrencies with leverage, and it uses decentralized oracles to aggregate prices from major centralized exchanges, minimizing liquidity risks. The exchange has bug bounty programs and it regularly audits its contracts for security. 

GMX token use cases

GMX is the native utility token of the GMX exchange, it serves many purposes in its ecosystem as listed down below:

Governance: GMX token holders can participate in decision making by voting on proposals and shape the future direction of DEX.

Staking rewards: Users can stake GMX tokens, and receive 30% of all protocol fees that’s paid in ETH on Arbitrum and AVAX on Avalanche. Additionally stakers also earn rewards in the form of:

  • Escrowed GMX (esGMX): These are stakeable rewards and vested over one year to become actual GMX tokens.
  • Multiplier Points: Stakers earn Multiplier Point (MPs) at a fixed APR of 100% and can be locked to earn further rewards.

Prevention of inflation: The reward mechanism of GMX tokens and esGMX tokens are designed to prevent inflation and encourage long-term holding.

Liquidity Provision: GMX is the native liquidity provider token of the GMX DEX. Users can lock GMX in the GLP pool and mint GLP tokens, which represent a share in the pool’s assets and earn rewards from the fees generated by the pool.

Access to exclusive features: Holders of GMX tokens get exclusive access to enhanced features, account privileges, and special promotions with the DEX ecosystem.

GMX economic value

GMX has a total maximum supply of 13.25M GMX towns, out of which 9.43M are in circulation. New tokens are minted through the vesting of escrowed GMX (esGMX) tokens, which are converted into GMX after a year. Minting new tokens beyond the maximum supply would require a governance acceptance. The tokens are burned through a mechanism involving Floor Price Fund, that ensures the liquidity in the GLP pool and provides a reliable stream.

The burning rate of GMX is not fixed as it depends on market price and the Floor Price Finds size. (If the Floor Price Fund/Total GMX supply < Market price of GMX, the fund could be used to buy back and burn GMX tokens, setting a minimum floor price for GMX in terms of ETH and GLP).

Challenges

Several factors influence the GMX token price, including market sentiment, trading volumes, and overall crypto market performance. The token's utility in the GMX ecosystem, such as governance and staking rewards, also influences its valuation. Additionally, the platform's unique features and liquidity model have piqued investor attention, influencing price fluctuations. The GMX cryptocurrency has demonstrated endurance even during market downturns, making it a source of confidence for traders and investors.


Disclaimer

This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.

FAQ

You may buy GMX in the Wigwam Web3 wallet or these tokens can be traded on cryptocurrency exchanges. The most popular exchange for buying and trading GMX is OrangeX, with the most active trading pair, GMX/USDT, having a trading volume of $2,099,898 in the previous 24 hours. Other popular choices are Toobit and Binance.


Yes, you can stake your tokens on the GMX protocol. Its program offers holders an opportunity to earn passive income through their tokens.

You can view it by visiting Etherscan and entering your wallet address in the search bar.

The steps specifics might vary based on the wallet you are using, but the general steps to add GMX tokens will be as follows:

Open your crypto wallet, click on the option of “Add tokens”, and then enter the GMX token details as follows

  1. Token Contract Address: 0xD28807D7eF028AF6728d12Ccd621b2242Da2a64f
  2. Token Symbol: GMX
  3. Decimal Precision: With 18 Decimals

After entering the token details click on “Save” to add the GMX token to your wallet.

 Like all cryptocurrencies, there are inherent risks associated with buying GMX, such as volatility in price, regulatory changes, and technological issues. It's recommended to conduct thorough research and consult with a financial advisor before making any investment decisions.