GMX launched on Arbitrum in June 2021, after a rebranding and move from BSC Chain. It has launched on Avalanche since then.
It’s a decentralized spot and perpetual exchange that allows you to trade crypto without any KYC or geographical restrictions.
Usually in crypto, everything is peer-to-peer.
GMX created a GLP pool that serves as a counterparty for all the traders.
All the traders are trading with the GLP pool, which consists of ETH, WBTC, UNI, LINK, and stables like USDC, USDT, DAI, and FRAX. Users can long or short any of the tokens in the pool, with up to 30x leverage or swap tokens.
Users can deposit any tokens into the pool and mint GLP tokens.