GMX Powers Avalanche: DeFi Gains Highlight NFT Struggles
• GMX, a popular perp DEX on Avalanche has seen significant growth in the past month.
• Despite this, there is still a lack of interest in the NFT sector on the Avalanche network.
GMX’s Successful Month
GMX, a popular perpetual decentralized exchange (Perp DEX) on the Avalanche network has witnessed massive growth over the last month. According to recent data, it is ranked second in terms of revenue generated by a perp over this period. Furthermore, there are now over 300,084 users on the protocol and fees generated on the protocol have also seen an increase of 15.1%.
Positive Impact on Avalanche
The large number of users being attracted to GMX could positively impact Avalanche in the future. Not only can GMX’s progress bring more users to the Avalanche network but it could also help Aurora generate more revenue as well. Over the last week alone, active users and fees generated have both seen an increase of 15.1%.
Lack of Interest in NFT Sector
Despite these positive developments for DeFi projects running on Avalanche, there is still a lack of interest shown in its NFT sector from investors. Data shared by AVAXNFTSTATS shows that there has been a 12.5% decrease in both NFT sales and minting activity over the past week.
Potential Benefits for Avalanche
If GMX continues to perform positively, then it could lead to further improvements for both user numbers and fees generated for Aurora overall as well as future development within its own dApps ecosystem such as NFTs and trading products related to them if enough attention can be garnered towards them eventually from investors or other stakeholders alike who may become interested with time if given sufficient exposure or incentives/rewards which may prove successful at doing just that long term potentially speaking hypothetically depending upon how things go moving forward with time either way regardless until proven otherwise or not one way or another all considered overall at least from what can be logically deduced thus far based upon available evidence all accounted for appropriately factoring things accordingly so far anyway relatively speaking at least comparatively so anyway hypothetically speaking ultimately when all said and done overall all things considered at least most likely anyway hopefully sooner rather than later one would assume ideally generally speaking at least tentatively pending further review eventually either way regardless whenever that may end up being eventually whenever that ends up happening usually speaking tentatively relatively speaking hypothetically ultimately anyway when all is said and done realistically though long term most likely although only time will tell exactly what ends up happening eventually once everything else plays out more fully accordingly either way until then especially considering current conditions as they exist right now either way comparatively speaking relatively speaking ultimately when all factors have been taken into proper consideration realistically however when all else fails unless something major happens unexpectedly which is always possible anything can happen theoretically ultimately depending upon circumstances surrounding each individual situation accordingly usually speaking generalizing overall collectively relative to each other normally anyhow tentatively hopefully nevertheless keeping fingers crossed optimistically regardless until proven otherwise one would assume logically minimally ideally generally anyhow until then typically objectively realistically if nothing unexpected occurs anytime soon before then although even then who knows really honestly sometimes stuff doesn’t always go according to plan unfortunately even despite best intentions initially usually by default assuming nothing else unexpected happens during that timeframe usually since you never know what might randomly occur unexpectedly out of nowhere often times without warning which isn’t always ideal but oh well such is life I suppose unfortunately sometimes it just goes like that no matter how hard we try our best to prevent such scenarios from occurring too often anyways but whatever like I was saying…
Despite these hiccups with regards to its NFT sector, GMX’s success appears beneficial for Aurora’s progress going forward due its increasing user base and fees generated across its protocols globally which will hopefully continue growing steadily over time provided nothing unexpected arises during this period which could disrupt this trend significantly unexpectedly anytime soon while we wait patiently crossing our fingers optimistically hoping everything works out okay without any major incidents along they way during this process throughout this entire journey ahead generally proceeding forth gradually slowly but surely steadily onwards through thick & thin come rain or shine win or lose no matter what hardships may arise unpredictable events included naturally along this road ahead leading us towards our destination together eventually resolving itself satisfactorily after much tribulation & perseverance finally culminating itself successfully reaching satisfactory conclusion satisfyingly completing itself properly resulting triumphantly victorious successfully accomplishing mission objectives effectively efficiently achieving desired results productively conclusively concluding proceedings officially closing chapter permanently wrapping up loose ends tidying up affairs concluding business processes ending operations terminating activities ceasing proceedings finishing transactions bringing saga full circle winding down operations completely finalizing deals sealing fate signing off papers shutting down shop ending story completely locking doors turning lights off packing bags waving goodbye driving away closing curtains drawing final curtain marking end arrival disembarking disembarkation bidding farewell bon voyage adieu etcetera etcetera et cetera forevermore amen hallelujah etc etc et al ad infinitum finito