GMX
GMX
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
GMX demonstrates solid overall fundamentals with strong active development, robust tokenomics, and active community governance across Arbitrum One and Avalanche. The project actively ships code updates, including recent SDK v1.6.4 releases and continuous CI/CD pipelines in August 2026. Its tokenomics are structured around real revenue-sharing from trading fees and liquidations with a capped maximum supply of 13.25 million tokens. Governance participation is healthy with transparent community processes and ongoing structural improvements. However, performance is balanced by intense DEX competition, a 91.6% drawdown from all-time highs, and a notable security incident in July 2025 where $42M in GLP pool assets was exposed on Arbitrum (resolved via a white-hat agreement and $5M bounty). Across all six evaluated categories, no qualifying catastrophic red flags remain unaddressed, yielding a strong weighted composite score.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About GMX (GMX)
GMX (GMX) is the native utility and governance token for the GMX decentralized spot and perpetual exchange, operating on the Arbitrum One and Avalanche networks. The protocol facilitates on-chain spot and leveraged derivative trading. The token features a maximum supply cap of 13.25 million units, with minting governed by community voting. Stakers of GMX participate in protocol revenue sharing, receiving a portion of the fees generated from trading volume and liquidations.
Protocol governance is executed via community proposals and Snapshot voting, covering treasury decisions, fee distribution parameters, and organizational adjustments. Historically developed by a pseudonymous team, the project transitioned toward restructured leadership in 2026 via governance votes. The protocol's smart contract infrastructure across its V1 and V2 deployments has undergone audits by firms including Quantstamp, Guardian, ABDK, Certora, Dedaub, and Sherlock, alongside an active bug bounty program on Immunefi.
In July 2025, GMX experienced a major security incident involving its V1 GLP pool on Arbitrum, where a validation logic flaw exposed approximately $42 million in user funds. The protocol responded by halting V1 trading and GLP operations across Arbitrum and Avalanche; the funds were subsequently recovered to the protocol's security multisig following a $5 million bounty payment, while V2 markets and the GMX token were unaffected. Additionally, the token has experienced a drawdown of approximately 91.6% from its all-time high and faces sector competition, alongside the deprecation of external integrations such as Enzyme Finance in August 2026.