GMX invented the peer-to-pool model in 2021 for perpetual leveraged contracts on blockchain, allowing traders to retain control of their funds. The protocol now processes approximately $90 million per day, representing just 0.5% of a market that trades $17.8 billion daily, after losing 74% of its volume between February 2025 and July 2026. Hyperliquid alone captures half of the sector’s reported volume using an order book, a model GMX never adopted. The GMX token has fallen 92.6% from its April 2023 peak, and distributions to holders have been suspended since March 2026 until the price exceeds $90. The protocol remains solvent and its current architecture has never been breached, but without volume it no longer generates sufficient returns for token holders.
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