Crypto Exchange GMX Proposes Deployment on Coinbase's Base Blockchain

Some members of the GMX community have already voiced their support for the move.

AccessTimeIconMar 21, 2023 at 10:37 a.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Decentralized derivatives exchange GMX has the support of its community to deploy the protocol on crypto exchange Coinbase's (COIN) recently announced layer 2 blockchain, Base.

Several members of the GMX community are in favor of expanding the platform to another blockchain, according to a post on the GMX governance forum.

  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Why the NEAR foundation Chose Eigenlayer as a Security Partner
    00:54
    Why the NEAR foundation Chose Eigenlayer as a Security Partner
  • Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
    07:08
    Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • GMX offers spot and derivatives trading. It has $582 million in total value locked, making it the largest decentralized-finance protocol on Arbitrum, according to DefiLlama.

    Base is a layer 2 blockchain that has been developed using Optimism's OP stack. It will feed into the Ethereum blockchain's main network and won't feature a native token, unlike the recently airdropped Arbitrum (ARB) token.

    While the majority of GMX forum users were in favor of the exchange becoming a "first mover" on Base, others had concerns over whether the project's pseudonymous founders would need to submit identification documents to Coinbase in line with anti-money-laundering regulations.

    In an interview on Bloomberg Radio, Coinbase CEO Brian Armstrong hinted that the exchange will establish know-your-customer checks when Base goes live.

    The GMX token, the native token of the GMX exchange, was recently trading at $77.25. It's up almost 90% this year, according to Cryptowatch.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.