GMX (GMX)

TOKENIZATION | Decentralized Exchange, GMX, Launches Tokenized Asset Trading The launch drew more than $10 million in trading volume within its first day, highlighting early demand for round-the-clock exposure to precious metals via crypto-native rails. https://t.co/8pbj2BktRd @GMX_IO #DEx #Tokenization #RWA

➥ Hyperliquid enables RWA Perps RWA Perps = How DeFi started eating Traditional Exchanges’ lunch > RWA perpetuals are turning DeFi into a legitimate 24/7 competitor to Wall Street’s futures desks < > All activated by @HyperliquidX < Not tokenized stocks sitting in custody doing nothing. Synthetic perps on oil, gold, silver, S&P 500, even pre-IPO names… It's fully leveraged, cash-settled, composable with the rest of DeFi, and available to anyone with a wallet Here’s what I’m seeing in real time, straight from the dashboards I check every morning: - @HyperliquidX’s HIP-3 RWA markets just hit a fresh ATH of $2.32B open interest this week - RWAs have been making up as much as 44% of Hyperliquid’s total volume in recent weeks → A single perp DEX is routing nearly half its flow through traditional asset exposures - Broader RWA perp volumes exploded 40x in 6 months to $67B monthly, now commanding 10.1% of all onchain derivatives, up from 0.1% last October - Equity perps on HIP-3 alone went from $760M to $20B monthly + Commodities did $40B in March - Daily RWA perp volumes across DeFi have already touched $15B+ peaks - The trend is still climbing while TradFi exchange volumes for some assets are down double-digits YoY I’ve personally been rotating more of my macro book into these markets Because the UX is now better than my old TradFi broker in key ways: > instant settlement, cross-margin with my crypto collateral > and I can actually use the position as DeFi collateral elsewhere if I wan The funding rates are transparent, the oracles are battle-tested, and liquidity is deepening fast, especially on weekends when traditional desks are dark This is DeFi doing what TradFi can’t: permissionless, always-on, leveraged exposure to the entire macro universe without asking for permission Here’s my current top emerging plays: [1] @OstiumLabs - The Pure RWA Perp Play - This one is laser-focused on synthetic RWA perps: commodities (gold/oil), forex, stocks, and indices - It’s oracle-backed leverage up to 200x straight from your wallet - Backed by $24M from General Catalyst, Jump, and Coinbase Ventures, it’s already processing serious volume - 30-day perp volume just hit $2.38B, ranking it #34 overall among perp DEXes - I’ve been scalping XAU and CL here, spreads are tight, execution is verifiable, and the points program actually feels rewarding [2] @Aster_DEX - Hyperliquid’s RWA Challenger - Aster rolled out USD1-settled commodity markets (gold, silver, crude) with maker rebates and ultra-high leverage up to 1001x in spots - They’re sitting at ~20% of global perp DEX market share in recent months, with 24h volumes often north of $4B+ and 30-day runs pushing $127B - Daily OI is climbing fast, and their upcoming L1 mainnet + RWA expansion has me watching closely - I’ve been using it for quick macro hedges on weekends when HL liquidity thins, fills are crisp, and the orderbook feels CEX-grade - Aster is the one turning RWA perps into a real volume engine outside the HIP-3 moat [3] @Lighter_xyz - The Zero-Fee, MEV-Resistant Dark Horse - Verifiable execution, full MEV resistance, and a model that’s pulling in quant and institutional flow - They’ve been in the top tier of new perp DEXes with $25B+ weekly volume in recent pushes and are expanding RWA listings aggressively - The growth curve and zero-fee hooks make it one I’m sizing into for longer-term RWA exposure [4] @avantisfi - Zero-Fee RWA Scalper’s Dream - This one surprised me with up to 500x on blue-chip RWAs like Gold with true zero fees - They’re the only perp DEX I’ve seen offering zero-slippage $10M clips on XAU - Backed by Pantera and Base, it’s built for high-frequency macro traders who hate getting chopped by funding or spreads - I’ve testing their Gold and Silver perps, liquidity depth is legit for a newer protocol, and the zero-fee model is printing for scalpers Early, but the product-market fit for loss-averse leverage traders is obvious Honorable mentions I’m watching closely: - @gmtrade_xyz = GMX-powered on Solana - live Gold/Silver perps with Chainlink Data Streams, institutional-grade pricing - The HIP-3 ecosystem builders like @tradexyz and @Markets_xyz → they’re eating ~90% of HIP-3 RWA flow with indices and macro contracts So I can confidently say that Perps beat full tokenization for speed and capital efficiency, exactly what a16z has been calling out The flows prove institutions are participating through the on-ramps they already have RWA perps went from <1% to double-digit share of onchain derivs in months while the rest of crypto cooled off That tells me the product-market fit is real I believe the real rotation is onchain everything, traded 24/7, by anyone

GMX launches gold and silver perpetual futures https://t.co/OVKROgA2s2 https://t.co/IW8RBfaCHK

10/ On July 9, 2025 GMX was exploited for $40M. 9M USDC sat for 2+ hours and was partially bridged from Arbitrum to Ethereum via CCTP. While the exploiter later returned assets minus a $5M bounty, the USDC was not frozen during the 2+ hour window. Theft address 0xDF3340A436c27655bA62F8281565C9925C3a5221

Watch the usual crypto legal and policy folks start tweeting “this isn’t DeFi” like clockwork Never mind that under their definition which of course no one has ever bothered to define with any specificity because it’s convenient to be able to weaponize it, like 2 projects qualify

gmX