Liquidity providers deposit funds into GMX and receive trading fees from traders (supply-side fees).

GMX is a non-custodial exchange for spot and perpetual contracts, live on Arbitrum, Avalanche, MegaETH and Solana. GMX was founded by an anonymous team and launched in 2021.

GMX token holders own and govern the protocol. On the EVM deployments they take a cut of the total trading fees paid by traders (revenue), split between GMX buybacks and the treasury. On Solana the protocol's share accrues to that deployment's treasury rather than to GMX token holders.

governance

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Derivative exchanges

# GMX Maximum token supply Methodology

## 1. Overview

Maximum token supply is defined as the total number of GMX assets that can ever exist under the project's current token economics. Assets that are circulating, locked, unvested, or reserved for future issuance are included in this metric. It is utilized by institutional investors to evaluate the fully diluted valuation and long-term inflation dynamics of GMX. The maximum supply of GMX is capped by its smart contract design and governance parameters.

## 2. Data sources

- **None**: This metric is set to a constant value and does not consume blockchain events

## 3. Step-by-step calculation

### Component A: Constant value assignment

- **Purpose**: Establish the maximum supply limit for the GMX asset
- **Logic**: A constant value of 13,250,000 is assigned as the maximum asset supply, starting from the token launch date on September 1, 2021. This reflects the hard cap defined in the GMX tokenomics.

### Component B: Daily propagation

- **Purpose**: Ensure continuous daily data coverage
- **Logic**: The constant maximum supply value is propagated forward for all subsequent days to maintain a continuous daily time series.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Maximum number of tokens that can exist under the current token economics.

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Maximum token supply

Maximum token supply

Competitive landscape