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

github

twitter

discord

etherscan

website

Derivative exchanges

# GMX Active users (monthly) Methodology

## 1. Overview

Active users (monthly) is defined as the number of unique addresses that make a revenue-generating transaction with GMX over a 30-day rolling window. This metric is utilized to evaluate user adoption, engagement, and transaction activity across both GMX V1 and GMX V2. By analyzing unique transacting addresses, the overall traction and market share of the protocol in the decentralized perpetuals and spot exchange sectors are assessed.

## 2. Data sources

- **Blockchain events**: `IncreasePosition`, `DecreasePosition`, `LiquidatePosition`, `Swap`, `SellUSDG`, and `BuyUSDG` events from `Vault` contracts, `TradeEvent`, `ExecuteDeposit`, and `ExecuteWithdrawal` instructions from the `GMSol` program, and `OrderCreated`, `OrderExecuted`, `DepositCreated`, `DepositExecuted`, `WithdrawalCreated`, `WithdrawalExecuted`, `PositionIncrease`, and `PositionDecrease` events from `EventEmitter` contracts, covering Arbitrum, Avalanche, Solana, MegaETH, and 3 other chains

## 3. Step-by-step calculation

### Component A: GMX V1 EVM user extraction

- **Purpose**: Extract unique user addresses from GMX V1 transactions on EVM chains
- **Logic**: For perpetual trading activities, user addresses are extracted directly from the `account` field of `IncreasePosition`, `DecreasePosition`, and `LiquidatePosition` events emitted by `Vault` contracts. For spot swap activities, transaction hashes from `Swap`, `SellUSDG`, and `BuyUSDG` events emitted by `Vault` contracts are joined with the native `transactions` table to retrieve the transaction sender address from the `from_address` field.
- **Key fields**: `block_timestamp`, `transaction_hash`, `account`, `from_address`

### Component B: GMX V1 Solana user extraction

- **Purpose**: Extract unique user accounts from GMX V1 transactions on Solana
- **Logic**: For perpetual trades, user accounts are extracted from the `user` field of `TradeEvent` instructions from the `GMSol` program. For liquidity provision, user accounts are extracted from the `transaction_signer` field of `ExecuteDeposit` and `ExecuteWithdrawal` instructions executed by the `GMSol` program.
- **Key fields**: `block_timestamp`, `transaction_id`, `user`, `transaction_signer`

### Component C: GMX V2 user extraction

- **Purpose**: Extract unique user addresses from GMX V2 transactions
- **Logic**: For perpetual trading, user addresses are extracted from the `account` field of `PositionIncrease` and `PositionDecrease` events emitted by `EventEmitter` contracts, with the originating chain resolved by matching the order key to `OrderCreated` events. For swap, deposit, and withdrawal activities, user addresses are extracted from the `account` field of `OrderCreated`, `DepositCreated`, and `WithdrawalCreated` events, which are then matched with their corresponding execution events (`OrderExecuted`, `DepositExecuted`, and `WithdrawalExecuted`) using unique operation keys. Originating chains are determined by mapping the `srcChainId` field from the creation events, and the execution chain is used as a fallback if no creation event is found.
- **Key fields**: `block_timestamp`, `transaction_hash`, `account`, `orderKey`, `depositKey`, `withdrawalKey`, `srcChainId`

### Component D: Monthly aggregation and deduplication

- **Purpose**: Aggregate and deduplicate active users to calculate active users (monthly)
- **Logic**: All extracted user addresses from GMX V1, GMX V1 Solana, and GMX V2 are combined into a single dataset. The data is truncated to monthly granularity using UTC day boundaries. Unique user addresses are counted per 30-day window, chain, and user type to produce the final active users (monthly) metric.
- **Key fields**: `block_timestamp`, `user_address`, `chain`, `user_type`

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

Unique revenue-generating users over a rolling 30-day window.

GMXGMX

Active users (monthly)

Active users (monthly)

Competitive landscape

Chain breakdown