Decentralized finance (DeFi) exchange GMX logged fees of over $5 million in a 24-hour period over the weekend – temporarily making it the largest revenue generator in DeFi, ahead of even the Ethereum blockchain.

This added to the $120 million in total fees accrued since September 2021, GMX’s dashboard data shows – which may signal fundamental strength for GMX’s native tokens.

The fees are shared across GMX’s two tokens, gmx and glp. Gmx is the utility and governance token and accrues 30% of the platform's generated fees, while glp is the liquidity provider token that accrues 70% of the platform's generated fees.

Ethereum fees clocked in at $4.7 million over that period. These fees were generated from user actions on Ethereum, such as transactions or issuance of ERC20 tokens.

(By Shaurya Malwa)