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Crypto Exchange GMX Proposes Deployment on Coinbase's Base Blockchain

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

GMX offers spot and derivatives trading and it currently has $582 million in total value locked (TVL), making it the largest decentralized finance protocol on Arbitrum, according to Defillama.

Base, meanwhile, is a layer 2 blockchain that has been developed using Optimism's OP stack, it will feed into the Ethereum mainnet and will not feature a native token, unlike the recently-airdropped Arbitrum token.

Whilst 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.

(By Oliver Knight)

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