Crypto Exchange GMX Proposes Deployment on Coinbase's Base Blockchain
TL;DR The GMX community is supportive of the decentralized derivatives exchange deploying its protocol on Coinbase's recently-announced layer 2 blockchain, Base. Forum users are in favor of GMX becoming a "first mover" on the platform but have concerns over whether its pseudonymous founders would need to submit KYC documents. The GMX token is up 88.48% year-to-date and is currently trading at $77.25.
Decentralized derivatives exchange GMX has the support of its community over deploying the protocol on Coinbase's (COIN) recently-announced layer 2 blockchain, Base.
Several members of the GMX community are in favor of expanding the platform to another blockchain, according to a post on the GMX governance forum.
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.
In an interview on Bloomberg radio, Coinbase CEO Brian Armstrong hinted at there being KYC restrictions when the blockchain goes live.
The GMX token, native token of the GMX exchange, is trading at $77.25 at press time having increased by 88.48% since the turn of the year, according to Cryptowatch.