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GMX (GMX) is a decentralized exchange protocol that is currently deployed on Arbitrum and Avalanche. The decentralized exchange ecosystem relies on two tokens: GLP and GMX. GLP is used to provide liquidity, meaning it ensures there are enough funds available for trading activities. The price of GLP represents the combined value of all the assets available for trading on the exchange, including leveraged positions and swaps. Essentially, GLP acts as an indicator of the exchange's asset value. On the other hand, GMX serves as a utility and governance token, providing additional functionalities and decision-making power. Users can contribute liquidity to the exchange by creating new GLP tokens, and in return, they receive 70% of all the fees generated on the corresponding blockchain. Unlike some other liquidity pools, GLP doesn't suffer from impermanent loss, a situation where the value of the provided assets decreases over time. Additionally, the GLP pool acts as a counterparty for traders. This means that when GLP token holders supply liquidity for leveraged trading, they make a profit when traders experience losses, and vice versa.
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