Arthur Hayes sells $9.6m of GMX as newer protocols eat market share with point systems

Arthur Hayes, co-founder and former CEO of BitMEX and now CIO of family office Maelstrom, has exited a major position in GMX, the token of decentralised perpetuals exchange GMX, by unstaking and transferring his entire holding of about 237,000 GMX – worth roughly $9.6 million – to algorithmic trading firm Wintermute in what appears to be an over-the-counter trade. Hayes had been the largest GMX staker and accumulated the position starting in March 2022, at an average cost of about $29.74 per token, implying an estimated profit of around $2.6 million on the sale. By unstaking, he also forfeited accumulated “multiplier points,” which boost GMX staking rewards over time, a move onchain analysts interpret as inconsistent with a long-term, yield-focused holding strategy. The exit comes as GMX, once a leading decentralised derivatives venue by trading volume, has been losing market share to newer perpetual DEXs that rely on points-based incentive programs to attract users. March saw record aggregate volumes for decentralised derivatives exchanges, yet tokens for many of these protocols, including GMX, have underperformed other crypto sectors, highlighting a divergence between protocol usage and token price performance. Analysts cited by DL News link this to aggressive points campaigns by rival platforms that reward trading activity with off-chain points later convertible into tokens, drawing both users and liquidity away from GMX and similar incumbents. Over the 24 hours around the report, GMX had fallen to around 12th place by derivatives DEX volume, underscoring the competitive pressure from newer protocols.

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