GMX (GMX)

Bubblemaps V2 is now live on Arbitrum

First thing I did was pull up $GMX and the breakdown is fascinating.

Cluster 1 holds 89.48% across 435 wallets, but when you dig into it, it makes sense. The GMX protocol contract itself sits at #1 with 56.07%, followed by GMX_LockboxAdapter at 6.43%, Uniswap V3 Pool at 2.53%, and the Staked GMX contract at 2.33%. This isn’t whale manipulation, it’s protocol-owned and staked supply doing what it’s supposed to.

What’s more interesting is the exchange exposure. Inside the cluster you’ve got OKX at 1.40%, Binance Hot Wallet at 1.02%, Gate_io at 0.63%, and Kraken Cold Wallet at 0.50%.

Scroll further and it gets even more diverse; Bybit, Bitvavo, Bitget, MEXC, Bitpanda, HTX all showing up as holders. Literally every major CEX has $GMX exposure.

Also spotted a MON Airdrop entry and kride.eth, which adds a retail layer on top of all the institutional presence.

The picture here is clean. No hidden clusters, no suspicious wallets dominating - just a mature, widely distributed token with deep exchange and protocol backing.

This is what healthy on-chain distribution looks like

Check it yourself → https://t.co/BaA7amYIpo 🫧

I missed the best LP benchmark in DeFi.

@JasonvuTech from @brownfiamm told me something I didn't know: @GMX_IO, the first perpetuals protocol to popularize revenue sharing, benchmarks its pools against @Uniswap v2.

The outperformance charts are public and the gap is insane. I've been using the wrong reference point entirely.

> I honestly don't know if there are structured products on top of GMX that hedge the 50% volatile exposure. Do you?

BrownFi v2's original pitch was that LPs earned more than simply holding the underlying 50/50 pair. That worked well until October's crash, where it basically stopped.

> BrownFi v3 is adding more customization layers with the explicit goal of competing against both benchmarks; not just v2 but GMX too.

The benchmark was always there. I just wasn't looking at the right chart.