Vela Exchange outperforms GMX in transaction volume

02/21/2023 04:02 • Tech Ticker • 133 views

On February 21, it was reported that in the past 24 hours, the transaction volume of Vela Exchange, an ecological native DEX project of Arbitrum, reached $341 million, while the transaction volume of GMX in the same period reached $111 million (including Arbitrum and Avalanche networks). Vela Exchange is designed with a mechanism similar to GMX and is still in the testing stage.

In the past 24 hours, the turnover of Arbitrum Ecological DEX Vela Exchange has exceeded US $340 million

Interpret the above information:

The message above reports the transaction volume of two decentralized exchange projects, Vela Exchange and GMX, in the last 24 hours. Vela Exchange is a native DEX project of Arbitrum, while GMX operates on both Arbitrum and Avalanche networks. The report reveals that Vela Exchange has recorded a transaction volume of $341 million, which is more than three times the $111 million recorded by GMX during the same period.

Decentralized exchanges (DEX) have become increasingly popular in recent years due to the security, transparency, and anonymity they provide. The emergence of native DEX projects, such as Vela Exchange, has been fueled by the need to provide a more seamless and efficient trading experience, while also reducing gas fees and enhancing user privacy.

The message also reveals that Vela Exchange has a mechanism similar to GMX and is still in the testing stage. This implies that the platform is still undergoing development and optimization, with potential for further improvements in the future.

The disparity in transaction volume between Vela Exchange and GMX could be attributed to several factors. One possible explanation is the native nature of Vela Exchange, which means it operates on a single blockchain network, reducing the complexity of cross-chain trading. This could lead to faster transaction processing times and a more user-friendly trading experience. On the other hand, GMX operates on multiple blockchain networks, which could result in slower processing times and a less streamlined trading experience.

Another possible factor could be the comparative advantages offered by the underlying blockchain networks. Arbitrum is a Layer 2 scaling solution that aims to enhance the efficiency of the Ethereum blockchain, while Avalanche provides high throughput and low latency transactions. These features could attract more traders and contribute to higher transaction volumes on Vela Exchange compared to GMX.

In conclusion, the message reports the impressive transaction volume recorded by Vela Exchange, a native DEX project of Arbitrum, in the last 24 hours. The performance of Vela Exchange relative to GMX highlights the potential benefits of using a native DEX project and the underlying blockchain network for trading. The fact that Vela Exchange is still in the testing stage suggests further improvement in its transaction volume and user experience is likely.

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