LDO Surges on Growing Staking Demand; US Banks to Launch Blockchain Pilot

Top Spot 

Native tokens of decentralized exchanges have outperformed the broader market since the fallout of FTX. GMX, a decentralized spot and perpetual exchange on Arbitrum, has seen its native token, GMX, rebound 72% since November’s low and has recouped all losses induced by FTX’s implosion. The outperformance is attributed to investors’ anticipation that decentralized exchanges might gain more market share from centralized exchanges. GMX is our top pick among decentralized exchanges due to two reasons. Firstre, GMX is the largest protocol on arbitrum, where GMX leverages low gas fees and high throughput from the Ethereum Layer 2 solution to facilitate orderbook trading. For the other, GMX has been offering real yields to GMX stakers by distributing staking rewards mostly in Ether, attracting more GMX holders to the platform and, in turn, lowering the price volatility of GMX tokens.