GMTrade did $1B+ in 24 hours. It holds about $29M. đ
Big volume feels like proof. Something must be happening, so we assume the crowd is there.
GMTrade (Solana perps, formerly GMXSOL, not the main GMX) was doing about $275M a day a week ago. Now it's over $1B. TVL stayed around $29M.
Everyone is looking at the volume. I'm looking at what didn't move: the money underneath.
My read: this may be incentive-driven activity, not a sudden wave of new believers. The research I found points to points and Trade-to-Mint rewards ahead of a token launch that hasn't happened yet. I can't prove that, and I'm not saying it's fake. Perps can reuse the same collateral all day.
Stronger if: volume falls when rewards change.
Wrong if: TVL and users rise along with volume.
When you see a volume spike, do you ask who's trading, or do you just see the green candle?
â ïž Not financial advice. Data comes from public dashboards and may differ between sources. DYOR.
#GMTrade #Solana #PerpDEX #ZeroResearch #DYOR
Big volume feels like proof. Something must be happening, so we assume the crowd is there.
GMTrade (Solana perps, formerly GMXSOL, not the main GMX) was doing about $275M a day a week ago. Now it's over $1B. TVL stayed around $29M.
Everyone is looking at the volume. I'm looking at what didn't move: the money underneath.
My read: this may be incentive-driven activity, not a sudden wave of new believers. The research I found points to points and Trade-to-Mint rewards ahead of a token launch that hasn't happened yet. I can't prove that, and I'm not saying it's fake. Perps can reuse the same collateral all day.
Stronger if: volume falls when rewards change.
Wrong if: TVL and users rise along with volume.
When you see a volume spike, do you ask who's trading, or do you just see the green candle?
â ïž Not financial advice. Data comes from public dashboards and may differ between sources. DYOR.
#GMTrade #Solana #PerpDEX #ZeroResearch #DYOR