Is DeFi back? GMX rallies toward all-time high and LOOKS price gains 30%
GMX and LOOKS price pulled off double-digit rallies in the last week as former BitMEX CEO Arthur Hayes revealed his investment thesis for both projects. In a recent blog post, cryptocurrency legend and former BitMEX CEO Arthur Hayes mentioned he holds sizable bags of GMX and LOOKS tokens. According to Hayes, his main reasoning for investing in both tokens was their platform revenue and the potential of both assets to outperform standard treasury bills. Let’s take a brief look at on-chain data and compare GMX and LOOKS to competitors to determine whether Arthur’s assumption will work out. GMX usage cooling after a strong November The week prior to Nov. 16 provided decentralized Finance (DeFi) with a significant influx in fees after the centralized exchange (CEX) exodus triggered by FTX’s bankruptcy. The temporary high inflows to DeFi propelled GMX to outperform Uniswap in protocol fees. On Nov. 28, GMX earned about $1.15 million in daily trading fees, which surpassed Uniswap’s $1.06...