GMX Outperforms As It Approaches An All-Time High

🌅 Welcome!

SBF will testify to the U.S. House Committee on Financial Services tomorrow. Meanwhile, Binance responds to a recent Reuters report about an ongoing Justice Department investigation.

Today, we take a look at GMX’s recent outperformance while our Media team outlines the 20 things you need to know about the FTX saga.

This is the Delphi Daily. Let’s dive in.

🚨 In Case You Missed It

• SBF will testify to the U.S. House Committee on Financial Services tomorrow.
• FTX bankruptcy CEO, John Jay‘s testimony to the Financial Services Committee is revealed.
• Binance responds to Reuters’ report about an ongoing Justice Department investigation.
• Bermuda-based Jewel Bank is releasing a fully-backed stablecoin on Polygon.

📊 GMX Outperforms As It Approaches An All-Time High

• Despite bearish market conditions, GMX has significantly outperformed its peers. The token is up 59% in the last 30 days.
• In the same period, GNS (+5%), PERP (-9%), DYDX (-24%), and FST (-34%) have underperformed considerably. Currently, GMX is just 8% away from an all-time high. The token is approaching an all-time high for the third time in the last year.
• While some of this can be attributed to the erosion of trust in centralized exchanges after the FTX collapse, GMX has continued to attract unique users and increase volume and open interest.
• The GMX token has a strong value accrual mechanism where staked GMX holders earn 30% of protocol fees as well as multiplier points that boost APRs when staked. Users who stake on Arbitrum ETH while those on Avalanche earn AVAX. 

⚡ The FTX Saga: 20 Things You Need To Know

• In November 2022, the crypto exchange FTX filed for bankruptcy. In the aftermath, there are accusations of fraud, ongoing contagion, and $10 billion missing.
• In this video, we break down the 20 things about the FTX saga, so you can know exactly what happened.
• For more on the FTX collapse, Delphi members can read our Delphi Pro report here.

🐣 Notable Tweets

Cumberland’s Crypto Outlook

After a very busy month, price action is consolidating. Given the nature of crypto and the tectonic shifts occurring beneath it, we do not expect this paradigm to last 🧵👇🏼

– Cumberland (@CumberlandSays) Dec 12, 2022

SBF’s Twitter Spaces Recap

Sam is currently live on @unusual_whales Twitter Spaces. We will be livetweeting below.

– Autism Capital (@AutismCapital) Dec 12, 2022