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$GMX

8 pieces · Sep 2022 to Jun 2024

Sectors

L1/L25 DeFi5 Ethereum3 Perps3 ZK2 Tooling1

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Coverage per year

32022

42023

12024

Price and coverage

GMX $GMX

Calls: 1 bullish
Since first call, bullish: −84%
vs BTC: −96%
Now: $7.96

bullish thesis bearish thesis coverage, no call map, list or mentionWeekly closes in USD, log scale, as of 23 Oct 2026. Call figures turn cyan when the price moved the way the call pointed. Each marker links to its piece.

Start here · the strongest pieces on $GMX

Data17 Apr 2023Mummy Finance data dive: a GMX fork on Fantom and OptimismDune-based stats on Mummy Finance, a GMX fork: cumulative volume, revenue, users, TVL by chain, open interest, margin versus swap volume and MMY staking.Data06 Sep 2022State of Arbitrum, Sept 2022: users, TVL, fees and ecosystem dataData-driven look at Arbitrum with Token Terminal, Dune and L2BEAT numbers on active users, bridge flows, contract deployments, fees, TVL and ecosystem, concluding fundamentals are bullish with growth that is organic and token-free.Thesis19 Apr 20232023 narratives: zkEVMs, privacy L1s, restaking, modular DA and perpsAuthor's narrative watchlist for 2023: zkEVMs, zk privacy L1s, restaking, WASM and RISC-V L2 VMs, interoperability, DA layers, shared sequencers, rollup SDKs, recursive L3s, EIP-4844, account abstraction, parallel VMs, identity and perps.

Timeline · every piece, newest first

2024 1

07 Jun 2024Cross-chain bridge flows: Arbitrum, Optimism and Base lead 30-day inflowsUses Artemis and DefiLlama bridge data to track where liquidity moves. Ethereum originates 78.1% of bridge volume and Arbitrum, Optimism and Base capture 72% of destination flows, with zkSync net flows only slightly positive despite the pending ZK token.DataL1/L2DeFi

2023 4

19 Apr 20232023 narratives: zkEVMs, privacy L1s, restaking, modular DA and perpsAuthor's narrative watchlist for 2023: zkEVMs, zk privacy L1s, restaking, WASM and RISC-V L2 VMs, interoperability, DA layers, shared sequencers, rollup SDKs, recursive L3s, EIP-4844, account abstraction, parallel VMs, identity and perps.ThesisZKL1/L2Ethereum

19 Apr 2023Valuing protocols with Token Terminal financial statements and P/S, P/FShows how Token Terminal's standardized financial statements and P/S and P/F multiples let investors compare dApps and L2s TradFi-style, with Q2 2023 examples of apparent over and undervaluation.ExplainerToolingDeFi

17 Apr 2023Mummy Finance data dive: a GMX fork on Fantom and OptimismDune-based stats on Mummy Finance, a GMX fork: cumulative volume, revenue, users, TVL by chain, open interest, margin versus swap volume and MMY staking.DataPerpsDeFi

21 Mar 2023March 2023 watchlist: L2 VMs, zkEVMs, DA, sequencers, AA and perpsList of themes to watch: WASM and RISC-V VMs on L2, zkEVMs, specialized DA layers, shared sequencers, rollup SDKs, recursive L3s, EIP-4844, account abstraction, MPC custody, parallel VMs, identity and decentralized perps.MapEthereumL1/L2ZK

2022 3

10 Dec 2022Rollup degen portfolio: low-cap Arbitrum and Optimism DeFi playsDiscloses an equal-weighted degen portfolio of low-cap Arbitrum and Optimism protocols, tilted to options and perp DEXs, as a proxy for ARB exposure and leveraged OP. Notes most of liquid assets remain in stables amid FTX contagion.Market takeDeFiPerpsL1/L2

12 Sep 2022GMX valuation: 10 year DCF of 5.7bn vs 630m FDVRelays a DCF-based case that GMX is undervalued: a 10 year DCF gives 5.7bn against a current FDV of 630m, implying roughly 9x.Market takeDeFiPerps

06 Sep 2022State of Arbitrum, Sept 2022: users, TVL, fees and ecosystem dataData-driven look at Arbitrum with Token Terminal, Dune and L2BEAT numbers on active users, bridge flows, contract deployments, fees, TVL and ecosystem, concluding fundamentals are bullish with growth that is organic and token-free.DataEthereumL1/L2

Often covered with

Arbitrum65 Optimism61 GMX6 zkSync41 Polygon zkEVM17 Scroll26 Taiko10 Celestia145

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