GMX has risen to popularity recently, in part thanks to its effective user engagement. Between GMX NFT collections, ecosystem partners, and even protocols building on top of GMX, GMX has built up a very strong community.
In this episode of the Alpha Academy by Alpha Venture DAO, GMX core contributor coinflipcanada joins host Tascha, to explain the community dynamics at GMX.
Read our brief notes below to learn more about how Web3 protocols can build a community of their own.
What is GMX?
● DEX w/ perpetual trading on Avalanche and Arbitrum.
● Highest volume DEX on both chains.
● Started off as a protocol called Xfix, rebranded to Gambit, and then to GMX.
GMX Community
● GMX community always gives feedback, and provides potential ideas to implement.
● GMX always acknowledges community input and considers their perspective.
● In return, the community spread positive experiences with GMX to other people in crypto.
● Has had core contributors and moderators involved in the project for a while.
● Moderators allowed the community to rapidly grow.
● GMX Blueberry Club gave users a way to express themselves and spread their involvement in GMX.
● There are many other community built tools and ecosystem partners.
● GMX doesn’t spend resources on marketing, they just build out their product and let the community advertise via word of mouth.
● Supporting multiple languages on their website and discord removes barrier to entry.
● Doesn’t value metrics e.g., number of members in discord or telegram.
● GMX values the ability of their community to help onboard new people and explain the protocol to them.
● All GMX core contributors started off as users and active community members.
● GMX has community work-in groups for trading, and discussing GLP.
● Community helped inform DAOs on how they can use GLP to receive yield on their treasury.
What’s Next For GMX?
● Potentially launching another trading competition in the next few weeks.
● More collaboration with GMX Blueberry Club coming soon.
● Continue to build what the community wants.
● Looking to implement synthetic assets for trading.
Tips on Building a Strong Community
● It’s important for early-stage protocols to engage with the community while a protocol is being developed.
● Community is stronger after being around while the product launches.
● Focus less on engagement metrics, and more on building a community that helps educate new users.
● Keep your community close and consider all their feedback.