{"id":9454,"date":"2023-12-08T10:19:22","date_gmt":"2023-12-08T10:19:22","guid":{"rendered":"https:\/\/realacademy.io\/?p=9454"},"modified":"2023-12-08T10:22:04","modified_gmt":"2023-12-08T10:22:04","slug":"gmx-gmx","status":"publish","type":"post","link":"https:\/\/realacademy.io\/index.php\/2023\/12\/08\/gmx-gmx\/","title":{"rendered":"GMX ($GMX)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9454\" class=\"elementor elementor-9454\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-125d3ed0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"125d3ed0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-79aec23d\" data-id=\"79aec23d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e00f5e8 blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"e00f5e8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 07-02-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Introduction<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c62cd37 blog-text-content elementor-widget elementor-widget-text-editor\" data-id=\"c62cd37\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>GMX is a decentralized exchange protocol that deployed on two EVM chains, Arbitrum and Avalanche. The utiitty and governance token for its Arbitrum ecosystem is GMX, which generates 13% APR for the users. GMX is also a decentralized trading platform that offers both spot and perpetual exchange functionalities. Unlike centralized exchanges where you need to deposit your assets into the exchange&#8217;s custody, GMX lets you trade popular cryptocurrencies like BTC and ETH right from your own crypto wallet. In this article we&#8217;ll talk about all there is to know about GMX.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1dd89c blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"f1dd89c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Project Overview<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-96ab9d7 blog-text-content elementor-widget elementor-widget-text-editor\" data-id=\"96ab9d7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The GMX ecosystem is steadily expanding. With its deep liquidity, the protocol functions as a base layer for DeFi on the Arbitrum and Avalanche blockchains. GMX is the largest decentralized perpetual trading platform in DeFi, offering exposure to cryptocurrencies with up to 50x leverage, no registration, and unique benefits for traders and liquidity providers.<\/p>\n<p>The problem GMX solves:<\/p>\n<div dir=\"auto\">On every centralized exchange, liquidity is achieved from a traditional order book model which is reliant on market makers. An order book lists the quantities of the asset being bid on or offered at each price point, or market depth.<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">This is not just limited to centralized exchanges. In fact, some decentralized exchanges (dYdX) use the same exact model.<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">Here\u2019s an example: Suppose that you wanted to buy $BTC at USD $10,000. In order for this to happen, someone must be willing to sell their $BTC at that price on that platform. If there is no willing seller, your buy order would not go through. Order book models thrive on multitudinous buyers and sellers present in the market. However, there are tons of flaws in this model, especially for crypto. They are costly to run and also require market makers, who must be incentivized in some way.<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-762a9b0 blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"762a9b0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Background<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc767b4 blog-text-content elementor-widget elementor-widget-text-editor\" data-id=\"cc767b4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div dir=\"auto\">GMX was brought to life by a group of anonymous developers, breaking traditional norms where projects typically introduce the faces behind them. The platform is the brainchild of a collaboration between two earlier protocols, XVIX and Gambit. These two platforms merged and converted their native tokens into GMX. Having an anonymous team adds an interesting dynamic: it provides a layer of protection against regulatory actions and unnecessary legal issues.<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">The token has caught the eye of several individual and corporate investors. A notable name on the list of top individual holders is Arthur Hayes, co-founder of the prominent cryptocurrency exchange BitMEX. Hayes holds an impressive stash of over 200,000 GMX tokens, with a current value exceeding $15 million. He acquired these tokens through a series of purchases, spending approximately 3,386 ETH or around $5.72 million at the time between March and September of 2022.<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e8b0e9 blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"1e8b0e9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Tokenomics<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-679a4d9 elementor-widget elementor-widget-image\" data-id=\"679a4d9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 07-02-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"720\" height=\"444\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/1_ck6y1NVAjlwVVUfzVyxfVQ-1.webp\" class=\"attachment-large size-large wp-image-9459\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/1_ck6y1NVAjlwVVUfzVyxfVQ-1.webp 720w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/1_ck6y1NVAjlwVVUfzVyxfVQ-1-300x185.webp 300w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/1_ck6y1NVAjlwVVUfzVyxfVQ-1-510x315.webp 510w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f10d9d2 blog-text-content elementor-widget elementor-widget-text-editor\" data-id=\"f10d9d2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div dir=\"auto\">\n<div dir=\"auto\">The maximum supply of GMX stands at 13.25 million tokens, but more can be minted through a governance vote with a 28-day time lock. The current GMX circulating supply is around 8 million (as of Sept. 2022), which can vary depending on the number of tokens that are vested.\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">GMX is distributed as follows:<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">7.5% to prep sale participants\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">45.3% for absorption by token holders who decide to migrate to GMX following GMX\u2019s rebranding from Gambit and the XVIV token merge\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">15.1% for the Floor Price Fund\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">30.2% divided equally for liquidity and reserve\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">1.9% for marketing and partnerships<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<\/div>\n<div dir=\"auto\">GLP is the liquidity provider token for GMX and in addition to the GLP token, which is non tradable, there is the GMX token, which acts as the governance token for the GMX platform. GMX can be staked to receive rewards:<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">&#8211; 30% of all protocol fees are distributed to GMX stakers ( 70% of fees go to LPs). The fees are paid in ETH on Arbitrum and AVAX on Avalanche.<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">&#8211; GMX stakers earn esGMX, which can be further staked for rewards or vested. If vested for 12 months, esGMX is converted into GMX. Thus, esGMX is a mechanism to prevent inflation and encourage GMX holding.\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\"><strong>Where to Purchase GMX<\/strong>:<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">The top cryptocurrency exchanges for trading in GMX stock are currently Binance, OKX, Bybit, DigiFinex, and Bitrue.\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\"><strong>Use of GMX Defi<\/strong>:<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">It enables users to trade BTC, ETH and other popular cryptocurrencies directly from their crypto wallets.<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\"><strong>How to Store GMX<\/strong>:\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">Since GMX is deployed on the Arbitrum and Avalanche blockchains, you can store GMX tokens in wallets compatible with them, such as Metamask and Trust Wallet. You can also safely store GMX in hardware wallets such as Ledger Nano X.\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\"><strong>Total Supply and Distribution<\/strong>:<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">It has circulating supply volume of 9,210,534 GMX coins and a max. supply volume of 9,210,534 alongside $21,627,587 24h trading volume.<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-022be89 elementor-widget elementor-widget-image\" data-id=\"022be89\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"630\" height=\"380\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/GMX_All_graph_coinmarketcap.jpg\" class=\"attachment-large size-large wp-image-9458\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/GMX_All_graph_coinmarketcap.jpg 630w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/GMX_All_graph_coinmarketcap-300x181.jpg 300w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/GMX_All_graph_coinmarketcap-510x308.jpg 510w\" sizes=\"(max-width: 630px) 100vw, 630px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1632245 blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"1632245\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Features and Functionality<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0befec3 blog-bullets elementor-widget elementor-widget-text-editor\" data-id=\"0befec3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul>\n<li>\n<div dir=\"auto\">Spot trading: You can use GMX as a DEX and swap the supported tokens for fees that range between 0.2% to 0.8%.<\/div>\n<\/li>\n<li>\n<div dir=\"auto\">Perpetual trading: This is a more popular use case because it gives traders the opportunity to use up to 50x leverage. Traders can go long or short on any offered pair, paying a 0.1% fee for opening or closing a position. Market, limit, take-profit, and stop-loss orders are available to customize the trading experience.<\/div>\n<\/li>\n<li>\n<div dir=\"auto\">Staking: Staking GMX can generate rewards that can be compounded and boosted with Multiplier Points.<\/div>\n<\/li>\n<li>\n<div dir=\"auto\">Liquidity provision: You can become an LP by locking tokens in the GLP pool to mint GLP tokens and earn rewards.<\/div>\n<\/li>\n<\/ul>\n<div dir=\"auto\"><strong>Advantages<\/strong>:<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<ul>\n<li dir=\"auto\">You can trade with upto 50x Leverage\u00a0<\/li>\n<li dir=\"auto\">GMX offers Zero price Impact\u00a0<\/li>\n<li dir=\"auto\">Easy to use Interface\u00a0<\/li>\n<li dir=\"auto\">GMX offers Passive Income Opportunities through Liquidity Provision and Staking.\u00a0<\/li>\n<\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-171cff4 elementor-widget elementor-widget-image\" data-id=\"171cff4\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"848\" height=\"880\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/cadf1c7d-091c-4c11-a33d-0b28c4dbb6ee_1541x1600.webp\" class=\"attachment-large size-large wp-image-9460\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/cadf1c7d-091c-4c11-a33d-0b28c4dbb6ee_1541x1600.webp 848w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/cadf1c7d-091c-4c11-a33d-0b28c4dbb6ee_1541x1600-289x300.webp 289w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/cadf1c7d-091c-4c11-a33d-0b28c4dbb6ee_1541x1600-768x797.webp 768w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/cadf1c7d-091c-4c11-a33d-0b28c4dbb6ee_1541x1600-510x529.webp 510w\" sizes=\"(max-width: 848px) 100vw, 848px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c1a63a5 blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"c1a63a5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Risks and Challenges<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-169b3f5 blog-bullets elementor-widget elementor-widget-text-editor\" data-id=\"169b3f5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div dir=\"auto\">\n<ul>\n<li dir=\"auto\">Oracle Manipulation is Possible.<\/li>\n<li dir=\"auto\">Trading with Leverage Implies Increased Risk<\/li>\n<li dir=\"auto\">Limited trading pairs and chains supported<\/li>\n<\/ul>\n<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81f4445 blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"81f4445\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Conclusion<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f8b093 blog-text-content elementor-widget elementor-widget-text-editor\" data-id=\"8f8b093\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div dir=\"auto\">In a market flooded with trading platforms, GMX sets itself apart with its community centric approach and innovative features. With a focus on decentralization and user empowerment, GMX offers traders an alternative to centralized platforms without compromising on trading options and leverage. Its unique GLP token and community owned liquidity pool provide further incentives for user participation.\u00a0<\/div>\n<div dir=\"auto\">\u00a0<\/div>\n<div dir=\"auto\">However, like any trading platform, GMX is not without its risks, and prospective users should conduct their own due diligence. Whether you are new to the world of crypto trading or a seasoned veteran, GMX offers a range of features designed to enhance your trading experience in a secure and decentralized environment.<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-acde8c8 blog-text-content elementor-widget elementor-widget-text-editor\" data-id=\"acde8c8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><em>Sources:<\/em><\/p>\n<p><em>https:\/\/www.bybit.com\/en\/coin-price\/gmx\/<\/em><\/p>\n<p><em>https:\/\/www.cryptoeq.io\/corereports\/gmx<\/em><\/p>\n<p><em>https:\/\/www.tastycrypto.com\/defi\/gmx-platform-explained\/#:~:text=GMX%20is%20the%20largest%20decentralized,for%20traders%20and%20liquidity%20providers<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>GMX is a novel cryptocurrency spot and perpetual contract trading platform built first on Arbitrum one, an Ethereum Layer 2 solution and launched later on Avalanche blockchain. GMX is a rebrand from the now deprecated Gambit exchange.<\/p>\n<p>GMX\u2019s decentralized spot trading protocol allows investors to perform seamless cryptocurrency swaps from the comfort of their personal wallets. But, its most popular product is its decentralized perpetual contract trading platform. Perpetual contract traders could use up to 30X leverage on the GMX exchange.<\/p>\n","protected":false},"author":1,"featured_media":9455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GMX ($GMX) - Real Crypto Academy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/realacademy.io\/index.php\/2023\/12\/08\/gmx-gmx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GMX ($GMX) - Real Crypto Academy\" \/>\n<meta property=\"og:description\" content=\"GMX is a novel cryptocurrency spot and perpetual contract trading platform built first on Arbitrum one, an Ethereum Layer 2 solution and launched later on Avalanche blockchain. GMX is a rebrand from the now deprecated Gambit exchange. GMX\u2019s decentralized spot trading protocol allows investors to perform seamless cryptocurrency swaps from the comfort of their personal wallets. But, its most popular product is its decentralized perpetual contract trading platform. 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