Crypto Exchange GMX Proposes Deployment on Coinbase's Base Blockchain
Some members of the GMX community have already voiced their support for the move.
![Derivatives trading platform GMX has a proposal to deploy on Base, a new layer 2 network started by Coinbase. (Unsplash)](https://www.coindesk.com/resizer/cz8WVeGN-npd2zbOQR3eM4xYKIE=/567x378/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/YWXU27P5NNCWLPP6V2MQBTSBYM.jpg)
Decentralized derivatives exchange GMX has the support of its community to deploy the protocol on crypto exchange Coinbase's (COIN) recently announced layer 2 blockchain, Base.
Several members of the GMX community are in favor of expanding the platform to another blockchain, according to a post on the GMX governance forum.
GMX offers spot and derivatives trading. It has $582 million in total value locked, making it the largest decentralized-finance protocol on Arbitrum, according to DefiLlama.
Base is a layer 2 blockchain that has been developed using Optimism's OP stack. It will feed into the Ethereum blockchain's main network and won't feature a native token, unlike the recently airdropped Arbitrum (ARB) token.
While the majority of GMX forum users were in favor of the exchange becoming a "first mover" on Base, others had concerns over whether the project's pseudonymous founders would need to submit identification documents to Coinbase in line with anti-money-laundering regulations.
In an interview on Bloomberg Radio, Coinbase CEO Brian Armstrong hinted that the exchange will establish know-your-customer checks when Base goes live.
The GMX token, the native token of the GMX exchange, was recently trading at $77.25. It's up almost 90% this year, according to Cryptowatch.