A Year in Review: Bidding Farewell to 2023 with HMX

Dragons,

The past year stands as a testament to our dedication to innovation, community growth, and the unwavering pursuit of excellence in the decentralized perpetual trading sector. As we bid farewell to another transformative year, it’s time to reflect on the incredible milestones and advancements that have shaped the journey of HMX.

📊 Usage Statistics: Embracing Growth and Adoption

One of the most exciting aspects of our journey has been witnessing the exponential growth of HMX. In the past year, we’ve seen a staggering increase in trading activities, solidifying our position as a pioneering force in the decentralized derivatives trading platform, with over $9 BILLION DOLLARS in total trading volume.

This surge in trading volume reflects the trust and confidence our community places in our vision and technology. While we are very proud of the trading volume HMX was able to support, trading volume was not the only thing that experienced growth. In 2023, HMX has:

• Supported over $9.5B in Total Trading Volume
• Achieved over 5,300 unique users
• Supported over 100,000 trades
• Accumulated over $27M in protocol TVL
• Accumulated over $24M in $HLP AUM

These numbers stand as a testament to the reliability and efficiency of our network, laying a solid foundation for future growth and innovation. We’d like to extend our gratitude towards everyone who played a part in this.

🧑‍💻 Feature Releases: Pushing Boundaries and Enhancing User-Experiences

The year 2023 was a monumental year of growth for HMX. This growth can be attributed to our ongoing development of features. Since the our Full-scale Launch in August, we have consistently delivered numerous features, with over 230+ frontend update releases & 12,600+ GitHub commits.

Let’s take a trip down memory lane to highlight the major features we have released this year, which have played a crucial role in HMX’s exponential growth as the platform it is today.

August 2023:

Progressive Web Application: Offer an app-like experience for mobile users, mimicking an experience of trading on a CEX application without losing the benefits of decentralization. This feature was made specifically for traders who like to trade on-to-go.

September 2023:

Referral Program: Create an incentive program that targets users, influencers, and KOLs. The goal is to encourage them to onboard more potential traders to the protocol. This can be achieved by offering rebates to referrers and discounts to new users.

October 2023:

Improvement on Execution Time: revised our order execution engine, resulting in a significant improvement in transaction execution time. The process is now almost instantaneous, which further reduces the gap in trading experience between HMX and centralized platforms.

November 2023:

HLP Composition Adjustment: Re-adjusted the HLP composition to include GMX’s $GM tokens, which allows for capturing higher yields through Arbitrum’s Short Term Incentive Program (STIP). Since the adjustment, HLP’s APY has consistently ranged between 40% and 50%.

Customized Index Market: We have developed the first-ever on-chain customized index market (CIM). Our initial CIM is $DIX, which has a composition similar to that of US Dollar Index (DXY).

December 2023:

Adaptive Trading Fees: The Adaptive Trading Fees’ purpose is to simulate the price impact that would occur when executing trades on an order book. This feature enables HMX to list smaller cap tokens while also providing protection for HLP depositors against potential price manipulation in assets with limited liquidity.

⛓ Integrations: Alliance for Decentralization:

This year, HMX embarked on an exciting journey of rebranding and relocation to our new homebase on Arbitrum. Since the launch, we have not only expanded our reach but also forged valuable friendships and strategic alliances along the way. It is with great pride that we announce HMX’s integration with over five innovative protocols:

• Pendle: Yield Protocol
• Stella: Leveraged Yield Farming Protocol
• Penpie: Boosted Yield Protocol
• Equilibria: Boosted Yield Protocol
• Vaultka: Leveraged Yield Farming Protocol

All of these protocols present a unique opportunity for HMX users to maximize their earnings, with HMX. For more information on these additional earning opportunities, please check out our Docs here.

In November, we launched a marketing campaign called “Alliance for Decentralization.” As part of this campaign, HMX and its partner protocol distribute a free-mint 3D animated NFT to users who have interacted with both platforms during the specified time period. The NFT campaign serves as a reminder for users to protect themselves from centralized risks by going onchain, while also symbolizing the alliance between HMX and its partners.

🔮 What to Expect Next Year: A Glimpse into the Future

We have many interesting developments planned for 2024. Next year, we will unveil the horizon of possibilities for HMX, including cross-chain expansion, intent-based architecture, and HMX v2. We hope you can continue to follow us on our journey towards the forefront of the decentralized derivatives trading sector.

As we enter the new year, we’d like to remind you that we remain committed to engaging with our users and being open to feedback, and will maintain our resilience, as we continue to push HMX as the premier decentralized derivatives trading platform.

We extend our heartfelt gratitude to our dedicated community, whose unwavering support has been the driving force behind our success in 2023. Thank you for being part of this incredible journey. Together, let’s continue to redefine the future and possibilities of decentralized derivatives trading!

Official HMX Links 🐉:

Below are the official links for HMX:

Website │ Twitter│ Telegram │Telegram Announcement│ Medium│ Discord