Pantera Capital Portfolio Manager Says GMX and One Additional DEX Coin Will Outperform Uniswap (UNI)

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An executive from digital assets investment firm Pantera Capital is predicting that GMX and one other decentralized exchange (DEX) altcoin will soon begin to outperform and steal value away from Uniswap (UNI).

Portfolio manager Cosmo Jiang says in a thread on the social media platform X that decentralized perpetual trading platforms GMX and dYdX are set to outshine Uniswap by having clearer token value accrual mechanisms.

Jiang says that Uniswap’s new fee structure may end up benefiting Uniswap’s stakeholders more than its users. He suggests a token’s value should derive outside of such fees, and predicts a major trend shift in the DEX ecosystem.

Says Jiang,

“Uniswap Labs is welcome to do what they need to do what they choose to create value for their stakeholders. This isn’t a judgment on that.

As a fundamentals-focused investor though, I care deeply about if a token accrues value…

In general, I’m already bullish these secular trends:

  • DEX taking share from CEX
  • Perps (perpetual futures) taking share from spot.

The UNI news just makes me even more bullish on perps tokens that do have fundamental value.”

Uniswap is trading for $4.22 at time of writing, up 3.6% in the last two weeks. Meanwhile, GMX is trading for $40.44 at time of writing, up 12.4% in the last two weeks. And dYdX is worth $2.47 at time of writing, up 28.2% in the last two weeks.

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