GMGN review

GMGN began as a site for tracking smart money and profitable wallets on Solana, then expanded into a full trading platform. Today it runs as both the gmgn.ai web terminal and a family of Telegram bots that share one wallet and one referral system, spanning nine-plus chains, among them Solana, Ethereum, Base and BSC.

DefiLlama files GMGN under the Telegram Bot category, even though the web app now carries most of its activity. That filing choice matters for anyone comparing category rankings: GMGN's web volume sits inside a category label built for chat-based bots, not standalone terminals.

The core feature set carries over from GMGN's origins as a tracking tool: wallet monitoring, KOL (key opinion leader) wallet feeds, and smart-money signals sit alongside the trading functions. Sniping and copy trading are available from either the web terminal or the Telegram bots, and a trade started in one interface uses the same wallet as the other.

Because the wallet and referral system are shared across the whole GMGN family, a trader can move between the web app and a Telegram bot without managing separate balances or separate referral links.

GMGN charges a flat 1% per transaction, with no other platform charges layered on top, per its own documentation. That rate sits at the category's standard level: LAB Terminal charges less, and Axiom's cashback tiers can bring its net rate below 1% for high-volume traders.

The referral program is documented in detail for referrers: docs describe a rebate between 10% and 30% of the fees generated by people a referrer invites. What the docs do not confirm is any discount for the invitee. Promotional material elsewhere sometimes implies invitees save on fees too, but that benefit is not verified in GMGN's own documentation, so it should not be presented as guaranteed.

Our live numbers for GMGN come from tracking inflows to its fee wallets. DefiLlama's revenue line for GMGN nets out roughly 16% that gets paid back out to referrers, so the platform's own retained fee is lower than the 1% headline rate suggests on its own.

The multi-surface design, one web app plus several bots, means a trader's security depends on how carefully each surface is used. Wallet and KOL tracking are read-only signals, not custody features, and they do not change the risk of the tokens a trader chooses to buy.

GMGN's flat 1% fee applies from the first trade, with no volume threshold to climb, unlike Axiom's tiered cashback that only reaches its lowest 0.75% rate at high volume. Trojan charges the same 1% headline rate as GMGN but ties its cashback to gamified ranks rather than raw volume. On chain coverage, GMGN reaches further than Solana-only rivals like Photon and Trojan, covering Ethereum, Base and BSC as well.

The trade-off for that reach is the referral picture: Axiom's docs commit to a specific invitee discount, while GMGN's docs stop at the referrer's side of the equation. A trader choosing between the two on referral terms alone has clearer footing with Axiom.