Surprisingly, this exchange is doing well. Even their NMX token is doing good despite of the market crash.
Honestly, i am utterly dumbfounded about this. It's like NMX would have been decoupled from rest of the markets and doing their own thing. Maybe they have something more planned behind the scene, because right now only use case for this (beside farming) is lower trading fees and i don't think that explains the price action.
Then again price action doesn't need to make sense and this might just be one of those cases.
Some tokenomics can survive both the bear and bull market. Out of most of the altcoins in last bear market, BNB thrive so well. The team token was locked religiously and an unprecedented token burn at ridiculous amount throughout the year. Similar token management is engaged with nominex.