Establishment of GMX Reserve on Solana

Proposals
1

Summary

This proposal outlines the steps taken to establish the GMX Reserve for GMX Solana, secure initial GMX liquidity, and prepare for GMX bridging to the Solana network. The operation ensures that GMX Solana Treasury bears no funding risk while preserving the long-term alignment of the GMX and GM ecosystems across Arbitrum and Solana.

GMX Solana launched on March 12, 2025, marking a significant milestone in GMX’s multichain expansion strategy. Since launch, GMX Solana has demonstrated strong early traction and network adoption, with

  • $2.58 Billion in cumulative trading volume

  • 2,098 unique users participating

  • $1.17 Million in total fees generated

This showcases the initial product-market fit for GMX on Solana and validates the demand for a GMX in the Solana ecosystem.

Execution Steps

  1. Iceberg Order Purchase

  • Amount: $500,000USDC

  • Outcome: 49,783 GMX purchased

  • Average Price: $10.04 per GMX

  • Execution TX: Arbiscan TX Link

  1. Custody & Transfer

  • GMX purchased has been temporarily held by the GMX Treasury (via Tally multisig) on Arbitrum.

  • GMX Solana Treasury transferred $500,000USDC via its 5/7 multisig

  1. Bridging Preparation

  • Upon completion of GMX bridging support to Solana, the custodied GMX will be transferred to the GMX Solana Treasury.

  • The Solana Treasury will use the GMX to acquire GM via the GM:GMX-USDC pool, strengthening protocol liquidity and alignment. This pool doesn’t exist yet, and will have to be created once the bridge and messaging proposal passes through a vote.

Proposal Overview

This proposal seeks formal alignment of the newly acquired GMX tokens on Arbitrum with the GMX-Solana Treasury for strategic deployment on Solana.

A recent Arbiscan transaction confirms that over $500,000 worth of GMX was purchased from the open market and has now been secured by the GMX Treasury.

These tokens are planned to be bridged to Solana and will support long-term ecosystem incentives and DAO-aligned initiatives.

You can verify the treasury-controlled address on Solana: Solana Address: FUiMLUZzoXspWrSFES2mzhJhm6GPDmLNH8AttJs2sq88

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2

Support the establishment of GMX - USD pools!
Once this is up and running well in GMX-solana, would love to see this one day in EVMs

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