Future of GLP Vaults ? Arbitrum & Avalanche

1

Hi,

On Arb, GLP will be “replaced” soon by GLV tokens. On Avalanche, I heard nothing similar. On both blockchains, GLP is mandatory for vesting esGMX and GLP rewards will stay at 0 for eternity.

So what is the future of “GLP Vaults” to convert esGMX to GMX on both ecosystem ?

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2

Believe its for the community to agree a course of action. If we want to kick off discussion here is a few ideas.

  1. do nothing lots of time has passed.
  2. map and give the option to vest against one of the GLVs in place of GLP, for simplicity ETH GLV and AVAX GLV on the respective chains
  3. map and give GLP depositors extra GMX based vesting option, meaning they would need GMX to vest esGMX
  4. create a new esGMX vesting vault in which any esGMX can be deposited with no other associated requirement but with a long vest out … 2-4 years?
  5. in combination with any of the four above, add an instant redeem option that allows people to send their esGMX in-exchange for 0.x GMX tokens … those GMX tokens could come from the buyback wallet. weekly distributions are reduced slightly since some is used to take in esGMX but it immediately increases everyone’s share since total esGMX+GMX comes down more agressively.
  6. could do a variation of 4 but using a system similar to the GT redeem mechanism making it an auction … i would worry while elegant this creates a lot of development overhead though that could instead go towards protocol efforts.

i’m sure there are more ideas but a few to start

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3

i support point 2 and 5 where we can allow it to be a option.

4

Good suggestions, it’s worth discussing this more.

5

I’m holding GLP tokens on Avalanche. Is there a planned migration or compensation (GLV) for Avalanche GLP holders? If yes—what is the process or contract address to initiate migration? If not currently supported—what should AVAX GLP holders do in the meantime?
Thank you!

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6

Avax was not affected ? Contracts were paused immediately so avax was fine all along.

You should be able to exit avax glp at any point

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7

It was indeed only the Arbitrum V1 deployment and GLP holders on Arbitrum that were affected, Andrew. There is no migration. You can still use your GLP in your vesting vault to unlock esGMX to GMX, but if you’re not actively doing that, the suggestion is to sell your GLP as it no longer earns yield.

8

Is there any update on GLP redemptions on Avalanche?

The stake page shows my GLP balance, but there’s no option to unstake or sell anymore. I know Arbitrum was affected by the exploit, but Avalanche wasn’t — so why is the redeem function missing?

Are Avalanche GLP withdrawals paused, or just the UI?

9

Go to the footer of gmx webpage, u will see v1 interface go there and swap to avalanche network.

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10

As junwei mentioned, you can sell your GLP via: