The GMX community voted to distribute the GLP distribution in the form of GLV. Contracts have been prepared, funds are being prepared for distribution and an interface for claiming is being finalized.
With approval from the GMX Security committee and utilizing the same mechanism supporting USDC distributions for integrations, a window is being provided for community members to elect to receive USDC prior to the conversion and distribution being initiated.
In any case after this window, distributions of GLV are not locked and freely converteble into stables or any other assets after the distribution is claimed.
This is mainly an option for convenience for users and integrations who are planning to redeem the GLV for USDC.
Users who are entitled to the distribution can indicate their preference on whether they would want to receive USDC directly instead of GLV.
This indication can be done by sending a zero value transaction to the GMX DAO Treasury at https://arbiscan.io/address/0x4bd1cdAab4254fC43ef6424653cA2375b4C94C0E, more info on the full steps below.
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Full steps:
1. In your wallet, select the option to send ETH
2. Enter the recipient address as 0x4bd1cdAab4254fC43ef6424653cA2375b4C94C0E
3. Select the Arbitrum network
4. For the ETH amount, key in: 0
5. Confirm the transaction
6. Check https://arbiscan.io/address/0x4bd1cdAab4254fC43ef6424653cA2375b4C94C0E, the transaction from your address should appear near the top in the list of “Transactions”
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Users have until 3 Aug 2025, 12pm UTC to indicate this preference. Once this time has passed, all remaining funds would be converted to GLV for distribution, and this option on preference would no longer be available.
Please reach out on Telegram ( Telegram: View @GMX_IO ) or Discord ( GMX ) if any help is needed with sending the transaction.
If reaching out for support, please be reminded that moderators will never send you a direct message first.
If you post a message requesting for assistance in the above links, moderators will either reply to you directly in the community group, or request that you first send them a direct message for further assistance.
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Important Notes:
1. Any users who send this transaction, to indicate they want to receive USDC, will receive their distribution as USDC instead of GLV
2. Users who receive USDC for the distribution will not receive a share of the additional $500k GLV incentives, this will be distributed to GLP holders who receive GLV and keep the distributed GLV for at least 3 months
3. The transaction must be sent by the same account holding the GLP
4. The transaction must be sent on the Arbitrum network
5. Users who want to receive GLV do not need to follow any of these steps, GLV will be made claimable by default and without any further action
6. The date when GLV or USDC will be claimable will be similar, there will not be any significant difference in timeline
Do note that in case the timeline for indicating a preference is missed, GLV will still be claimable and redeemable immediately, there is no lock on the GLV.
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For integrations, the process would be:
1. Public confirmation of where the distributed assets should be received, and whether it should be GLV or USDC
2. Public confirmation of the distribution policy
3. Claiming from the claims contact (GLVs or stables as determined)
4. Signing a release which absolves the GMX DAO of responsibility of claims from them and users of their vaults
