[GMLabs-002] GT Airdrop for GMX Stakers and GT Buyback Season 2

Proposals
1

GT Airdrop

As announced in GMLabs-001, GMX stakers will receive the first GT airdrop. Details:

  • Snapshot period: October 1, 00:00 UTC to November 1, 00:00 UTC

  • Basis: each address’s daily average staked GMX over the snapshot period

  • Condition 1: staked GMX at the end of the period must be no less than the daily average

  • Condition 2: daily average of at least 100 staked GMX

  • Allocation: 1 GT per daily-average staked GMX (1:1)

  • Source: the airdropped GT comes from the GMX Vault

GT Buyback Season 2

Season 2 of the GT buyback launches shortly:

  • Referral rewards remain at 50%–100% of GT earned by referees through trading, scaling with VIP tier

  • Each referrer’s total sellable amount is determined by the GT their referees earn through trading from the launch of Season 2

  • Buybacks run daily

Example: A holds 1,000 GT (VIP 1, 60% referral rate) and refers B1 and B2. After Season 2 launches, B1 earns 100 GT through trading. B2 earns 200 GT through LP staking, 300 GT through referrals, and 400 GT through trading.

Referral rewards apply only to trading GT, so A receives 60% × (100 + 400) = 300 GT in referral rewards. A’s sellable quota is the full 500 GT of referee trading GT. A now holds 1,300 GT and can sell up to 500 GT in the Season 2 buyback.

Fee Structure Experiment on GMTrade

GT is currently earned through trading, referrals, and LP staking, so every participant on GMTrade (GMX Solana) is a GT holder. To fully align their interests and accelerate the GT buyback flywheel, GMTrade will run a new fee structure for the duration of Season 2:

  • Trading fees will be increased

  • 99% of protocol fees → GT buyback

  • 1% → LPs

LPs continue to earn GT through LP staking, and benefit directly from a stronger buyback.

1 Like
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What determines whether GT points are sellable?

Will the airdropped GT points be sellable to the buyback, or only at GT TGE?

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You earn a sellable GT quota by referring traders on GMTrade (Solana); this will currently be the only path to sell your GT into the buyback.

As the GT points will be airdropped to GMX Stakers on EVM (non-Solana) chains, they will not be directly sellable into the buyback on Solana. This would require GT to be bridgeable first; a solution for that is being worked on.

4

GMX Vault currently holds 9,477,770 GT and avg. staked GMX+esGMX is ~7,4M. So a large proportion of the vault holdings be airdropped, leaving only ~2M GT left for future use? How will the airdrop even work if GT is not yet a token, but just acounted points. Will GMX stakers be able to bridge this “airdrop” to solana and cash out by selling it somehow?

It would be a big mistake to allow GT to be sold only by referrals. Buybacks should be available to anyone for true market price discovery. Another major concern is the reduction of LP fees to 1%. Such restrictions and changes could reduce the usage of the protocol and cause even more damage to the downward trend in TVL.