[GMLabs-003] Solana Revenue Buybacks and 180-Day Unstaking Timelock

Proposals
1

Summary

To better unify GMX’s fee structure across the protocol and reward loyal users, two changes are planned to take effect on October 28:

  • All remaining Solana-side protocol revenue after GT buybacks will be used to buy back GMX, with the purchased GMX added to the staking rewards pool

  • A 180-day unstaking timelock for GMX and esGMX on Arbitrum and Avalanche

Background

Following the consolidation outlined in GMLabs-001, GMX operates as one unified protocol. The next step is to further align its fee structure and rewards across ecosystems.

These changes are intended to connect Solana-side activity to GMX staking rewards and strengthen incentives for users who remain committed to the protocol.

Solana Revenue Buybacks

GMX plans to begin directing all remaining Solana-side protocol revenue after GT buybacks toward GMX buybacks on October 28. All purchased GMX will be added to the staking rewards pool.

GT buybacks will continue, while the remaining protocol revenue will support GMX buybacks and staking rewards, further aligning Solana-side activity with the unified GMX protocol.

180-Day Unstaking Timelock

A 180-day unstaking timelock is planned to take effect on October 28. Once effective, users will need to submit an unstaking request and wait 180 days before withdrawing their staked GMX or esGMX.

  • Scope: existing and new GMX and esGMX staking positions on Arbitrum and Avalanche

  • Timelock: 180 days from submission of the unstaking request

  • Staking Power: submitting an unstaking request remains subject to the existing 80% rule for forfeiture of Staking Power and eligibility for associated rewards

  • Cancellation: pending unstaking requests can be cancelled

No on-chain staking rewards are currently distributed. Time already spent staking before submitting a request does not count toward the timelock. Existing staking positions do not require migration.

Timeline

This proposal is being announced on October 21, with October 28 as the planned effective date, subject to implementation readiness.

2 Likes
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Will this proposal be put to a vote? If not, why? I sure token holders have questions about the 180-day unstaking timelock.

2 Likes
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It’s really a bad idea to introduce such a ridiculous long unstaking timelock.

1 Like
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Why are GMX’s most committed holders being treated the worst?

Stakers are this protocol’s strongest supporters, yet each change leaves them worse off.

First, staking rewards were suspended until the price reaches $90, roughly a 10x from here.

Now a six-month lock is proposed on top of that. It would tie up about half the GMX supply, worth around $45M.

A change this big deserves proper notice, open debate and a vote. Instead we get 7 days and no vote at all.

So what is the point of staking? Stakers get no say in decisions and face worse terms than non-stakers. Non-stakers benefit from the same buybacks with no lock at all.

1 Like
5

Your recent decisions give me the impression that you’re deliberately pushing GMX holders to give up their tokens in order to consolidate control over the protocol. How is this supposed to benefit long-term holders?

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6

Completely agree with the sentiment here. What exactly is the point of holding GMX anymore? We aren’t given rewards, just some hopium that in the future when the price 10x we will get something. Now we are locked in for half a year? Can someone please explain how this incentivizes people to use this platform, purchase GMX and hold it long term?