Recap of the Previous Two Weeks
AVAX GM Received Last Disbursement: N/A
AVAX GM Utilized as Incentives in the Last Two Weeks: $228955.19 (699413.66 GM AVAX+ Tokens)
Liquidity Incentive: $173,757.94 (167,016.66 GM AVAX+ Tokens)
Trading Incentive: $55,197.25 (53,23917.880464736507479.66 GM AVAX+ Tokens)
Contracts incentivized over the last 2 weeks:
| Contract Address | Contract Label |
|---|---|
| https://snowtrace.dev/address/0xB7e69749E3d2EDd90ea59A4932EFEa2D41E245d7 | ETH-USDC GM Pool |
| https://snowtrace.dev/address/0xFb02132333A79C8B5Bd0b64E3AbccA5f7fAf2937 | BTC-USDC GM Pool |
| https://snowtrace.dev/address/0x8970B527E84aA17a33d38b65e9a5Ab5817FC0027 | DOGE-USDC GM Pool |
| https://snowtrace.dev/address/0xd2eFd1eA687CD78c41ac262B3Bc9B53889ff1F70 | SOL-USDC GM Pool |
| https://snowtrace.dev/address/0xA74586743249243D3b77335E15FE768bA8E1Ec5A | LTC-USDC GM Pool |
| https://snowtrace.dev/address/0xD1cf931fa12783c1dd5AbB77a0706c27CF352f25 | XRP-USDC GM Pool |
| https://snowtrace.dev/address/0x913C1F46b48b3eD35E7dc3Cf754d4ae8499F31CF | AVAX-USDC GM Pool |
| https://snowtrace.dev/address/0x913C1F46b48b3eD35E7dc3Cf754d4ae8499F31CF | AVAX GM Pool |
| snowtrace.io/address/0x3ce7BCDB37Bf587d1C17B930Fa0A7000A0648D12 | BTC GM Pool |
| https://snowtrace.io/address/0x3ce7BCDB37Bf587d1C17B930Fa0A7000A0648D12 | ETH GM Pool |
AVAX left over: 1610.71
Plan for leftover Avax: Continuing with Liquidity Incentives, Trading Incentives, and Grants Incentives campaign.
Summary of incentives:
Liquidity Incentives
GMX V2 works with a range of highly liquid pools that facilitate all perpetual and spot trading activity. These GM pools are yield-generating, capital-efficient and composable with other protocols: they form a robust DeFi base layer for the Avalanche ecosystem.
Pools
Avax GM Liquidity Incentives
| GM Pool | AVAX amount (epoch 3, July 17-23) | AVAX amount (epoch 4, July 24-30) |
|---|---|---|
| AVAX | 800 | 800 |
| AVAX (single-asset) | 800 | 800 |
| BTC | 400 | 400 |
| BTC (single-asset) | 480 | 480 |
| ETH | 240 | 240 |
| ETH (single-asset) | 240 | 240 |
| DOGE | 40 | 40 |
| XRP | 40 | 40 |
| SOL | 120 | 120 |
| LTC | 40 | 40 |
| Total | 3200 | 3200 |
Details of the liquidity incentives:
- The existing dual-asset AVAX, BTC, ETH, XRP, DOGE, SOL, and LTC pools of GMX V2 on Avalanche are eligible for liquidity incentives. These incentives boost the native rewards based on pool fees.
- Coinciding with the GMX Summer Rush program, GMX is launching new single-asset GM pools on Avalanche (similar to those recently launched on Arbitrum). These single-sided liquidity pools have just one token backing the market on both the Long and Short sides. There is no stablecoin component to these liquidity pools.
- These newly launched single-asset GM pools for BTC, ETH and AVAX also receive liquidity incentives, to help bootstrap healthy markets quickly.
- Please note: all Boost incentives from the Avalanche campaign will be paid out as gmAVAX+ tokens. These gmAVAX+ tokens are regular AVAX tokens actively providing liquidity to the single-asset AVAX/USD [WAVAX] pool on GMX. (You can find this AVAX/USD [WAVAX] pool in the list of GM pools in the GMX dApp.)
- Incentives for GM liquidity providers are allocated based on weekly epochs, which start on Wednesday at 00:00 UTC. Every epoch, a set number of rewards will be allocated per GM pool.
- A time-weighted average of users’ GM balance is taken for the whole week to calculate proportional rewards.
- Rewards will be airdropped directly to GM holders’ wallets after each weekly epoch. Please note that there is a threshold of 0.1 AVAX to qualify for the airdrop.
- The APY and other information shown on the Earn/Pools page are rough estimates; actual rewards depend on the final calculations at the end of each epoch.
- The amount of rewards for each epoch and the conditions for distribution under this program may be amended from time to time, to ensure they meet the campaign goals in the most cost-effective way.
Trading Incentives
- The GMX Summer Boost fee rebates can cover almost the total cost of GMX’s base trading fees, especially when combined with a GMX referral-code fee discount (though never cover more than that).
- Trading incentives will be paid out as gmAVAX+ tokens, against all qualifying trades during the weekly epoch.
- The trading fee rebate will be airdropped pro-rata at the end of each epoch. Please note that there is a threshold of 0.1 AVAX to qualify for the rebate airdrop.
- Trading fee rebates will be capped during the epochs, to balance supply and demand. If the rewards cap for the epoch has been reached, the actual rebate could end up being less than the maximum rebate percentage of 75%.
- In the 3rd week of trading incentives, we distributed approximately 22,004.99 GM AVAX+ Tokens AVAX to 170 traders.
- In the 4th week of trading incentives, we distributed approximately 31,474.67 GM AVAX+ to 184 traders.
- In weeks 3rd and 4th, we distributed 53479.66 GM AVAX to 354 traders.
Funds are also being reserved for ecosystem grants and trading competitions on Avalanche.
Additional Info / Disclosures to Multisig: N/A
STATS
Average daily TVL:
- Overall: $60,978,704.23
- V2: $28,202,127.12
- V1: $32,777,461.50
Average daily transactions:
- Overall: 825
Average daily volumes:
- V2: $9,014,415
- V1: $7,600,257
Number of unique user addresses:
- Overall: 20,943
- V2: 7,836
- V1: 13,107
Link to Dashboard showing metrics: https://dune.com/gmx-io/gmx-analytics
Plan For the Next Two Weeks
Amount of AVAX GM to be distributed: $375,840 (worth of GM AVAX+ Tokens)
Liquidity Incentives: $167,040 (worth of GM AVAX+ Tokens)
Trading Incentives: $208,800 (worth of GM AVAX+ Tokens)
Contracts that will be incentivized:
| Contract Address | Contract Label |
|---|---|
| https://snowtrace.dev/address/0xB7e69749E3d2EDd90ea59A4932EFEa2D41E245d7 | ETH-USDC GM Pool |
| https://snowtrace.dev/address/0xFb02132333A79C8B5Bd0b64E3AbccA5f7fAf2937 | BTC-USDC GM Pool |
| https://snowtrace.dev/address/0x8970B527E84aA17a33d38b65e9a5Ab5817FC0027 | DOGE-USDC GM Pool |
| https://snowtrace.dev/address/0xd2eFd1eA687CD78c41ac262B3Bc9B53889ff1F70 | SOL-USDC GM Pool |
| https://snowtrace.dev/address/0xA74586743249243D3b77335E15FE768bA8E1Ec5A | LTC-USDC GM Pool |
| https://snowtrace.dev/address/0xD1cf931fa12783c1dd5AbB77a0706c27CF352f25 | XRP-USDC GM Pool |
| https://snowtrace.dev/address/0x913C1F46b48b3eD35E7dc3Cf754d4ae8499F31CF | AVAX-USDC GM Pool |
| https://snowtrace.dev/address/0x913C1F46b48b3eD35E7dc3Cf754d4ae8499F31CF | AVAX GM Pool |
| snowtrace.io/address/0x3ce7BCDB37Bf587d1C17B930Fa0A7000A0648D12 | BTC GM Pool |
| https://snowtrace.io/address/0x3ce7BCDB37Bf587d1C17B930Fa0A7000A0648D12 | ETH GM Pool |
Mechanism for distribution of incentives: Distributed via airdrop as AVAX GM liquidity pool Tokens
Summary of incentives plan: We plan to disburse 83,520 worth of GM AVAX+ Tokens during Epoch 5 and 83,520 in Epoch 6 for liquidity incentives. As for the trading incentives, based on the current trading activities, we will disburse $104,400 worth of GM AVAX+ 5th week, followed by $104,400 worth of GM AVAX+ in the 6th week.
Summary of changes to the original plan: N/A