GMX burn to esGMX; esGMX max MP

Proposals
1

Hi,
I have 2 propositions.

  1. increese fee of sell GMX trx by 1% (or different %)
    use this funds collected by 1% to buyback and burn GMX
    burning GMX will mean that instead of burned GMXs will be created esGMX that will be used for rewarding stakers or used for other purpose like developing GMX platform.
    This will lead to decrese number of GMX that are available on market, reward stakers and will set double thinking for sellers.

  2. set max MultiplierPoints per esGMX.
    My concern about esGMX is that this can destroy project.
    in long term if there will be many never vested esGMX could lead to GMX very small % of reward for stakers.
    To prevent this situation there could be set max capacity of MP per esGMX.
    For example max 2 MP per 1 esGMX.
    This will help project in way that there will be more preasure to vest esGMX wich will lead to block GMX and GLP on platform for vesting.

2

Hi,

  1. We do have quite a bit of GMX received as fees from the 1% trading fee on Uniswap, agree that we can use that to lengthen the duration of esGMX rewards. For raising the fee, Uniswap currently only allows configurations of 0.05%, 0.3% or 1%, so we cannot change that, also I think having a more than 1% fee might discourage some buying and some volume

  2. That is possible, I also think allowing a conversion of esGMX to GMX at a 10:1 ratio as mentioned in Adding ESGMX Liquidity could help here, short term holders who are not vesting will likely unstake and burn the MPs to do the conversion

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3

The 1% trading fee is high enough as it is. It’s a small barrier that discourages swing traders, but doesn’t really negatively affect trade volume I expect.

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