GMX DAO Vote on Potential Token Issuance for Strategic Institutional Partnerships

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1. Current Status of GMX | GMX 现状

Over the past year, GMX has maintained its leading position in decentralized derivatives. The protocol’s total value locked (TVL) is approximately $670m, with $520m on Arbitrum and $37m on Avalanche. In the last 30 days, GMX recorded $7.49b in perpetual trading volume, $200m in spot volume, and $290m open interest (OI). The protocol generated $5.9m in fees during this period, of which $2.18m counted as protocol revenue. Cumulative trading volume has surpassed $288b, with $147m in lifetime protocol revenue.
On the token side, GMX’s market cap is around $165m, with approximately 63.5% staked. In July 2025, GMX V1 experienced a $42m reentrancy incident, but most funds were recovered through white-hat negotiation and bug bounties. V2 was not affected.

过去一年，GMX 继续保持在去中心化衍生品领域的领先地位。协议总锁仓量（TVL）约 6.7 亿美元，其中 Arbitrum 占 5.2 亿，Avalanche 约 3700 万。近 30 天内，GMX 永续合约交易量约 74.9 亿美元，现货交易量 2 亿美元，未平仓合约（OI）约 2.9 亿美元。在费用与收入方面，过去 30 天协议产生 590 万美元费用，其中 218 万美元 计入协议收入。历史累计成交额已超过 2880 亿美元，协议累计收入 1.47 亿美元。
代币层面，GMX 总市值约 1.65 亿美元，约 63.5% 的代币被质押。2025 年 7 月，GMX V1 曾遭遇约 4200 万美元的再入侵漏洞，但在白帽返还与漏洞赏金后，大部分资金追回，V2 未受影响。

  1. Strengths of GMX | GMX 的优势

  • Tokenomics Proven: Fee distribution model is sustainable without relying on inflationary incentives.

  • Stable LP Model: V2 GM pools with isolated risks; diversified revenue sources (fees, funding, borrowing).

  • Robust Risk Management: Chainlink-based pricing, audits, bug bounty, and insurance fund.

  • Market Leadership: Core derivatives protocol on Arbitrum and Avalanche with first-mover advantage.

  • 代币经济学跑通：费用分配机制已被验证长期可持续，不依赖额外代币激励。

  • LP 模式稳定：V2 引入 GM 池与风险隔离，收益来源多元（手续费/资金费/借贷费）。

  • 风控成熟：基于 Chainlink 指数价格与多重审计，叠加保险基金与漏洞赏金。

  • 市场领先地位：成为 Arbitrum 和 Avalanche 生态核心衍生品协议，具备先发优势与用户粘性。

3. Weaknesses of GMX | GMX 的短板

  • Growth Ceiling: Organic community growth alone limits scalability; institutional partners are required.

  • Lack of Institutional Endorsement: Fewer partnerships with major financial/regulated institutions.

  • Product Limitations: Interface lacks advanced features for professional/quant traders (reporting, APIs).

  • 增长天花板受限：依靠社区流量难以突破，需要机构型合作伙伴。

  • 背书机构不足：缺乏更多知名金融机构与合规资管背书。

  • 产品体验不足：交易界面对专业交易员支持不够，如报表工具、风控 API 等。

4. Eligible Voters | 投票对象

  • 4.All GMX holders
    全部 GMX 持有人

5. Voting Options | 投票选项

  • Option 1: Status Quo
    No new token issuance. Any external institution must purchase GMX on the open market if they wish to join.

    选项 1：保持现状
    不进行代币增发。任何外部机构若希望入股或参与合作，需在二级市场自行买入 GMX 代币。

    Option 2: Token Issuance (1m–2m GMX)
    Issuance of 1–2m GMX to strategic partners at 130% of the 30-day average price.
    Proceeds allocation:

    • 30%: Insurance Fund

    • 30%: Development & Audits

    • 40%: Marketing & Global Growth

    • 30%: Airdrop compensation to existing GMX holders

    选项 2：增发 100–200 万枚 GMX
    为合作机构定向增发，入股价格为 过去 30 天 GMX 平均价格的 130%。
    增发资金分配：

    • 30%：注入保险基金

    • 30%：开发投入与审计

    • 40%：市场活动与全球推广

    • 30%：空投补偿现有 GMX 持有人

6. Purpose of Proposal | 提案目的

  • This vote will decide whether GMX DAO maintains the “market-based acquisition” model or adopts a “token issuance + institutional entry” approach to bring in leading partners (e.g., Binance, OKX, Bybit, Gate, Bitget). The decision will shape GMX’s strategic direction going forward.

    通过本次投票，GMX DAO 将决定是坚持“市场化自购”模式，还是以“增发+机构入股”模式快速引入头部合作伙伴（包括 Binance、OKX、Bybit、Gate、Bitget 等）。这将直接影响 GMX 的未来战略路径。

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Dont think token issuance is the way to go, but i do think that bringing in institution would help greatly especially in terms of liquidity.

Maybe the team can comment better on current plans but 1-2M gmx is certainly inflationary to issue. Rather spend that amount on incentives to push for more GLV liquidity.

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Although we are a decentralized project, we actually resemble a startup more. If someone is willing to purchase newly issued shares at a premium, it should not be considered inflation, since they are putting in real capital to buy in.It’s very populor in stock market

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i get where you are coming from, but numbers seems abit unrealistic given the fact that we arent sure if there is even a buyer that wish to buy 1m gmx upfront at 30% premium….

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No need to overthink this — if GMX DAO shows this intent, it makes external negotiations much easier. Otherwise, the DAO itself would have no mandate to negotiate. If a deal is reached but then later rejected by the DAO, that would be quite absurd.

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Agree with this, and definitely a yes with my wallets if we can find such institutional partners

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Institutional entry is achieved by introducing leading partners (such as Binance, OKX, Bybit, Gate, and Bitget). If any of the above companies want to deploy truly decentralized Perps, funds have never been their scarce resource, but truly good products, and this product has no need to destroy the current mature token economics. Moreover, GMX is already cheap enough in the secondary market. Now all large GMX holders are in a loss-making state, and any interested institution can purchase GMX at a lower cost and build the GMX ecosystem together.

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An important point is that if an institution wants to buy 1 million GMX, I feel that even if they pump the price, they 100% won’t be able to buy them all. The liquidity is too poor.

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I don’t think there should be new token inflation. Projects that did it in the past (Yearn) got killed price-wise.

It is of course good to bring institutions onboard and now the GMX token price is so low, I guess it’s easy for them to build up a position over time.

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12

nobody wants to pay market price lol got to love it

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13

I have the opposite thinking that we have too deep liquidity that actually reduce the price mooning mission

In any case, I’m with the DAO, do telegram me as DAO would like to discuss with you on faster chatting on telegram before we propose any votes :slight_smile:

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maybe,you should think as a cex,not a gmx holder，you will know what to do

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are you kidding me?100wu buy in,gmx up 10%,that’s you say deep?

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would be better if its more volatile.
anyway i dropped you a telegram message as it is easier and faster to chat there.
my fellow contributors also like your thoughts
can you please check your telegram message from me?

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通过本次投票，GMX DAO 将决定是坚持“市场化自购”模式，还是以“增发+机构入股”模式快速引入头部合作伙伴（包括 Binance、OKX、Bybit、Gate、Bitget 等）。这将直接影响 GMX 的未来战略路径。

如果能引入实力机构，尽管会让当前持有者受损增发量，但也能做大增量，我认为可行，前提是合作伙伴可靠。

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Hi! would like to have most or all the suggestions to be in the mother of all proposal thread.

1 Like