GMX Delegate Statement Template

Proposals
1

We’re excited to announce that nominations for the GMX Delegation are now open. In light of the launch of GMX’s on-chain governance, we invite community members, core contributors, ecosystem projects, protocol LPs, traders, and governance experts to self-nominate themselves to become delegates.

Delegate Application Form

Name (organization or individual)

Wallet Address or ENS:

Tally Profile URL : (add your profile link here)

Please refer to this video before creating a Tally profile:
Become a Delegate on GMX and Delegate to Yourself | Loom

Step-by-step instructions for nominating yourself as a GMX delegate on Tally can be found in this Google document

Are you a service provider?

Yes / No

If yes, please do not apply, as we are not looking for Service Provider delegates at this time.
Instead, contact Saurabh on Telegram: @Saurabhd1.

*Do you understand that delegate incentives will not be available for the first 6-8 months? We *

  • plan to incentivize delegates once we have gathered enough data, likely in the next 8-12 *
  • months?*

Yes / No

What area are you most interested in contributing to? choose up to two tags:

  1. Defi
  2. Perp Dexes
  3. Infrastructure & Protocol
  4. Dao Governance
  5. Developer Tooling
  6. Grants & Public Goods Funding

Introduction:
Please provide a brief introduction about yourself, your background, and your involvement in
the crypto and DeFi space.

Motivation:
Why are you interested in becoming a delegate for GMX governance? What motivates you to
actively participate in GMX governance?

Sample Voting Issues

Sample Voting Issue 1

In February 2024, a governance proposal was posted in the Uniswap Governance forums, where the Uniswap Foundation proposed a large-scale upgrade to Uniswap protocol governance to incentivize active, engaged, and thoughtful delegation. This proposed fee mechanism rewards UNI token holders who have delegated and staked their tokens. For background, Uniswap is one of the leading DEXs across all EVM ecosystems. The link to the proposal could be found here (Link).

If you were a delegate, how would you vote on the proposal?

a) Yes

b) No

Please provide a reason for your vote of yes/no to the proposal.

Sample Voting Issue 2

In March 2024, a governance proposal was put to a vote in the Arbitrum Governance, where Savy DAO introduced the STIP Bridge proposal. The aim of this proposal is to sustain and enhance Arbitrum’s market leadership by extending support to key protocols amidst intense competition from other Layer 2 solutions. The proposal suggests that the protocols funded in the STIP and STIP Backfund should be eligible for funding requests of up to 50% of their prior funding, based on the impact created by them in STIP. Here’s the link to the proposal:(Link)

If you were a delegate, how would you vote on the proposal?

a) Yes

b) No

Please provide a reason for your vote of yes/no to the proposal.

4 Likes
2

Looking forward to seeing who else is interested in becoming a GMX delegate and representing the community :blue_heart:

4 Likes
3

Name: PGov

Wallet Address or ENS: PGov.eth
Tally Profile URL: Here

Are you a service provider?: No
Do you understand that delegate incentives will not be available for the first 6-8 months?: Yes
What area are you most interested in contributing to?: DAO Governance, Grants & Public Goods Funding

Introduction:
We’re a team of dedicated governance enthusiasts who have been in the crypto governance space for 3 years now! Our team members started as some of the first Uniswap and Compound delegates and have since expanded to other protocols and chains. Being also Arbitrum delegates, we see first hand how GMX is uniquely positioned in defi with its incredible team and product and we’re excited to create this thread to become more involved in future!

Motivation:
Our primary goal is to use the knowledge we have learned in the past few years to help grow GMX and its community. With many team members being long time users of GMX since day one, many of us have sizable $GMX bags as well! We think this protocol’s positioning in Arbitrum and the greater Defi ecosystem as a whole is pivotal and conducive to fostering a healthy defi landscape for all.

Thank you everyone for your consideration!

Sample Voting Issues:

Uniswap Forum Discussion

No. In its current form on the forums, we are leaning no. Members of our team attended the uni Gov Days in ETH Denver and had ample discussion on this topic. Our general take is that something like this is needed and we are looking forward to the fee switch being turned on in the hopefully near future. However, we believe this current method won’t promote governance activity much and many delegators will just delegate to themselves and have the same issues of low governance participation while collecting a fee. Instead, some method of delegating to active delegates or similar would easily get this proposal over the line for us to a resounding YES vote.

Arbitrum STIP Bridge

Yes. When this vote came forth, we voted yes. Our main logic was that these programs have shown a consistent and reliable distribution for Arbitrum projects and are relatively reasonable in the grand picture of everything that is happening right now with both competition and other Arbitrum funded projects. The 50% limit makes sense to keep things at bay as well.

3 Likes
4

Delegate Application Form

Name (organization or individual) : Q

Tally Profile URL : Q's Delegate Profile

Are you a service provider?

No

*Do you understand that delegate incentives will not be available for the first 6-8 months? We *

  • plan to incentivize delegates once we have gathered enough data, likely in the next 8-12 *
  • months?*

Yes

What area are you most interested in contributing to? choose up to two tags:

  1. Defi :ballot_box_with_check:
  2. Perp Dexes :ballot_box_with_check:
  3. Infrastructure & Protocol :ballot_box_with_check:
  4. Dao Governance :ballot_box_with_check:
  5. Developer Tooling
  6. Grants & Public Goods Funding

Introduction:
Please provide a brief introduction about yourself, your background, and your involvement in
the crypto and DeFi space.

q, anon, 210k+ gmx, building on gmx/gmsol

Motivation:
Why are you interested in becoming a delegate for GMX governance? What motivates you to
actively participate in GMX governance?

This has been my journey with GMX. At first, I proposed the idea of buybacks, which is a great way to retain value and can even coexist with real yield. Then, before the launch of V2, I suggested to coinflip that we could use arb for incentives. As GMX’s base APR was further compressed and the community’s opinion on MP grew, I gradually supported the cancellation of MP. Then came the proposal of the single-sided pool, which I believe is a crucial infrastructure for expanding GMX’s TVL and further adoption, although its scale is still far from that of the balanced pool.

Now, we are bringing GMX to a broader space, and GMSOL will be able to realize many functions that were previously impossible in a high-performance network. In fact, no one knows what the right or best way to do things is; we can only explore step by step. As a pioneer in this field, GMX continuously encounters difficulties that predecessors have never faced and continually solves these difficulties. Except for giving up directly, no choice is simple. Money alone cannot solve these problems, and businessmen cannot solve these problems; only dreamers can, only vision-driven doers can.

We have always believed that decentralization is the best destination, and at worst, DEX can rival CEX. However, we also know that decentralization only has an advantage over CEX when the user experience and trading fees are the same. Decentralization itself cannot exist independently; it must be attached to an excellent product. Building an excellent product relies on the wisdom of more than just one person or one team.

The journey has just begun, and we sincerely hope to build our future together with more like-minded friends.

Sample Voting Issues

Sample Voting Issue 1

In February 2024, a governance proposal was posted in the Uniswap Governance forums, where the Uniswap Foundation proposed a large-scale upgrade to Uniswap protocol governance to incentivize active, engaged, and thoughtful delegation. This proposed fee mechanism rewards UNI token holders who have delegated and staked their tokens. For background, Uniswap is one of the leading DEXs across all EVM ecosystems. The link to the proposal could be found here (Link).

If you were a delegate, how would you vote on the proposal? Please provide a reason for your vote of yes/no to the proposal.

I would vote in favor of the proposal for the following reasons:

  1. The introduction of incentive mechanisms can encourage more UNI token holders to actively participate in Uniswap’s governance. By rewarding holders who delegate and stake their tokens, community engagement can be increased, promoting more insightful discussions and decision-making.

  2. Broader community participation helps to enhance the decentralization of the Uniswap protocol. When more token holders are involved in governance, power becomes more distributed, reducing the risk of individuals or small groups dominating decisions. A truly community-driven project is more likely to make decisions that align with the interests of the majority of users.

  3. Token holders who actively participate in governance are more likely to focus on the long-term development of Uniswap rather than just short-term gains. By incentivizing token holders to become responsible stewards through economic incentives, the sustainability of the project can be improved.

  4. The upgraded governance mechanism can bring new ideas and perspectives to the Uniswap community. As more token holders from diverse backgrounds join the discussion, diversity increases, helping to find innovative solutions and drive the project forward.

  5. As one of the leaders in the decentralized finance space, Uniswap has a responsibility to continually improve its governance model. This upgrade demonstrates Uniswap’s commitment to exploring decentralized governance and sets a positive example for the entire industry.

In summary, I believe this proposal, by introducing incentive mechanisms to encourage broader and more active community governance participation, benefits Uniswap by increasing decentralization and long-term sustainability. Therefore, I would vote in favor of it.

Sample Voting Issue 2

In March 2024, a governance proposal was put to a vote in the Arbitrum Governance, where Savy DAO introduced the STIP Bridge proposal. The aim of this proposal is to sustain and enhance Arbitrum’s market leadership by extending support to key protocols amidst intense competition from other Layer 2 solutions. The proposal suggests that the protocols funded in the STIP and STIP Backfund should be eligible for funding requests of up to 50% of their prior funding, based on the impact created by them in STIP. Here’s the link to the proposal:(Link)

If you were a delegate, how would you vote on the proposal? Please provide a reason for your vote of yes/no to the proposal.

I would remain neutral on this proposal, neither supporting nor opposing it. Here are my thoughts:

On one hand, the STIP has indeed enabled many projects within the Arbitrum ecosystem, including GMX, to benefit from incentives and achieve a certain degree of growth and development. The program has played a positive role in fostering the prosperity of the Arbitrum ecosystem.

However, on the other hand, the large-scale token release involved in STIP has had a negative impact on ARB itself. The inflationary pressure caused by the additional token supply may have diluted the value of ARB to some extent. While the positive effects brought by the growth of various beneficiary projects in the ARB ecosystem might significantly outweigh the negative impact of this large-scale release, it remains uncertain.

Moreover, extending support to previously funded protocols by allowing them to request up to 50% of their prior funding could lead to further token releases. This may compound the inflationary effects and potential negative impact on ARB’s value.

Therefore, I believe this proposal requires careful consideration and a thorough assessment of its long-term implications for the Arbitrum ecosystem and the value of ARB. It is essential to strike a balance between supporting promising projects and maintaining the stability and integrity of the native token.

Given the potential risks and the need for further evaluation, I would choose to remain neutral at this stage. I believe more discussion and analysis within the community is necessary before making a definitive decision on whether to support or oppose this proposal.

4 Likes
5

Delegate Application Form

Name: Baer.eth

Wallet Address or ENS: vote.Baer.eth
(0x891340b3454457E79E7080a8b7FaAb6e971f70fd)

Tally Profile URL: Tally | vote.baer.eth

Are you a service provider?

No,
I’m on GMX in an individual capacity, and I’m not representing any organisation or DAOs

Do you understand that delegate incentives will not be available for the first 6-8 months? We plan to incentivize delegates once we have gathered enough data, likely in the next 8-12 months?

Yes

What area are you most interested in contributing to? choose up to two tags:

  1. Defi :two_hearts:

  2. Perp Dexes

  3. Infrastructure & Protocol

  4. Dao Governance :two_hearts:

  5. Developer Tooling

  6. Grants & Public Goods Funding :two_hearts:

Introduction:

I’m Baer.eth, lurking in the crypto sean since 2018, this Psudon account started the web3 journey at the BanklessDAO. I specialise in DAO governance and coordination, Treasury management, and some Token economics; at BanklessDAO, I held the role of Grants Committee Lead and was a roleholder at the Treasury Department of bDAO, which focused on Tokenomics.

Professionally, I’m part of the Governance consulting Opg, DAOplomats.eth; we are providing governance-related services to DAOs in web3

Motivation:

GMX is one of the bottom-up communities in the Arbitrium ecosystem and was one of the early users; as a delegate, I was to contribute to fostering community development and the protocol’s overall well-being.

Disclosure and conflict of interest.

I’m actively participating in the governance of several DAOs on the Ethereum and cosmos ecosystem. Some are direct competitors to GMX, but I aim to compartmentalize the information and disclose any conflicts of interest beforehand.

Sample Voting Issues

Sample Voting Issue 1

Sample Voting Issue 1

In February 2024, a governance proposal was posted in the Uniswap Governance forums, where the Uniswap Foundation proposed a large-scale upgrade to Uniswap protocol governance to incentivize active, engaged, and thoughtful delegation. This proposed fee mechanism rewards UNI token holders who have delegated and staked their tokens. For background, Uniswap is one of the leading DEXs across all EVM ecosystems. The link to the proposal could be found here (Link).

If you were a delegate, how would you vote on the proposal?

a) Yes

b) No

Yes

Please provide a reason for your vote of yes/no to the proposal.

I’m contributing to the Uniswap DAO governance through DAOplomats; we favoured the proposal.
This also echos my take on the proposal rather than that of DAOplomats.
Governance participation at DAO is currently limited to members with a higher financial stake or who depend on the protocol (core team, employees, projects built using the protocol, etc.); average users who could participate aren’t participating for many reasons. A protocol upgrade that fosters this will see a lot of community participation.

Sample Voting Issue 2

In March 2024, a governance proposal was put to a vote in the Arbitrum Governance, where Savy DAO introduced the STIP Bridge proposal. The aim of this proposal is to sustain and enhance Arbitrum’s market leadership by extending support to key protocols amidst intense competition from other Layer 2 solutions. The proposal suggests that the protocols funded in the STIP and STIP Backfund should be eligible for funding requests of up to 50% of their prior funding based on the impact created by them in STIP. Here’s the link to the proposal:(Link)

If you were a delegate, how would you vote on the proposal?

a) Yes

b) No

No

Please provide a reason for your vote of yes/no to the proposal.

As professional participants in the ArbitrumDAO, we voted against the proposal, which was highly untimely. The proposal’s motivation doesn’t consider the effectiveness of the tokens allocated. A more compressive gap analysis on the STIP projects should have been made, and the results should have been included in the proposal.

2 Likes
6

Delegate Application Form

Name (organization or individual): tano

Wallet Address or ENS: tano.eth

Tally Profile URL: tano.eth's Delegate Profile

Are you a service provider?

No

Do you understand that delegate incentives will not be available for the first 6-8 months? We
plan to incentivize delegates once we have gathered enough data, likely in the next 8-12 months?

Yes

What area are you most interested in contributing to? choose up to two tags:

  1. Defi - :white_check_mark:
  2. Perp Dexes - :white_check_mark:
  3. Infrastructure & Protocol - :white_check_mark:
  4. Dao Governance - :white_check_mark:
  5. Developer Tooling
  6. Grants & Public Goods Funding

Introduction:
I am tano, also known as tano.eth. I can say I am a DeFi OG who got to know crypto in early 2020 and I have been hooked ever since. I can say I am one of the more vocal bulls of GMX on Twitter as I just love the product and community.

I have been involved the past 2 years as an active contributor working half-time for GMX, mainly focusing on referrals. As of April I have been a full-time contributor to GMX focusing on BD, Product Development, QA, and testing of new features working closely together with the developers.

Motivation:
Why are you interested in becoming a delegate for GMX governance? What motivates you to
actively participate in GMX governance?

I have been active for years in the GMX community and I love hearing the feedback of the community in general to help me vote on the idea’s we as a DAO are proposing. As of late I have been very involved with the community on the multiplier points discussion as one of the OGs who wanted to get rid of the multiplier points to give new entrants of GMX the same benefits as holders who have been here for years. Multiplier points were indeed part of the GMX early success, but as the space evolves we also have to be cautious of our tokenomics and see how we can improve these wherever we can as a community.

Sample Voting Issues

Sample Voting Issue 1

In February 2024, a governance proposal was posted in the Uniswap Governance forums, where the Uniswap Foundation proposed a large-scale upgrade to Uniswap protocol governance to incentivize active, engaged, and thoughtful delegation. This proposed fee mechanism rewards UNI token holders who have delegated and staked their tokens. For background, Uniswap is one of the leading DEXs across all EVM ecosystems. The link to the proposal could be found here (Link ).

If you were a delegate, how would you vote on the proposal?

Yes

I, as a DeFi OG, have always been interested in bringing value to specific tokens besides the old and boring governance power they give. Opening a token up to receive fee’s from the protocol both helps the protocol in active delegations from the community, but also create a tighter community who are getting rewarded by bringing value to the protocol. The fee switch helps the community think of idea’s on how they could increase revenue and thus increasing the revenue they will receive by actively helping the protocol grow as a whole.

Sample Voting Issue 2

In March 2024, a governance proposal was put to a vote in the Arbitrum Governance, where Savy DAO introduced the STIP Bridge proposal. The aim of this proposal is to sustain and enhance Arbitrum’s market leadership by extending support to key protocols amidst intense competition from other Layer 2 solutions. The proposal suggests that the protocols funded in the STIP and STIP Backfund should be eligible for funding requests of up to 50% of their prior funding, based on the impact created by them in STIP. Here’s the link to the proposal:(Link )

If you were a delegate, how would you vote on the proposal?

Yes

Please provide a reason for your vote of yes/no to the proposal.

I think Arbitrum has always been in a good spot in general as we have amazing builders and a tight community on the Arbitrum chain. However as we have seen lately a lot of other competitors are popping up who have a sustainable grant model, as for example Optimism has done in the past. If Arbitrum doesn’t have a similar model of attracting newer builders to the Arbitrum chain, we will lose a lot of great minds with newer ideas, who cannot build due the lack of funding for the protocol. We as Arbitrum should do everything the best we can to attract these builders and help the ecosystem grow.

3 Likes
7

Delegate Application Form

Name (organization or individual): GMX Blueberry Club
Tally Profile URL: GMX Blueberry Club's Delegate Profile

Are you a service provider?

No

Do you understand that delegate incentives will not be available for the first 6-8 months? We plan to incentivize delegates once we have gathered enough data, likely in the next 8-12 months?

Yes

What area are you most interested in contributing to? choose up to two tags:

Defi :white_check_mark:
Perp Dexes
Infrastructure & Protocol
Dao Governance :white_check_mark:
Developer Tooling
Grants & Public Goods Funding :white_check_mark:

Introduction

The GMX Blueberry Club (GBC) is a project created by and for members of the GMX community, aiming to establish a central hub around GMX to enhance the experience and strengthen the community. Every community needs its unique identity. That’s why, in December 2021, GBC launched a collection of 10,000 NFT Blueberry characters.

Some achievements and history of our activity:

  • GBC Trading: A monthly trading competition on GMX. We have redistributed over $350,000 in cash prizes thanks to the revenues from our GMX referrals.

  • Treasury: The Treasury consists of ETH, USDC, GM Assets, GMX, esGMX and AVAX and is utilized by the Blueberry Club DAO to finance the development of its ecosystem. In 2021, $500,000 was raised by selling a portion of the initial supply of GBC NFTs. Currently, the Treasury holds approximately $2,500,000 due to the GMX assets held and royalties earned through NFT marketplaces.

  • In recent months, we have completely reworked our vision for the project, with several initiatives and products planned for the community and the GMX/Arbitrum ecosystem.

Motivation

As fervent supporters of GMX from day one and with a community Treasury with +50% of GMX assets, GBC is naturally inclined to participate in GMX governance. We aspire to make a significant impact in this sphere, with a primary motivation to lead the marketing and community aspects of GMX.

Sample Voting Issue 1

Our Vote: YES

This proposal represents a major advancement for Uniswap, offering a more dynamic and incentivized governance system. By rewarding active engagement of UNI token holders, it encourages stronger and more thoughtful participation in governance, a crucial element for the platform’s sustainable success and decentralization.

However, it is essential to acknowledge certain legitimate concerns regarding potential centralization. While incentivizing delegation may promote more diversified participation, there is an inherent risk that a few large token holders could exert disproportionate influence. It is imperative to implement mechanisms to prevent this centralization and ensure genuinely democratic governance.

Furthermore, the implementation of fees may be perceived as a double-edged sword. While it may encourage more active participation, it could also create barriers for some token holders, especially smaller ones. It is crucial to ensure that these fees do not unfairly discourage participation or exclude parts of the community.

Sample Voting Issue 1

Our Vote: YES

By strengthening Arbitrum’s position through the proposed STIP by Saavy DAO, this could potentially enhance Arbitrum’s reputation and appeal to developers and users, thereby contributing to maintaining its market leadership in the Layer 2 space.

Financial support for protocols that have demonstrated impact through the STIP could foster innovation and experimentation within the Arbitrum ecosystem, fostering the emergence of new ideas and features beneficial to the community and enhancing the blockchain’s competitiveness. Additionally, the impact-based funding mechanism could create alignment of incentives between supported protocols and the Arbitrum community, thereby promoting sustainable growth and ongoing innovation on the platform.

However, it’s important to acknowledge and carefully evaluate concerns regarding the efficiency of fund allocation and transparency in the selection process. Measures need to be taken to mitigate these potential risks while supporting the positive aspects of the proposal.

2 Likes
8

Name: SniperMonke

Wallet Address or ENS: 0x1c8F0306a3600d70dd83c53264a0DfE417d9C98C
Tally Profile URL: Here

Are you a service provider?

No

Do you understand that delegate incentives will not be available for the first 6-8 months? We plan to incentivize delegates once we have gathered enough data, likely in the next 8-12
months?

Yes

What area are you most interested in contributing to? choose up to two tags:

Defi
Perp Dexes
Infrastructure & Protocol
Dao Governance :white_check_mark:
Developer Tooling :white_check_mark:
Grants & Public Goods Funding

Introduction:
Please provide a brief introduction about yourself, your background, and your involvement in
the crypto and DeFi space.

A python developer with a heavy focus on processing on chain analytics into an easily digestible form.

Motivation:
Why are you interested in becoming a delegate for GMX governance? What motivates you to
actively participate in GMX governance?

First and foremost I am a member of the GMX community.

I have been active holder of GMX tokens since the launch on Arbitrum in September 2021. The following January I began to develop analytics from the public subgraph, and grew a telegram channel which attracted 1k members at its peak. Since then i have built out analytical additional tools for GMX and its ecosystem partners, with the biggest project i have participated in to date being the Python SDK for GMX v2.

Through this period I have gained a deeper understanding of the GMX v2 contracts, and regularly provide technical support to those in need to help alleviate the work load on the core contributors. I receive no compensation for such work, nor do i seek it, as I genuinely enjoy helping others to explore and build within the GMX ecosystem.

The principles of GMX are built on top of transparency, honesty, and decentralisation. As a delegate I wish to uphold these while being a voice for the community.

Sample Voting Issues

Sample Voting Issue 1

In February 2024, a governance proposal was posted in the Uniswap Governance forums, where the Uniswap Foundation proposed a large-scale upgrade to Uniswap protocol governance to incentivize active, engaged, and thoughtful delegation. This proposed fee mechanism rewards UNI token holders who have delegated and staked their tokens. For background, Uniswap is one of the leading DEXs across all EVM ecosystems.

If you were a delegate, how would you vote on the proposal?

a) Yes :white_check_mark:

b) No

Please provide a reason for your vote of yes/no to the proposal.

I would have voted Yes for this proposal, for 2 reasons.

The first is with respect to “This proposed fee mechanism rewards UNI token holders who have delegated and staked their tokens.”. Garnering support and participation within the decentralised governance space is a tough task. Regularly, participation is low which can often lead to stalemates where proposals are generally favoured but Quorum is not met. By requiring users to delegate their tokens to participate in fee share it at the very least ensures users are elible to contribute to votes/proposals, as opposed to just “rewarding” users for staking and requiring no delegation which could lead to them missing the snapshot period to participate in a vote.

The second reason is due to my DeFi centric nature. By sharing the benefits of a protocol you give token holders motivation/incentive to improve the protocol, ie how can we increase revenue, in turn encouraging those to take more of an interest in governance.

Sample Voting Issue 2

In March 2024, a governance proposal was put to a vote in the Arbitrum Governance, where Savy DAO introduced the STIP Bridge proposal. The aim of this proposal is to sustain and enhance Arbitrum’s market leadership by extending support to key protocols amidst intense competition from other Layer 2 solutions. The proposal suggests that the protocols funded in the STIP and STIP Backfund should be eligible for funding requests of up to 50% of their prior funding, based on the impact created by them in STIP.

If you were a delegate, how would you vote on the proposal?

a) Yes :white_check_mark:

b) No

Please provide a reason for your vote of yes/no to the proposal.

I would have vote in favour of this proposal, but noting some caveats.

Due to the increasingly competitive space Arbitrum can’t afford to lose mindshare to newer, fresher L2s that will throw incentives at any protocol that will build there. The initial STIP program proved to be a success (largely) and the protocols that participated did so in good faith. While the initial STIP process was not perfect and deserving protocols missed out on incentives (rectified by the back fund vote) it provided a needed liquidity injection to the ecosystem. LTIPP built further on the initial campaign of STIP, but again was not a perfect process. Iteration will be required to end up with a robust framework to deliver deserving ecosystem incentives, alike that of Optimism. This is a process that will take an undetermined amount of time, again time which Arbitrum can’t afford to spend while ultimately losing mindshare, meaning recipients of the 1st round STIP could have been left for a long period until they could ultimately repeat the reapplication process to receive incentives again.

Build quickly but with caution, and the requirement of protocols to reapply for incentives sooner with the successes/failures of the first round in mind while engaging with the LTIPP advisors deemed sufficient in my view to achieve this.

2 Likes
9

Delegate Application Form

Name: kyzo

Wallet Address or ENS: kyzo.eth

Tally Profile URL : https://www.tally.xyz/gov/gmx/delegate/kyzo.eth

Are you a service provider?

No

Do you understand that delegate incentives will not be available for the first 6-8 months? We
plan to incentivize delegates once we have gathered enough data, likely in the next 8-12
months?

Yes

What area are you most interested in contributing to? choose up to two tags:

  1. Defi X
  2. Perp Dexes
  3. Infrastructure & Protocol
  4. Dao Governance
  5. Developer Tooling X
  6. Grants & Public Goods Funding

Introduction:
Please provide a brief introduction about yourself, your background, and your involvement in
the crypto and DeFi space.

I am a software engineer focusing on defi. As an early GMX adopter I have developed several tools for the GMX community including:
a. GMX Referrals
b. https://gmx.defisims.com/
c. https://www.gmxcompound.com/
d. https://www.blueberryboard.com/
e. https://www.gmxhedge.com/

Motivation:
Why are you interested in becoming a delegate for GMX governance? What motivates you to
actively participate in GMX governance?

As an early participant in the GMX community, my involvement has evolved from creating analytics to developing tools that enhance the ecosystem. My thorough understanding of GMX contracts allows me to provide substantial technical support, improving operations selflessly. Driven by GMX’s core values of transparency, honesty, and decentralization, I aim to embody these as a delegate, focusing on refining our tokenomics for equitable access. My commitment to the community’s well-being and sustainable growth fuels my active participation in GMX governance, aiming to effectively represent and serve the community’s interests.

Sample Voting Issues

Sample Voting Issue 1 Our Vote: YES

This proposal is a significant step forward for Uniswap, aiming to enhance governance through a new fee mechanism that rewards actively engaged UNI token holders. This shift is designed to bolster participation, which is often lackluster in decentralized governance, leading to unresolved proposals due to insufficient quorum. By incentivizing token holders not only to stake but also to delegate their voting rights, it ensures a broader, more committed participation base.

However, this approach is not without its risks. The potential for centralization, where a few large stakeholders might dominate governance, is a concern. Therefore, while supporting the proposal, I would advocate for safeguards that maintain a balanced power distribution and ensure that all community members, particularly smaller investors, can participate without undue burden.

Sample Voting Issue 2 Our Vote: YES

The STIP Bridge proposal by Savy DAO is crucial for maintaining Arbitrum’s competitive edge in the fast-evolving Layer 2 landscape. By allowing protocols that have demonstrated previous success under the STIP to reapply for funding, it not only recognizes their contributions but also ensures continuous innovation and development within the ecosystem.

Supporting this proposal means fostering a proactive environment where successful initiatives receive the backing needed to expand and refine their offerings. However, it is vital to address potential inefficiencies and lack of transparency in how these funds are allocated. Implementing a robust and clear framework for evaluating the impact and distributing funds will be essential to maximize the benefits of this initiative and maintain trust within the community.

1 Like
10

Delegate Application Form

Name: Vaultka

Wallet Address or ENS: 0xCDE0BB0698A48F0c2E119142FbF098b63e9FF659

Tally Profile URL: Tally | VaultkaOfficial

Are you a service provider? No

Do you understand that delegate incentives will not be available for the first 6-8 months? Yes

What area are you most interested in contributing to? Choose up to two tags:

Defi, Grants & Public Goods Funding

Introduction

Vaultka is a yield optimization protocol for Perpetual Decentralized Exchanges on Arbitrum, designed to maximize returns and tailor strategies according to user risk preferences. Our protocol manages six GMX-related vaults, contributing over $15 million TVL to GMX V2. We are pioneers in enhancing GMX functionalities through innovative offerings like the first market GM Leverage (Neutral) and GLP-like basket of GM tokens. Vaultka’s commitment to the GMX community is further evidenced by our successful application for a GMX grant under the GMX STIP.

Motivation

Why are you interested in becoming a delegate for GMX governance? What motivates you to actively participate in GMX governance?

Vaultka is deeply integrated within the GMX community and seeks to fortify this bond by contributing our expertise and innovative approaches to governance. As early adopters and integrators of GMX, we have a profound understanding of the technical and contractual frameworks of GMX. Our continual development of groundbreaking products demonstrates our commitment to the growth and evolution of the GMX ecosystem.

Sample Voting Issues

Sample Voting Issue 1

In February 2024, a governance proposal was posted in the Uniswap Governance forums, where the Uniswap Foundation proposed a large-scale upgrade to Uniswap protocol governance to incentivize active, engaged, and thoughtful delegation. This proposed fee mechanism rewards UNI token holders who have delegated and staked their tokens. For background, Uniswap is one of the leading DEXs across all EVM ecosystems. The link to the proposal could be found here (Link).

Delegate Voting Stance:

Would vote “Yes” on this proposal as it marks an exciting milestone for UNI holders, enhancing community engagement and participation in protocol decisions and upgrades. This fee mechanism not only incentivizes active involvement at the protocol level but also encourages users to deepen their understanding and engagement within one of the leading DeFi protocols.

While there are challenges, such as potential regulatory concerns and the risk of disproportionately benefiting large VCs who hold significant voting power within the Uniswap DAO, the benefits of this proposal in promoting active and informed participation outweigh these concerns.

Sample Voting Issue 2

In March 2024, a governance proposal was put to a vote in the Arbitrum Governance, where Savy DAO introduced the STIP Bridge proposal. The aim of this proposal is to sustain and enhance Arbitrum’s market leadership by extending support to key protocols amidst intense competition from other Layer 2 solutions. The proposal suggests that the protocols funded in the STIP and STIP Backfund should be eligible for funding requests of up to 50% of their prior funding, based on the impact created by them in STIP. Here’s the link to the proposal:(Link)

Delegate Voting Stance:

Would vote “No” on this proposal. The decision is based on the timing of this proposal, which coincides with the ongoing distribution of STIP funds. This scheduling does not allow sufficient time for a thorough review of the effects of STIP and the performance of its recipients. Proposing another round of funding for the same list of recipients so soon could lead to inefficient use of incentives within the ecosystem and potentially cause unnecessary selling pressure on the ARB token.

Moreover, limiting the scope to only STIP recipients might overlook other deserving participants within the Arbitrum ecosystem. A more effective approach would involve a gap period allowing for performance review and user retention assessment before awarding additional funds. This would prevent premature rewarding of protocols without sufficient evidence of long-term user engagement and could help stabilize the market impact of such financial incentives.

1 Like
11

Name: Time Research

Wallet Address or ENS: 0xd8951635ea4FE7057d9001415ee62c52B1173018

Tally Profile URL : Time Research's Delegate Profile

Are you a service provider?

No

Do you understand that delegate incentives will not be available for the first 6-8 months? We plan to incentivize delegates once we have gathered enough data, likely in the next 8-12 months?

Yes

What area are you most interested in contributing to? choose up to two tags:

  1. Defi

  2. Perp Dexes

Introduction:

Time Research is a crypto-native proprietary trading firm, operating across both CeFi and DeFi, boasting an average daily trading volume of over a billion. In the DeFi space, we collaborate with leading DEXs and chains to foster ecosystem growth and liquidity provision. We are the top players on many Oracle-based protocols such as GMX and order book-based platforms like dydx v4.

Motivation: Why are you interested in becoming a delegate for GMX governance? What motivates you to actively participate in GMX governance?

As owners of a significant LP position in GMX, we aim for GMX to enhance its profitability and sustainability. Presently, we hold regular meetings with the GMX team, offering suggestions, some of which have already been implemented. With this delegation program, our goal is to engage with the GMX team and the community more extensively and profoundly, thereby enabling more users to reap the benefits.

Sample Voting Issues

Sample Voting Issue 1

In February 2024, a governance proposal was posted in the Uniswap Governance forums, where the Uniswap Foundation proposed a large-scale upgrade to Uniswap protocol governance to incentivize active, engaged, and thoughtful delegation. This proposed fee mechanism rewards UNI token holders who have delegated and staked their tokens. For background, Uniswap is one of the leading DEXs across all EVM ecosystems. The link to the proposal could be found here (Link).

If you were a delegate, how would you vote on the proposal?

No

Please provide a reason for your vote of yes/no to the proposal.

The Uniswap Foundation should aim to bolster the value of UNI tokens by encouraging active participation in governance activities. If token holders are not currently engaged, merely offering rewards may prove ineffective as they may not be sufficiently motivated.

However, individuals who have made notable contributions to governance deserve recognition and rewards. They are the ones driving meaningful change within the protocol and enriching the community.

By incentivizing their efforts, they can be empowered to delve deeper, generate more impactful proposals, and offer valuable insights to the public.

Sample Voting Issue 2

In March 2024, a governance proposal was put to a vote in the Arbitrum Governance, where Savy DAO introduced the STIP Bridge proposal. The aim of this proposal is to sustain and enhance Arbitrum’s market leadership by extending support to key protocols amidst intense competition from other Layer 2 solutions. The proposal suggests that the protocols funded in the STIP and STIP Backfund should be eligible for funding requests of up to 50% of their prior funding, based on the impact created by them in STIP. Here’s the link to the proposal:(Link)

If you were a delegate, how would you vote on the proposal?

Yes

Please provide a reason for your vote of yes/no to the proposal.

Let’s consider GMX TVL as an example. During the STIP period, GMX V2 boasted a TVL of approximately 400M. However, following the conclusion of the STIP in April, its TVL experienced a decline to about 280M. This decline can be attributed to various factors, including the withdrawal of funds by users who may perceive GMX as less profitable.

To maintain TVL levels and foster growth within the Arbitrum ecosystem, a consistent incentive program is crucial. While it’s understood that LTIP will be launched in the coming months, it’s imperative to bridge any potential gap in incentives until then. Extending the STIP serves as the simplest and most effective method to sustain momentum within the current ecosystem.

Therefore, I would vote yes on the proposal to support the continuation of the STIP, enabling protocols like GMX to maintain their incentive structures and contribute to the ongoing growth and competitiveness of Arbitrum.

2 Likes
12

Thanks for stepping up as delegates everyone, great to see! :slightly_smiling_face:

13

Delegate Application Form

Name (organization or individual): Noodles (Rage Trade)

Wallet Address or ENS: 0xd3FB3eD59e5A7674003625241551A6Ffa63d2C50

Tally Profile URL : (add your profile link here) Noodles 's Delegate Profile

*Do you understand that delegate incentives will not be available for the first 6-8 months? We *

  • plan to incentivize delegates once we have gathered enough data, likely in the next 8-12 *
  • months?*

Yes

What area are you most interested in contributing to? choose up to two tags:

  1. Defi
  2. Perp Dexes

Introduction:
Please provide a brief introduction about yourself, your background, and your involvement in
the crypto and DeFi space.

Long time contributor to Rage. We’ve worked heavily with GMX v1 and v2. Written a bunch about perp mechanism design.

Motivation:
Why are you interested in becoming a delegate for GMX governance? What motivates you to
actively participate in GMX governance?

Sample Voting Issues

Sample Voting Issue 1

In February 2024, a governance proposal was posted in the Uniswap Governance forums, where the Uniswap Foundation proposed a large-scale upgrade to Uniswap protocol governance to incentivize active, engaged, and thoughtful delegation. This proposed fee mechanism rewards UNI token holders who have delegated and staked their tokens. For background, Uniswap is one of the leading DEXs across all EVM ecosystems. The link to the proposal could be found here (Link ).

If you were a delegate, how would you vote on the proposal?

Yes, fees are good and DeFi protocols / teams need to monetize their product and reinvest in growth.

Sample Voting Issue 2

In March 2024, a governance proposal was put to a vote in the Arbitrum Governance, where Savy DAO introduced the STIP Bridge proposal. The aim of this proposal is to sustain and enhance Arbitrum’s market leadership by extending support to key protocols amidst intense competition from other Layer 2 solutions. The proposal suggests that the protocols funded in the STIP and STIP Backfund should be eligible for funding requests of up to 50% of their prior funding, based on the impact created by them in STIP. Here’s the link to the proposal:(Link )

If you were a delegate, how would you vote on the proposal?

No, I think the funds should’ve been used for new protocols to lobby for incentives. Not to further entrench the STIP recipients.

1 Like
14

Delegate Application Form

Name (organization or individual): Solv Protocol

Wallet Address or ENS: 0x746EC4d5149B8aCBb8b9A5C15240A99e4Af124E3

Tally Profile URL: Tally | Solv Protocol

Are you a service provider?

No

Do you understand that delegate incentives will not be available for the first 6-8 months? We plan to incentivize delegates once we have gathered enough data, likely in the next 8-12 months?

Yes

What area are you most interested in contributing to? choose up to two tags:

  1. Defi :white_check_mark:
  2. Perp Dexes
  3. Infrastructure & Protocol :white_check_mark:
  4. Dao Governance
  5. Developer Tooling
  6. Grants & Public Goods Funding

Introduction:

Solv Protocol is a a unified yield and liquidity platform for all major assets. Our flagship product, SolvBTC, aims to serve as the cornerstone for BTCFi, focusing on two distinct pillars: to be the One-Stop-Shop for the Best Bitcoin Yields and the Key to BTCFi on Every Chain. With a market of untapped liquidity exceeding $1.3 trillion, SolvBTC seeks to unlock the full potential of idle Bitcoin assets.

At Solv Protocol, we are deeply committed to fostering liquidity and market-making activities within the ecosystem. Our deployment of multiple liquidity-providing vaults on GMX’s perpetual DEX platform and the broader Arbitrum ecosystem is a testament to this commitment. These vaults have amassed a Total Value Locked (TVL) exceeding $100 million, generating yields ranging from 5% to 25% APY for Solv Protocol users.

Furthermore, our collaboration with GMX extends beyond liquidity provision. We have initiated a token swap with GMX, solidifying our long-lasting partnership and fostering stronger ties within both our communities.

Backed by industry-leading investors including Binance Labs, Blockchain Capital, Laser Digital, and Mirana, Solv Protocol has achieved a remarkable TVL of over $900 million, providing high-quality yields to more than 98,000 users.

At Solv Protocol, our vision extends beyond providing financial services. We’re committed to empowering users with the tools and resources they need to thrive in the decentralized economy.

Motivation:

As an integral ecosystem project deeply entrenched within GMX, our motivation to become a delegate stems from our understanding of the platform’s dynamics and our vested interest in its sustained success. We seek to leverage our expertise to contribute to GMX’s governance, fostering community growth and strengthening the bond between our communities.

Our firsthand experience as liquidity providers on GMX positions us uniquely to make informed decisions that benefit the entire ecosystem. We are committed to driving innovation, promoting transparency, and ensuring the long-term viability of GMX, envisioning a future where collaborative efforts between Solv Protocol and GMX propel decentralized finance to new heights.

Sample Voting Issues

Sample Voting Issue 1
Our Vote: Yes

Turning on the ‘fee switch’ represents a significant milestone in Uniswap’s governance mechanism. This proposal introduces a fee mechanism aimed at incentivizing actively engaged UNI token holders, a pivotal step in tackling the persistent issue of low participation in decentralized governance. Often, insufficient quorum leads to unresolved proposals, hindering the protocol’s progress. By encouraging token holders to not only stake but also delegate their voting rights, the proposal aims to broaden and solidify community involvement, thus bolstering the decentralization of the protocol.

However, it’s imperative to acknowledge the potential risks associated with this initiative. A comprehensive analysis of its impact on traders and liquidity providers (LPs) is necessary to ensure it does not inadvertently drive them away from Uniswap to its competitors.

In essence, while the proposal holds promise in addressing governance participation challenges, careful consideration of its potential implications and implementation of appropriate safeguards are crucial to safeguarding Uniswap’s integrity and fostering a truly decentralized ecosystem.

Sample Voting Issue 2:
Our Vote: Yes

Firstly, it’s crucial to acknowledge the positive impact that the STIP program has had on fostering growth and development within the Arbitrum ecosystem. Projects like GMX have benefited significantly from the incentives provided under the STIP, contributing to their success and the overall vibrancy of the platform.

There are also valid concerns about the timing and potential risks associated with extending support to previously funded protocols. Prematurely granting additional funds without a thorough evaluation of their impact could lead to inefficiencies and market instability, as witnessed with the decline in TVL post-STIP for some projects.

However, we believe in maintaining momentum and incentivizing innovation within the ecosystem is essential to staying competitive in the rapidly evolving Layer 2 landscape. The proposal’s aim to sustain and enhance Arbitrum’s market leadership by supporting key protocols is aligned with this goal.

We would like to emphasize that even though we are supportive of this proposal, that is not to say that we support rampant spending of the treasury. We believe that proper consideration needs to be provided and a longer term alignment in terms of funding policies and Arbitrum’s goals needs to be established. In addition, what probably also needs to be enhanced is Arbitrum’s ability to adapt and also how quick it can react to the changing landscape.

2 Likes
15

Name: Bonsai DAO

Wallet Address or ENS: 0x8E52cA5A7a9249431F03d60D79DDA5EAB4930178

Tally Profile URL: Here

Are you a service provider?

No

Do you understand that delegate incentives will not be available for the first 6-8 months? We

plan to incentivize delegates once we have gathered enough data, likely in the next 8-12 *
months?*

Yes

What area are you most interested in contributing to? choose up to two tags:

Defi :white_check_mark:
Perp Dexes
Infrastructure & Protocol :white_check_mark:
Dao Governance
Developer Tooling
Grants & Public Goods Funding

Introduction:
Bonsai DAO, formally known only as Umami DAO is a pioneering MetaDAO, propelling DeFi innovation with a network of subDAOs, each adding unique value. Our ecosystem fosters growth and rewards stakeholders, setting new benchmarks in Decentralized Finance. Contributors of our project have been some of GMX’s longest term builders having developed and grown with the platform since early 2022 shortly after GMX’s launch on Arbitrum. We have launched best in class Vault products built atop GMX for both GLP and GMX v2 and have plans for a new SubDAO that helps unlock the liquidity of your esGMX.

Motivation:
Bonsai’s SubDAO Umami has a multitude of Vault offerings built atop GLP and GMX v2 that we wish to see continue to thrive based along with holding a large portion of our Treasury in esGMX tokens that we initially garnered from a DAO voted treasury swap with the GMX community. We are some of GMX’s oldest external builders and with that comes a vast knowledge trove of the Exchanges codebase, performance, and general operations. We are inclined and feel duty bound to see GMX succeed in the most prominent way possible.

Sample Voting Issues

Sample Voting Issue 1

In February 2024, a governance proposal was posted in the Uniswap Governance forums, where the Uniswap Foundation proposed a large-scale upgrade to Uniswap protocol governance to incentivize active, engaged, and thoughtful delegation. This proposed fee mechanism rewards UNI token holders who have delegated and staked their tokens. For background, Uniswap is one of the leading DEXs across all EVM ecosystems. The link to the proposal could be found here (Link 2).

If you were a delegate, how would you vote on the proposal?

Yes

Bonsai being formally known as Umami has always prescribed to rewarding active token holders in one way or another, first we accomplished this by a direct revenue share which you see proposed above and now with Bonsai we have pivoted to an airdrop model where holders earn more so equity than revenue but the base thesis does not change and Defi should strive to introduce value to users.

Sample Voting Issue 2

In March 2024, a governance proposal was put to a vote in the Arbitrum Governance, where Savy DAO introduced the STIP Bridge proposal. The aim of this proposal is to sustain and enhance Arbitrum’s market leadership by extending support to key protocols amidst intense competition from other Layer 2 solutions. The proposal suggests that the protocols funded in the STIP and STIP Backfund should be eligible for funding requests of up to 50% of their prior funding, based on the impact created by them in STIP. Here’s the link to the proposal:(Link 4)

If you were a delegate, how would you vote on the proposal?

Yes

Although we could be considered bias as a recipient of this STIP Bridge ourselves we truly feel that it is necessary for Arbitrum to incentivize its builders and or users to compete with the growing expanse of L1/L2s that seem to becoming a hot topic and getting funding, we must foster innovation with the immense war chest under Arbitrum’s disposal before others beat us to the punch.

1 Like
16

Name: Castle Capital

Wallet Address or ENS: 0xE9e330f9Fc82145AebF1D89393e358682Ea5f67e

Tally Profile URL : (add your profile link here) : Tally | Castle Capital

Are you a service provider?

No

However, Castle Labs, a separate entity, operates as a service provider for DAOs and protocols.

Do you understand that delegate incentives will not be available for the first 6-8 months? We plan to incentivize delegates once we have gathered enough data, likely in the next 8-12 months?

Yes

What area are you most interested in contributing to? choose up to two tags:

  1. Defi
  2. Perp Dexes :white_check_mark:
  3. Infrastructure & Protocol
  4. Dao Governance
  5. Developer Tooling
  6. Grants & Public Goods Funding :white_check_mark:

Introduction:

Castle Capital is a research collective deeply rooted in the on-chain world, offering a unique perspective that aligns with the needs and dynamics of market participants and DeFi power users.

Our collective is a blend of on-chain natives – researchers, analysts, builders, and traders – who are not just participants but active contributors to the crypto ecosystem across protocols and DAOs. This diversity ensures a comprehensive understanding of the market, from technical intricacies to user behaviors. Our USP lies in our deep integration with crypto communities. We don’t just observe; we engage, interact, and evolve with the market.

Many of our members sprung into action off the back of the exciting developments of GMX’s Arbitrum launch after being community members of its predecessor protocols. As long-term GMX community members, DeFi contributors, and Arbitrum DAO delegates and service providers, our astute team is capable of delivering an impartial and decisive approach to governance within the GMX ecosystem.

Background:

Castle Capital is a long-standing private community, created in Nov 2022. Its early members were largely made up of a strong and cohesive group of DeFi enthusiasts, especially those who had taken the leap of faith with GMX to Arbitrum. At this time and in early 2023, Castle had a solid cohesion of GMX contributors, community developers, tokenholders, community advocates, GMX traders, and Perp DEX researchers that greatly enhanced the proliferation of GMX’s influence throughout the space.

Since then, Castle has evolved into a much wider collective, with new members, new expertise, and new horizons, expanding our understanding and influence across DeFi and DAO governance. We believe this makes us an excellent fit for a delegate in GMX’s governance system as the protocol moves towards decentralization.

Along with our multidisciplinary collective and a strong early GMX cohort, we outwardly operate in the following ways:

  • Public research and education in the form of weekly newsletters and longer-form blogs

  • Servicing and advising protocols and DAOs across a multitude of areas

  • Researching, analyzing, and investing in teams and technologies

These external-facing arms to the collective ensure we are up to date and on the cutting edge of the industry in terms of our knowledge, expertise, and experience.

A few of our capable community members are:

Atomist, the founder of Castle, was an early community developer at GMX when Arbitrum tooling was lackluster. Since then he has grown Castle into a reputable collective, most notably penetrating Arbitrum governance as both a delegate and a Service Provider, where we were appointed for the have the role of Incentive Program Advisors, advising nearly 70 teams.

DeFi Mann, a strong vocal advocate for GMX, its metrics and superior architecture, DeFiMan is well known for his definitive and extensive coverage “Deciphering GMX V2”, which helped clearly outline the importance of V2 and every minute detail and consideration of it.

Shogun, Dune connoisseur and GMX contributor, Shogun has a strong footing in everything data, DeFi, and DEXs. An integral part of the Castle, bringing with him a unique and data-driven point of view. His most recent role at Steakhouse only bolsters his repertoire and grows his DAO experience every day.

relied, a long-standing community member and Perp DEX advocate. Relied has been with GMX from the beginning, and has a deep understanding of the community as well as that of other DEXs in the space.

Along with many other OGs, such as CLblockchain, KalCrypto, GMX Intern, defipleb, Inlumino, kwizzles, 0xVlad, and Sheriff.

Motivation:

Why are you interested in becoming a delegate for GMX governance? What motivates you to actively participate in GMX governance?

We have been very vocal in emphasizing the significance of governance, in particular emphasized by our involvement in Arbitrum DAO. As a select group of our members are long-standing GMX community members, researchers, and advocates, we thought it was only right to give back to the community and offer our expertise in helping to decentralize the protocol.

We have a deep technical knowledge, utilization, and capability in emboldening the GMX product, its ecosystem, partners, and of Arbitrum.We have a deep technical knowledge and understanding of the GMX product, its ecosystem of partners, and of Arbitrum. Our expertise also spills over into the derivatives space and GMX’s competition, where our members are in their communities, advising their teams, and contributing to their protocols. We have access to engineers with strong data experience, allowing us to have a metric-driven approach to decision-making within the DAO. All of these, along with our deep-standing history, means we are well positioned to give back to the protocol and community that gave many of us a positive leg-up in crypto.

Sample Voting Issues

Sample Voting Issue 1

In February 2024, a governance proposal was posted in the Uniswap Governance forums, where the Uniswap Foundation proposed a large-scale upgrade to Uniswap protocol governance to incentivize active, engaged, and thoughtful delegation. This proposed fee mechanism rewards UNI token holders who have delegated and staked their tokens. For background, Uniswap is one of the leading DEXs across all EVM ecosystems. The link to the proposal could be found here (Link 1).

If you were a delegate, how would you vote on the proposal?

No

Please provide a reason for your vote of yes/no to the proposal.

  • It can be viewed as questionable to incentivize/force democracy across the board, potentially leading to unintended consequences (although it depends on the % distribution of fees to this mechanism). Whilst we believe governance participation should be incentivized, maybe it shouldn’t be with the entire revenue stack, but via other means or a limited small %
  • Stale delegation needs to be addressed still - e.g. what if a delegate is inactive?
  • The proposal doesn’t incentivize delegates themselves, only passing responsibility to someone else - it is unclear how this will be managed
  • There are further complexities where the token may be used by tokenholders as collateral and not in a staked form - therefore the proposal needs to take into account wrappers or grants for wrappers etc.
  • Immutable staking contracts could be troublesome and requires proper debate around how best to design and execute the smart contract side of the proposal
  • The proposal may hinder/impact existing delegate incentive programs - much more clarity and reassurance is required in our opinion
  • Any fee re-distribution needs to ensure LPs are not negatively impacted leading to a reduction in TVL and potential volume - this should be backed by empirical evidence

Until the above concerns are addressed we would be voting No, however, we believe it is an interesting proposal and that intertwining fee-sharing and governance participation will be good for the ecosystem as a whole.

Sample Voting Issue 2

In March 2024, a governance proposal was put to a vote in the Arbitrum Governance, where Savy DAO introduced the STIP Bridge proposal. The aim of this proposal is to sustain and enhance Arbitrum’s market leadership by extending support to key protocols amidst intense competition from other Layer 2 solutions. The proposal suggests that the protocols funded in the STIP and STIP Backfund should be eligible for funding requests of up to 50% of their prior funding, based on the impact created by them in STIP. Here’s the link to the proposal:(Link 2)

If you were a delegate, how would you vote on the proposal?

Yes

Please provide a reason for your vote of yes/no to the proposal.

  • Whilst rushed and not having completely taken lessons and data from the STIP into account, we appreciate the urgency and market situation that poses a threat to the users and liquidity on Arbitrum
  • This also allows these STIP protocols to be brought more in line with the frameworks of the LTIPP, where there is more oversight, supervision, and accountability from the program manager and Advisors

We would vote For as long as all the lessons from STIP, STIP.b, and LTIPP are rolled into a robust and complete program before the end of STIP.b + LTIPP, this includes ensuring a multitude of grant programs, accommodating for Orbit chains, bootstrap grants, innovation grants, development grants, etc.

4 Likes
17

Delegate Application Form

Name: Saulius

Wallet Address or ENS: 0x1A1A7937cD77990Dd5C6f14cC66a4FD72A02E91B

Tally Profile URL : Saulius Delegate Profile

Are you a service provider?

No

Do you understand that delegate incentives will not be available for the first 6-8 months?

Yes

What area are you most interested in contributing to? choose up to two tags:

  1. Defi
  2. Perp Dexes :heavy_check_mark:
  3. Infrastructure & Protocol :heavy_check_mark:
  4. Dao Governance :heavy_check_mark:
  5. Developer Tooling
  6. Grants & Public Goods Funding

Introduction:

I have almost 20 years of experience in investing and trading of various financial instruments. I bought my first bitcoins in 2013. I am actively interested in DeFi and have been investing in altcoins since 2018 so I passed through the depths of the bear market. At the end of 2020 accidentally discovered XVIX and since then I have been particularly following the progress of all the X projects, acting as an investor and an active community member. After migrating to GMX I haven’t unstaked/vested or sold a single token in my OG account and I am determined to keep this investment in my portfolio for life. Lately, I’ve been contributing a bit to GMX by testing and doing some analytics tasks.

Motivation:

GMX makes up a significant part of my crypto investment portfolio and since I am determined to keep it for the very long, I am particularly interested in the further development, expansion and success of the GMX protocol and thrive of it’s community. In addition, I have recently seen a concerning trend where governance decisions and changes are often taken hastily and unanimously, so I see the need for an alternative and slightly more conservative view in upcoming decentralized GMX DAO governance “battles”. At the same time I will be strict about DAO treasure expenditures and accountability.

Sample Voting Issue 1

If you were a delegate, how would you vote on the proposal?

  • No

The proposed changes are too radical and risky but do not address the original problem of poor participation in governance. Enabling protocol fees could severely reduce Uniswap’s competitiveness and the proposed delegation / staking scheme will simply encourage self-delegating and self-collection of fees but not active participation in governance discussions and decision making.

Sample Voting Issue 2

If you were a delegate, how would you vote on the proposal?

  • Yes

Previous STIP programs have proven successful and helped the Arbitrum to maintain its L2 leadership position. Although the additional issuance of ARB tokens may have a negative impact on the price, due to the extremely high competition between L2 chains, we must not take a nap but continue to promote network activity and TVL growth. This additional ARB issuance will definitely have a smaller negative impact on the token price than the first signs that Arbitrum is being outcompeted by one or few other L2 solutions.

1 Like
18

Saulius, with all my respect.
You’re making loud statements about being with GMX for such a long time, you bought Bitcoin in 2013.
Why would your wallet address you provide only shows your assets worth of $66 usd?

I truly believe that you have to provide your real wallet address, not the “phony” one to get a trust from people to delegate you.

19

There are other delegates that do really show their commitment to GMX community.

I do not see it in your wallet, unfortunately.

20

Today, Monday 20 May, marks the start of GMX Delegation Week!

Join the Twitter Space at 10:30 AM UTC to learn more about GMX’s transition to on-chain Governance, and meet the nominated GMX DAO representatives you can delegate your voting power to:

→ https://x.com/i/spaces/1eaJbgQAownxX…

Many of the delegates above that have nominated themselves will be in attendance.

2 Likes