GMX: Transition from “Buyback ETH and Distribute ETH” to “Buyback GMX and Distribute GMX”

We are in favor of this proposal. Buying back GMX with the fees from the protocol will help increase the price in the long run. Many users in this ecosystem are happy to see the GMX price go up, as it will help unify the community.

We also need to consider the relationship between the price of GMX and the long-term success of the GMX protocol. Right now, I do not see a strong connection. GMX LPs and GMX traders do not come to GMX for the GMX tokens.

If this were ten months ago, we would definitely vote no because we held a lot of GLP at that time. Forcing GLP holders to accept GMX would not be a good idea, as it is difficult to sell $5M worth of GMX tokens in the market, while ETH does not have this issue. Now, with V1 fading out, it is acceptable for us to support this proposal.

Lastly, when GMX holders make decisions for LP holders, they need to consider the long-term profit of the LP holders and not focus solely on the GMX price itself.

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