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

Proposals
49

We are in favor of this proposal.

  1. Positive Impact on $GMX Price Growth
  • Create sustain buying pressure for GMX Token, potentially drawing in new participants and investors
  • Need to make it SUPER CLEAR that fees are used to buy from open market rather than minting new tokens
  • Need to ensure a proper system in place and that there are no “exploitable” frontrunning in the scenario where GMX grows bigger, more fees = bigger buybacks = potential frontrunning arbitrage
  1. Addressing Dormant Addresses
  • Currently, rewards in ETH/AVAX accrued to dormant esGMX addresses, effectively burning these rewards
  • By switching to GMX buybacks & distribution, this effectively helps more circulating GMX go dormant
  1. Real Yield Narrative
  • Love the option to opt for ETH/AVAX yields, which can help maintain GMX’s real yield narrative
4 Likes