A terrible thing happened today. My wallets were completely drained. Fortunately, I managed to save a small portion of my funds. Among them was my GMX account, which I was forced to urgently migrate to a new, clean address. However, another terrible thing that I dreaded has happened — I completely lost all my accumulated GMX rewards under the “GMX up to $90” program.
I would like to hear the team’s opinion on this matter. Does the team believe this is the correct behavior for the current system, or is it a flaw/oversight, and can I count on the restoration of my lost loyalty points (or whatever they are called)? For me, it will obviously be a double disaster if the GMX team considers this normal behavior.
Hey, I’m extremely sad to hear that man; it’s the scenario all of us in crypto dread. I’m afraid that staking power is indeed calculated and tracked per wallet address, programmatically. When you drop below 80% of your historical peak staking amount for any reason, the contracts automatically reset your accumulated power to zero. Because it’s tracked per wallet, the reward calculations don’t carry over to a migrated-to wallet, and contributors can’t restore staking power to a different wallet address. Truly regret having to share that unfortunate news.
Thanks for the response. As I understand it, you’ve described the current mechanism of how the system works. However, my question wasn’t about the current design, but about what the GMX team members think regarding its current implementation.
Do you believe that everything is done fairly and correctly right now? Or do you agree that the current implementation (which was written in a rush) has clear flaws and shortcomings that need to be fixed? Furthermore, given that this is purely a matter of math with virtual balances rather than real liquid assets, do you think it would be fair to somehow restore the accumulated funds that were taken from me due to this flaw?
The account migration functionality was originally created specifically for cases like this - a fully secure transfer of assets while preserving all the mechanics around accumulated bonuses. (As a reminder, this mechanism was introduced back in the era of the widely loved esGMX system, whose core concept was similar to today’s virtual loyalty points… and everything worked perfectly back then, with no complaints.)
Thus, the current implementation implies that the migration mechanism is BROKEN. This means that all current staking participants have no way of using the migration feature and are FORCED to keep their tokens at their current addresses for as long as it takes — at least until we reach $90, which could take YEARS.
As it turned out, it fell to me to discover this flaw in the system, and I am the first to raise this issue seriously. Although people in the community chats (including myself) were raising questions about how migration would be handled even BEFORE this mechanism was implemented, the team was apparently in a rush and ignored this aspect. I understand that. But if the team, even now when a concrete case has demonstrated the issue with the mechanism, remains convinced that there is no problem - that is something I do not understand.
Hi, I know you as an active community contributor, and I’m very sorry to hear about what happened.
First, there is nothing wrong with the mechanism. It is working as designed, and this outcome is a result of your wallet being compromised, not a flaw in the system.
That said, I think we can try to help. Please open a ticket explaining what happened and providing proof that you control both the old and the new wallet.
We will then assess from a technical standpoint whether this can be resolved quickly, similar to a lost asset recovery. If it can, great. If not, we will not commit any technical resources to changing the mechanism, as it is currently working well.
In that case, I will personally compensate you from my own staking rewards. I can tell from your posts how much this matters to you, and I’m willing to help. As the largest GMX holder, my rewards should be more than enough to cover yours.
Please note this is a personal decision on my part. It is not related to the program or to the GMX protocol. Since this is the first case of its kind, it will be a one-time exception. Any similar situations in the future will be the responsibility of the affected user.
gm russiamanbit
do note that we are aware and on it.
yes, its complicated and not easy task, give us sometime
I will like to note your ticket on intercom is taken care of, me nor other admin will not DM you also, pls be careful as scammers like to scam old victims that were scammed earlier.
I will use intercom to talk to you and get the proof of your access to your connected wallet once we figure out how to help
take good care.
as gmx is 90% of my portfolio too, i can feel your pain too.