If you are holding/staking GMX, how low does the price need to drop for you to reconsider your position on the various changes that have been implemented this past year?

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  1. I agree with Jonezee that this handwringing is not productive.

  2. I agree with you that GMX price performance has been terrible.

I was an advocate for the removal of GMX MPs, despite being a large MP holder at the time. I don’t believe that this caused harm to the price, it simply failed to correct what was already happening.

We were already seeing a price decline, which I attributed to the collapsing base APR as MPs eat up all of the revenue share. My hope was that a significantly increased base “real yield” would attract attention/investment, as there are not many protocols who can compete with our rev share fundamentals.

Unfortunately, attention was never gained, despite high APRs being available to new investors, V2s design success and the development/launch of GMXSOLANA. Crypto continues to be an attention economy, fundamentals be damned.

We can see this here:

  • GMX’s all time high was April 2023. In July 2023, Base launches and Arbitrum begins to loose mindshare. GMX, the largest project on Arbitrum sees its price begin to slip, despite revenue being strong.

  • GMX continues to see quality usage metrics and protocol improvements, but the decline accelerates, precisely correlated to the launch of Hyperliquid in December 2024.

Attention is everything. Our tokenomic changes did not caused our price performance, but they failed to draw attention, which at the end of the day effects crypto prices more than any fundamental.

While the team continues to produce competitive, useful technology, we also need to renew our efforts on making GMX part of the conversation once more. Personally, my interests are on mechanics, but we need to embrace the truth that narrative cultivation will provide the highest ROI moving forward. When cross chain launches, we need to find a way to get the greater crypto community interested in what we are building.

Potential narratives that we could build towards (backed by real fundamentals):

  1. RWAs - everyone is talking about this, how can we be first out of the gate? lets list everything chain link offers in this category, even if trading volumes are low.
  2. Cross Chain - already in the works, assuming our model is a success, how can we be a big part of the conversation towards solving fragmentation?
  3. FOREX - honestly not something that I am familiar with, but its a huge market in tradfi and we could build a narrative focusing on “Serious” markets so as to separate ourselves from the casino narrative. While it may not be a huge revenue driver right away, building lindy in this space before tradfi is here in mass could be a reputational boon.
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