At this stage, esGMX emissions for the referral program are being paused while other components of the marketing and growth strategy are implemented.
Currently, the GMX referral program provides fee discounts to traders and rebates to affiliates, with higher-tier affiliates and certain integration partners receiving a portion of rebates in esGMX, subject to a weekly distribution cap. esGMX earned through these programs can be staked for protocol rewards or vested into GMX over time.
As discussed during the design of the updated referral program, this pause allows for reassessment of incentive alignment and ensures emissions are deployed in a more effective and sustainable manner.
This update also reduces the technical complexity associated with supporting esGMX-based incentives across new chains, such as MegaETH. Other aspects of the referral program, including fee discounts and non-esGMX rebates, remain unchanged.
As a part of the referral program, I agree with the proposal to reduce the technical complexity of supporting esGMX-based incentives across new chains. However, I have a few questions:
What is the effective date for pausing emissions? Is it starting from Feb 11th?
Is there an estimated timeline for when esGMX emissions might restart?
Would the DAO consider reallocating these rewards into non-esGMX rebates?"
Referrals should be paid as a small portion of the fees not in GMX.
As we have to assume it’s sybil attacked, referrals should be much less than the future reduced fees for GMX staked.
Understood. Just to clarify, I am asking this specifically from an affiliate’s perspective. > My concern is not about the trading incentives for users, but rather the Tier 3 affiliate rebates. Since the esGMX portion (the extra 5%) is being paused to reduce technical complexity, I’m curious if the DAO would consider reallocating that value into non-esGMX rebates so that the total rewards for affiliates remain the same.
Also, regarding the timing, I’d like to confirm the exact cutoff: Will Feb 11th be the final distribution date for esGMX rewards, or will the pause be already in effect by the 11th (meaning no distribution on that day)
Finally, I want to emphasize that our team fully supports GMX’s decision. We are long-term believers—we have never sold any of our earned GMX and remain committed to the ecosystem. As an independent team, we contributed more than $2.7B trading volume via our referral code. We rely heavily on these rebates to sustain our operations and continue developing new features for the GMX community. We look forward to growing together.