Swap GLP tokens in Floor Price Fund for GM tokens

Proposals
1

as mentioned in the docs GMX Token | GMX Docs, the floor price fund currently holds GLP tokens, this was minted when GMX v1 was initially launched to help with liquidity

these funds could similarly be used to help with liquidity in v2, proposing to swap the GLP tokens to add liquidity to the v2 pools in which the current liquidity may make larger trades difficult:

  1. DOGE (Arbitrum)
  2. XRP (Arbitrum)
  3. LTC (Arbitrum)
  4. SOL (Arbitrum)
  5. USDC-DAI (Arbitrum)
  6. AVAX (Avalanche)
  7. BTC (Avalanche)
  8. ETH (Avalanche)
  9. SOL (Avalanche)
  10. DOGE (Avalanche)
  11. LTC (Avalanche)

there is currently ~971,096 USD worth of GLP in the Floor Price Fund TokenManager | Address 0x4E29d2ee6973E5Bd093df40ef9d0B28BD56C9e4E | Arbiscan

this could be split evenly among the 11 pools which would lead to an increase of $88,281.45 for each pool

10 Likes
2

seems like a no-brainer to support GMX v2 and help build liquidity :+1:

so would vote yes!

3 Likes
3

100% in favour of this.

1 Like
4

Makes sense as a first step in boosting v2 liquidity.

5

Good proposal. 100% support
If I may add, I would say seed liquidity except for USDC-DAI, BTC and ETH
those should be popular on its own.

6

100% support. do it pls

7

i say use it to incentivise liqudity , convert it to esGMX and give it out as rewards

8

big fan of this and giving each pool an equal boost will help a lot.

1 Like
9

100% support. do it pls

10

Why not the entire floor price fund?

The rest is in eth to hold I understand that, or vote it to the whole team would be cool.

Floor price… xvix

11

the floor price fund is also used to back the Immunefi bug bounty program (GMX Bug Bounties | Immunefi), so it may be necessary for the protocol to retain the funds

3 Likes
12

proposed a conversion of just the GLP portion because the usage of that portion of the fund would be similar and likely less controversial, if there are no strong objections we can proceed with the conversion of the GLP tokens to GM tokens

5 Likes
13

I support this proposal. This is a good use of funds in a similar fashion to how they are currently being used.

1 Like
14

What about the people who are using their GLP to vest their esGMX through the GLP vault?
Is there a way to replace the GLP vault with a GM vault?

Imo this could also drive a liquidity to GM model.

1 Like
15

Yes this makes sense, and will be developed soon I expect

16

Lets do it asap, X! looks like the more and more traders coming in seeking liquidity :smiley: