Treasury Committee to push for Greater Growth

[0xjunwei]

Based on another proposal by gmboop and Xdev’s response:

# GMX Treasury — Three-Fund Architecture, esGMX-Only Discounts (up to −80%), and 50/50 Fee Distribution

GMX Treasury — Three-Fund Architecture, esGMX-Only Discounts (up to −80%), and 50/50 Fee Distribution (TL;DR) Split the Treasury into three funds with clear routing: GMX Reserve — maintain a GMX:esGMX target mix (default 50:50) to fund incentives. GMX Core Staking — earn conservative yield on ETH/BTC/SOL/AVAX (plus GLV/GM pools); reallocate ≤20% NAV/year to buy GMX for the Reserve; sources include Uniswap ETH fees and 10% of GMX v2 fees. GMX Liquidity Incentives — run incentive programs with a…

I think we could streamline the numbers. To not utilise 40m, marketing-wise wise lets reward users for sharing GMX on X through yaps/referral incentives, should a user onboard others onto GMX using their referral.

Given recent market events, with 400m in liquidity, but Open Interest has dropped to 150m, and monthly OI averages 250m, I would propose to hasten the marketing campaign.

Here is the amendment I would propose:

GMX Incentive Program

Propose the usage of $12M USDC from treasury over the span of 12 months, $600K USDC be used on the GMX buyback bot to repurchase GMX and be solely used for trading incentives. $400k USDC will be used for rewarding any users who help promote GMX on X (Twitter), launch through Kaito Yaps to filter low-quality posts similar to Arbitrum Yap (Start Yapping on Arbitrum Everywhere), through Kaito Yap, it would not require GMX dev to code additional code to track users’ participation, and it would allow us to immediately launch the marketing campaign.

For the trading incentive to prevent botting, I would propose the following:

• 60% Multi-chain Competition (e.g. BNB, Base, any new chain launch), Highest volume from multi-chain wins 40% of the prize pool for that month.
• 20% PNL Adjusted Volume (Losses would result in more rebate to encourage them to stay)
• 20% Trading frequency.

Furthermore, incentives should be given out to users with a 1-month vesting to prevent short-term sell pressure (no need for additional requirement, just 1-month vest)

Expected outcome:

• Retain a monthly Open Interest of at least 500m after this 1-year campaign
• Additional proposal to allow holding of GMX to be entitled to a trading fee discount.
  • This has been brought up by several individuals who would suggest a faster pace in implementing this.

Would suggest that the proposal be pushed to snapshot by the end of October if possible, TBC 29th October 2025, to kickstart the campaign and prevent liquidity from leaving due to lower trading volume, which lower fees.