GMX Proposes $10M Token Market-Making Fund from Treasury, Launches GT Buyback

Odaily News: On-chain trading platform GMX has published a governance proposal to allocate $10 million from its treasury in the first phase to establish a GMX token market-making fund. The fund will use cross-chain aggregate open interest as a reference metric, primarily conducting buybacks when GMX's circulating market cap falls below aggregate OI, and shifting to liquidity provision when circulating market cap is not below aggregate OI.

The proposal also outlines a subsequent roadmap, including cross-collateral and cross-margin modes, market grouping, net open interest, RFQ, permissionless markets, Robinhood integration, and a new USDG LP product line. Additionally, GMX will initiate a GT buyback and distribute GT airdrops to GMX stakers, with specific details to be announced in subsequent proposals.