GMX

Proposal for Action

Complete an OTC treasury swap between GMX and Gammaswap treasuries of $100,000 worth of esGMX and Gammaswap GS tokens. The esGMX from the trade will be permanently locked, with the proceeds from staking esGMX used to fund grant programs to build vaults or structured products leveraging GMX & GammaSwap, driving more fees to both platforms

Forum Discussion Please see the posted proposal and clarifications https://gov.gmx.io/t/gmx-gammaswap-proposal/1549 and you can read and participate in formulating GMX’s Ecosystem Partnership strategy which these swaps are guided by at gov.gmx.io/t/partnerships/743 These swaps are intended to support protocols building on GMX through sustainable yield generated from GMX/esGMX and not the selling of the principal from the swap.

Key Considerations • The GS token is not currently listed, GMX will receive 1% of the 16M total token supply of GS, in exchange for the $100,000 esGMX at a $10M FDV. Price of GMX tokens will be established using the 30-day trailing price at the time of the acceptance of this proposal by governance. • As part of the partnership Gammaswap is committed to developing products including Synthetic calls & puts utilizing GMX liquidity, and the development of hedged IL vaults for GMX/ETH LPs on uni v3 and other dexes. • The swap is contingent on the successful audit of the GammaSwap platform by Halborn and integration into UniswapV3. • Gammaswap and GMX intend to hold the tokens received from the swaps indefinitely, with them deployed in accordance with this proposal. After two (2) years, if there has been a material change in the tokenomics or intended utility of the tokens that result in the protocols being unable to use them as had been planned, the protocols may mutually review and come to governance to seek equitable adjustments.