Implementation of MP Update
As a continuation of the prior votes for the updating the MP system, this is a vote on remaining implementation questions covering issues related to sequence of implementation and .
Discussion Threads https://gov.gmx.io/t/towards-addressing-the-question-of-mps-consolidated-suggestions/3315
https://gov.gmx.io/t/towards-addressing-the-question-of-mps-next-steps/3410
https://gov.gmx.io/t/towards-addressing-the-question-of-mps-journeys-end/3458/2
In accordance with the proposers most recent forum posts there are two open queries to ensure clarity on the implementation
For refernece
Part 1:
- Set MP emissions rate to zero
- Set max boost percentage to zero
- Call compound for every GMX holder
Part 2:
- Create a migration contract with the migrate function and grant it the appropriate permissions
- A list of addresses can be passed into the migration function
- For each address:
- Sum MPs in account’s wallet balance and pending claim balance
- Mint esGMX for the account at a ratio of 25 MPs to 1 esGMX
- Increase the GMXVester.bonusReward amount for the account by the amount of minted esGMX. This allows the user to vest the esGMX using the existing GMX Vester.
Question One - sequence of implementation Option 1 - Do Part 1 & 2 after both ready Option 2 - Do Part 1 now, Part 2 when ready
Question Two - To vest the newly issued esGMX, do you need to hold esGMX/GMX or can you vest with only time and no esGMX/GMX holding requirement
Option 3 - Need esGMX/GMX to vest esGMX Option 4 - No esGMX/GMX to vest esGMX
Votes can be allocated to all options, the leading vote between Option 1 & 2 and the leading vote between Option 3 & 4 will be taken respectively to represent the decision for Question One and Two.
Voting options have been lightly edited from proposers langauge to comply with snapshots 32 character limit on voting options.
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x69CF...CdC231 | 187,840 | esGMX/GMX needed to vest esGMX, Do Part 1 & 2 after both ready |
 0x6137...6d3033 | 75,872 | Do Part 1 & 2 after both ready, esGMX/GMX needed to vest esGMX |
 0x7c9B...904f2A | 72,184 | esGMX/GMX needed to vest esGMX, Do Part 1 & 2 after both ready |
 0xDda8...58c113 | 67,410 | Do Part 1 & 2 after both ready, esGMX/GMX needed to vest esGMX |
 0x4e96...570f38 | 61,737 | Do Part 1 & 2 after both ready, No esGMX/GMX need to vest esGMX |
VOTE POWER
Proposal Status
- Sat May 25 2024, 10:40 amVoting Period Starts
- Thu May 30 2024, 12:00 pmEnd Voting Period
Current Results
1-Do Part 1 & 2 after both ready
657,647.177
2-esGMX/GMX needed to vest esGMX
626,843.529
3-Do Part 1 now, Part 2 when ready
103,015.107