GMX

Proposal for Action:

Complete an OTC treasury swap between GMX and Rage.trade treasuries for 5000 esGMX that will provide incentives to Rage’s delta-neutral GLP vault in exchange or RAGE tokens at their prior round valuation.

Forum Discussion

Please see the posted proposal and clarifications at gov.gmx.io/t/gmx-rage-collab/729 and you can read more about GMX’s Ecosystem Partnership strategy at gov.gmx.io/t/partnerships/743

Key Considerations

• esGMX swap is conditional on the successful audit and launch of Rage’s delta-neutral GLP vault on Arbitrum main net.
• The delta-neutral GLP vault opens GLP to another ecosystem of depositors and this swap supports both initial bootstrapping and creating long-term incentives for this vault. Any additional esGMX being earned is compounded and 100% of the ETH yield is distributed to those in the vault, boosting returns.
• esGMX and RAGE tokens swapped will be locked and staked for a minimum of two years by each protocol ensuring longer-term alignment and removing the potential of sell pressure
• The value of esGMX will be taken as the 30-day average price of GMX in the 30 days prior to the approval of the governance proposal using daily closes on coingecko.
• The value of RAGE will be based on its most recent valuation ($40m FDV), which included investments from investors such as Dopex DAO, Primitive Ventures (Dovey Wan), Dialectic, Genesis Block Ventures, and BizYugo (#1 on DeBank + #2 on DegenScore).