GMX

Summary This proposal seeks the GMX DAO’s approval for a recurring monthly treasury swap to support the ongoing expansion of GMX Solana. Under the proposed terms, the GMX DAO would purchase $110,000 worth of GT tokens from GMX Solana each month, for 12 months. This funding mechanism reflects community feedback and enables GMX Solana to scale operations while providing the DAO with long-term exposure to GT as the Solana ecosystem matures.

Background GMX Solana began as a governance forum proposal in May 2024, initiated by community member Q, and quickly gained strong support from the GMX community and DAO. Funding was approved for two independent audits, and GMX Solana officially launched on March 12, 2025.

Since launch, GMX Solana has shown strong early traction:

• $3.18B in trading volume

• 2,428 users onboarded

• $1.36M in protocol fees generated

• $1.2M in open interest

• $500K in GMX tokens purchased and secured in the GMX Treasury by the GMX Solana team

Rationale Why this proposal? GMX Solana is GMX’s first non-evm expansion beyond Arbitrum. After a successful launch, it is now entering a pivotal growth phase that requires sustained funding to support operations and infrastructure. Currently, all core contributors are working voluntarily without compensation.

This treasury swap offers a stable and transparent way to fund growth while accumulating GT tokens in the DAO treasury, aligning long-term incentives between GMX and the Solana ecosystem.

Funding Allocation (Per Month - $110,000) a) Audit & Risk Management – $51,666

• Zenith Audit: $33,333

• Chaos Labs Risk Management: $18,333

b) Infrastructure – $9,000

• SQD + RPC Services: $4,000

• Cloud Servers: $5,000

c) Development – $43,166

• Frontend (4 Devs): $16,666

• Backend (2 Devs): $12,000

• Ops (4 Core Contributors): $12,000

• Design (1 Designer): $2,000

Note: All current GMX Solana core contributors are working voluntarily and are not receiving any compensation.

d) Marketing & Growth – $6,666

• Wu Blockchain Campaigns: $6,666

GT Pricing Mechanism (To Be Finalized)

There were two options under community discussion:

• 50% discount to average GT mint price (last 30 days)

• Average GT redemption price (last 30 days)

One community member pointed out that the first pricing method may be unfair, as it could force the GMX DAO to buy GT at higher and higher prices driven mainly by its own purchases. The second method is seen as fairer because it reflects the real market value of GT.

It was also suggested that the DAO shouldn’t proceed with the treasury swap and subsidize the amount for an entire year without ongoing GT minting, as this could artificially preserve the price of GT.

Treasury Revenue

The revenue for the month of July was $700K. The $110K allocated to support the GMX Solana expansion represents 16% of that revenue.

The revenue for the month of August so far is $600K. The same $110K accounts for 18% of the revenue, with the month still ongoing and more revenue expected.

Conclusion This proposal was created following a discussion phase and incorporating community feedback and a follow-up proposal. GMX Solana has shown strong product-market fit and is now ready to scale. The treasury swap offers a mutually beneficial solution providing GMX Solana with consistent funding to continue building, while giving the GMX DAO exposure to GT and the broader Solana ecosystem.

The community also raised valuable points about the treasury swap. While the final treasury swap method is still being discussed, a clear solution is expected before the Tally vote.