GMX, a decentralized exchange (DEX) for perpetual and spot trading, has advanced its proposal to alter its revenue distribution model to an on-chain vote stage. The vote, which began after a successful snapshot on July 31, will conclude on August 4.
If approved, GMX will shift from distributing Ethereum (ETH) to its native token, GMX, aiming to boost the token’s long-term value and preserve real-yield benefits for users. The proposal includes an option for users to convert distributed GMX to ETH, making the change user-friendly.
Notably, a seventh of the fees will be allocated to buying back GMX, with the price set by GMX’s Chainlink oracle on Arbitrum and Avalanche. This model will gradually introduce a premium of up to 5% across the week. GMX is currently ranked as the 45th largest chain by revenue and fees.
This strategic shift could enhance the platform’s competitiveness against rivals like dYdX and Jupiter Perpetual Exchange, potentially cementing GMX’s position in the market.
