GMX Launch Plan
There’s going to be a lot happening in the next few weeks, so we decided to place all the important information and updates in one place.
Overview of the Launch Plan
The dates for launch will be relative to when Arbitrum is opened to the public; we will assume a date of 31 Aug 2021 for now.
31 Aug 2021: Arbitrum is opened to the public
1 Sep 2021: Once Arbitrum is opened to the public, minting and redeeming of GLP tokens will be available to all users. However, we advise all users to refrain from depositing significant amounts in the first few hours. We will use this time to test and re-check that everything is working fine
6 Sep 2021: GMX transfers and trading is enabled
Do note that these dates can change since there hasn’t been an exact time announced by Arbitrum yet. The timing for GMX trading will be finalized after the Arbitrum announcement is made.
Launch Bonuses
To make for a more exciting launch, there will be a bonus pool of 100,000 Escrowed GMX worth $200,000 for all early GLP minters.
To qualify:
Mint GLP token before the trading of GMX begins
Hold the same or greater amount of GLP tokens until 30 September 2021
The pool of 100,000 Escrowed GMX will be distributed to all qualifying users based on the amount of GLP tokens held in the first snapshot.
Instructions on adding the Arbitrum network to MetaMask, how to bridge tokens, and how to mint GLP tokens will be provided after finalization from the Arbitrum team.
GLP Assets
At launch, GLP will consist of ETH, WBTC and USDC. As liquidity grows, new assets such as LINK, AAVE, YFI, UNI, DAI and USDT can gradually be introduced into the index.
GLP will serve as a capital-efficient pool facilitating swaps and leverage trading while at the same time being an algorithmically managed portfolio.
More details: https://gmxio.gitbook.io/gmx/glp.
GMX/ETH Listing
At launch, 250,000 USD worth of ETH will be placed between the $1.50-$2.00 price range for liquidity.
On the other side of the liquidity, 1 million GMX tokens will be placed from the $2.00-$20.00 price range. An additional 1 million GMX is reserved to provide liquidity after the price of GMX increases beyond $20.00.
The performance of this setup will be evaluated after the first week to determine the best use of the liquidity funds.
Floor Price Fund
Updated values of the Floor Price Fund will be displayed on the GMX dashboard.
More details: https://gmxio.gitbook.io/gmx/tokenomics
ETH Rewards
$72,072.62 USD worth of ETH has been collected from trading fees on BSC and will be distributed to GMX stakers over 4 weeks. These rewards will begin distribution shortly after Arbitrum is opened to the public.
Fast Price Feed
To ensure prices are up to date, the team is currently running a fast price feed which increases the spread when the Chainlink price deviates by more than 0.1% from exchange prices. On average, 700 transactions are submitted per day, and this costs ~$1000 per week. Running the same price feed on Arbitrum will cost around ~$5000 per week.
To sustain the costs, we will likely need to use a portion of the fees from BSC to pay for gas. The remaining fees after gas will be distributed as bonuses to GMX and GLP holders.
At launch, there will continue to be the requirement for a minimum price movement of 1.5% for a position to be in profit. With the fast price feed in place, we can trial removing this threshold on BSC, before considering the same for Arbitrum.
Roadmap
AMAs are currently scheduled close to the launch of GMX
For late migrators, once GMX/ETH has begun trading, there will be a 4-week gap between the migration and when the GMX tokens get staked. We had initially planned for the tokens to be vested over 12 months, but we find this might be too long. The migrated tokens will not earn rewards during the 4-week gap
Vesting of Escrowed GMX will be available two weeks after the launch of GMX
Trading competitions, referral programs, and the mainnet launch of advanced orders will likely take up development time for September till mid-October
Once these are done, our vision is to build GMX into something more than swaps and leverage trading, to experiment with new DeFi possibilities. The current initial direction is for the idea of Checkpoint Tokens, a form of simplified options. More details will be announced as we finalize the mechanics
Finally, Multiplier Points are a useful basis to reward long-term holders since they cannot be bought but can only be earned with time. We can use this to provide bonus benefits for long-term holders, in the form of NFTs etc. These will likely be worked on in November / December, depending on how the tasks get prioritized
Connect with us:
· Website: https://gmx.io/
· Twitter: https://twitter.com/GMX_IO
· Telegram: https://t.me/GMX_IO
· Announcements: https://t.me/GMX_Announcements
· Discord: https://discord.gg/H5PeQru3Aa
· Github: https://github.com/gmx-io
Disclaimer:
The information, content, and materials provided here are for general informational purposes only and do not constitute financial or investment advice, nor a legally binding agreement.
Note that discussions and voting involving contributors may occur on GMX DAO social media platforms, but contributors are independent actors, and nothing discussed or proposed should be understood as an obligation for an individual contributor to act.
Please conduct your own research and consult with appropriate professionals before making any decisions based on the information provided on this website.