On July 22nd, according to a new proposal released by GMX core contributors, the GMX team proposes to change the profit distribution model from “repurchasing ETH and distributing ETH” to “repurchasing GMX and distributing GMX”. This proposal aims to leverage the advantages of “repurchasing” to enhance GMX’s long-term value preservation ability, optimize user experience, and strategic flexibility of the protocol. Specifically, 30% and 70% of GMX V1 fees, as well as 27% of GMX V2 fees, will be used to repurchase GMX instead of the current WETH and WAVAX. This will create sustained buying pressure for GMX, promoting the stability and rise of token prices. When users claim or compound, they can choose to “convert GMX to ETH” or “convert GMX to AVAX” to ensure that the user experience remains unchanged.
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