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GMX token

GMX is the platform's utility and governance token. Staking GMX earns you a share of protocol fees — 27% of fees from leverage trading, liquidations, borrowing fees, and swaps are used to buy back GMX. Distribution of bought-back GMX is currently suspended; see Staking for details. For more on fee distribution, see Fees. GMX also grants voting power in protocol governance.

Escrowed GMX (esGMX) has historically been distributed as a staking and referral incentive. Learn more about esGMX on the Rewards page.

Token addresses​

GMX can be bridged between Arbitrum and Avalanche using Stargate. For bridging between other chains, you can use Jumper Exchange.

Buying GMX​

You can buy GMX on the Buy page.

Staking​

Staking GMX earns you a share of protocol fee buybacks. 27% of protocol fees are used to buy back GMX on the open market through a mechanism approved by the DAO Tally vote.

note

GMX staking rewards are suspended. Bought-back GMX accumulates in the Treasury and will be distributed to stakers when GMX reaches $90. Your share is based on staking power, which accrues continuously based on the amount staked and the duration of staking.

You can stake GMX on the Earn page.

Staked GMX token addresses​

After staking GMX, you receive a Staked GMX token. The balance of this token reflects your total staked amount, including any esGMX tokens.

Treasury​

The GMX treasury is funded by:

  • Fees from the GMX/ETH protocol-owned liquidity
  • 8.8% of V2 fees (10% is allocated to Chainlink, the treasury, and keeper costs, of which 1.2% goes to Chainlink)

The treasury is held in multiple contracts:

The GMX DAO owns protocol-owned liquidity in the form of Uniswap V3 NFT LP tokens:

If required, the treasury may be used to pay for issues submitted through the bug bounty.

Token supply​

The supply of GMX can be viewed on the Dashboard. The increase in circulating supply varies depending on the number of tokens that are vested.

The forecasted max supply is 13.25 million GMX tokens. Minting beyond this cap requires a governance vote approved by GMX token holders.

Supply allocation​

  • 6 million GMX: XVIX and Gambit migration. GMX was formed by a merger of the XVIX and Gambit communities.
  • 2 million GMX: Paired with ETH for liquidity on Uniswap.
  • 2 million GMX: Reserved for vesting of escrowed GMX tokens.
  • 2 million GMX: For the treasury.
  • 1 million GMX: For integration incentives and community developers.
  • 250,000 GMX: Distributed to contributors linearly over 2 years.
Circulating supply calculation

The supply displayed on the dashboard is the total minted GMX tokens minus the tokens held in vesting, bonding, and treasury contracts:

Ethereum bridging​

GMX tokens can be bridged between Ethereum and Arbitrum using the Arbitrum bridge. Bridging from Arbitrum to Ethereum has a 7-day waiting period during which you don't have access to your tokens. All GMX features are on Arbitrum, so there is rarely a reason to bridge to Ethereum.

For step-by-step instructions, see this bridging guide.

Next steps​

  • Rewards — Learn about esGMX, vesting, and managing rewards.
  • Voting power — Participate in protocol governance.
  • Fees — Understand how trading fees are generated and distributed.
  • Earn page — Start staking GMX.