GMX (GMX)

System: GMX — Trading and Exchange

GMX is a decentralised exchange for spot swaps and leveraged perpetual trading, serving traders and liquidity providers seeking on-chain execution and market exposure. GMX launched in S 2021. The system operates through smart contracts on Arbitrum, Avalanche, Botanix and MegaETH, where trades are backed by GMX Market (GM) pools and GMX Liquidity Vault (GLV) pools. The GMX profile covers the GMX token only; GM and GLV are separate liquidity-share and vault-share tokens within the GMX system.

Market Data

Price$5.94
Market Cap$61.90M
Fully Diluted Valuation$61.90M
30d Change-11.24%
365d Change-62.16%

Token Functionalities

Governance

  • Actor Set Permissioning (Partial)

    Right to approve changes to privileged actors where the GMX DAO proposal path controls the actor set, with the strongest evidenced case being the protocol-owned-liquidity multisig signer update. The right is activated by staking GMX or escrowed GMX for GMX_DAO voting power. Strength is Partial because keepers, oracle providers, committees and role administrators retain role-gated authority over other actor surfaces.

  • Economic Design/Parameter Control (Partial)

    Right to approve or amend economic design affecting fee routing, GMX buyback distribution and GMX supply expansion beyond the forecast cap. The right is activated by staking GMX or escrowed GMX to mint non-transferable GMX_DAO voting power. Strength is Partial because low-level parameter implementation can still depend on Config, Timelock and role-gated contract paths.

  • Treasury Control (Partial)

    Right to direct DAO Treasury assets and treasury-funded actions through GMX DAO governance. The right is activated by staking GMX or escrowed GMX to receive GMX_DAO voting power, with Tally used for on-chain proposals where execution is required. Strength is Partial because assets also sit across multisigs and other treasury-holding contracts after approved transfers.

Value Distribution

  • Buyback Entitlement (Discretionary but Regular)

    Right to benefit from GMX bought back using a defined share of protocol fees. The right is activated by staking GMX or escrowed GMX. Strength is Discretionary but Regular because bought-back GMX currently accumulates in Treasury, and distribution to stakers is suspended until the GMX token price reaches the documented $90 threshold; each staker’s share is based on staking power.

System Attributes

Operating Model

<p>GMX&nbsp;is&nbsp;an&nbsp;On-Chain&nbsp;Protocol.&nbsp;ExchangeRouter,&nbsp;GlvRouter,&nbsp;handler&nbsp;contracts,&nbsp;vault&nbsp;contracts,&nbsp;DataStore,&nbsp;RoleStore&nbsp;and&nbsp;OracleStore&nbsp;coordinate&nbsp;order&nbsp;requests,&nbsp;custody,&nbsp;market&nbsp;state,&nbsp;position&nbsp;state&nbsp;and&nbsp;execution.&nbsp;Most&nbsp;user&nbsp;actions&nbsp;follow&nbsp;a&nbsp;request-execution&nbsp;pattern:&nbsp;the&nbsp;user&nbsp;records&nbsp;the&nbsp;request&nbsp;on-chain,&nbsp;then&nbsp;an&nbsp;order&nbsp;keeper&nbsp;submits&nbsp;signed&nbsp;oracle&nbsp;prices,&nbsp;and&nbsp;the&nbsp;contract&nbsp;validates&nbsp;and&nbsp;executes&nbsp;atomically.&nbsp;Oracle&nbsp;providers,&nbsp;keepers,&nbsp;relays&nbsp;and&nbsp;cross-chain&nbsp;messaging&nbsp;are&nbsp;material&nbsp;dependencies,&nbsp;but&nbsp;economically&nbsp;critical&nbsp;trading,&nbsp;pool&nbsp;accounting,&nbsp;fee&nbsp;metering&nbsp;and&nbsp;settlement&nbsp;are&nbsp;enforced&nbsp;by&nbsp;GMX&nbsp;contracts.</p>

Value Creation

<p>GMX&nbsp;has&nbsp;on-chain&nbsp;value&nbsp;creation.&nbsp;The&nbsp;core&nbsp;productive&nbsp;activity&nbsp;is&nbsp;pool-backed&nbsp;execution&nbsp;for&nbsp;perpetuals&nbsp;and&nbsp;swaps:&nbsp;GM&nbsp;and&nbsp;GLV&nbsp;pools&nbsp;supply&nbsp;liquidity,&nbsp;contracts&nbsp;enforce&nbsp;market&nbsp;constraints,&nbsp;and&nbsp;trader&nbsp;profit&nbsp;and&nbsp;loss,&nbsp;fees,&nbsp;funding&nbsp;and&nbsp;borrowing&nbsp;mechanics&nbsp;update&nbsp;market&nbsp;state&nbsp;through&nbsp;the&nbsp;protocol&nbsp;contracts.&nbsp;Liquidity&nbsp;providers&nbsp;deposit&nbsp;assets&nbsp;into&nbsp;GM&nbsp;or&nbsp;GLV&nbsp;pools,&nbsp;and&nbsp;each&nbsp;GM&nbsp;pool&nbsp;is&nbsp;risk-isolated&nbsp;to&nbsp;the&nbsp;markets&nbsp;into&nbsp;which&nbsp;liquidity&nbsp;is&nbsp;deposited.&nbsp;Off-chain&nbsp;price&nbsp;and&nbsp;keeper&nbsp;work&nbsp;are&nbsp;necessary&nbsp;for&nbsp;execution,&nbsp;but&nbsp;they&nbsp;support&nbsp;a&nbsp;contract-mediated&nbsp;exchange&nbsp;service&nbsp;rather&nbsp;than&nbsp;producing&nbsp;a&nbsp;separate&nbsp;off-chain&nbsp;trading&nbsp;venue.</p>

Value Capture

<p>GMX&nbsp;has&nbsp;on-chain&nbsp;value&nbsp;capture&nbsp;and&nbsp;routing.&nbsp;Traders&nbsp;and&nbsp;swappers&nbsp;pay&nbsp;position,&nbsp;swap,&nbsp;borrowing,&nbsp;liquidation&nbsp;and&nbsp;network&nbsp;fees&nbsp;through&nbsp;contract&nbsp;execution.&nbsp;Liquidity&nbsp;providers&nbsp;receive&nbsp;the&nbsp;majority&nbsp;of&nbsp;trading,&nbsp;liquidation,&nbsp;borrowing&nbsp;and&nbsp;swap&nbsp;fees&nbsp;through&nbsp;GM&nbsp;and&nbsp;GLV&nbsp;pool&nbsp;value;&nbsp;borrowing&nbsp;fees&nbsp;route&nbsp;63%&nbsp;to&nbsp;the&nbsp;pool&nbsp;and&nbsp;37%&nbsp;to&nbsp;the&nbsp;protocol&nbsp;fee&nbsp;receiver.&nbsp;Protocol-fee&nbsp;value&nbsp;funds&nbsp;GMX&nbsp;buybacks,&nbsp;while&nbsp;treasury&nbsp;allocation&nbsp;is&nbsp;held&nbsp;across&nbsp;DAO&nbsp;Treasury,&nbsp;protocol-owned-liquidity&nbsp;multisig&nbsp;and&nbsp;other&nbsp;treasury&nbsp;contracts.&nbsp;Keeper&nbsp;network&nbsp;fees&nbsp;reimburse&nbsp;execution&nbsp;gas&nbsp;and&nbsp;do&nbsp;not,&nbsp;by&nbsp;themselves,&nbsp;reclassify&nbsp;capture&nbsp;as&nbsp;off-chain.&nbsp;Centralised-exchange&nbsp;treasury&nbsp;execution&nbsp;is&nbsp;classified&nbsp;as&nbsp;a&nbsp;treasury-execution&nbsp;route.</p>