GMX's WIF and PEPE Markets Lead in Performance

**Weekly Buyback Activity** Between July 8-14, 2026, the GMX DAO repurchased 22,190 $GMX tokens for approximately $130,000, averaging $5.86 per token. **Program Performance** - Total tokens reacquired since March 5: 356,580 GMX - Total spent: ~$2,215,000 - Blended average price: ~$6.21 per token **Recent Trend** The latest purchase price of $5.86 represents a slight increase from the previous week's average of $5.79, though still below the program's overall average. The buyback initiative continues to reduce circulating supply through consistent weekly purchases.

The GMX DAO has published a proposal to update its referral program structure. The discussion is taking place on the official GMX governance forum, where community members can review the full details and participate in the decision-making process. **Key Points:** - Proposal focuses on modifications to the existing referral program - Open for community discussion and feedback on the governance forum - Part of GMX's ongoing governance framework improvements The proposal builds on GMX's recent governance upgrades, which introduced transparent decision-making processes and flexible voting features. Community members can read the complete proposal and join the discussion at the [GMX DAO forum](https://gov.gmx.io/t/gmx-referral-program-update/51315/5).

GMX has introduced **organic VIP tiers** on Arbitrum that automatically reward high-volume traders with fee discounts: - Traders reaching **$50M in lifetime volume** receive a **5% fee discount** - At **$250M in volume**, the discount increases to **10%** - No action required - the protocol automatically assigns discount codes - No referral code needed to qualify This update is part of broader changes to GMX's referral program on Arbitrum, which also includes a reward step-down for affiliates and a new institutional tier. The automatic tier system removes friction for active traders while incentivizing higher trading volumes on the platform.

GMX is implementing changes to its affiliate reward structure on Arbitrum: **Key Changes:** - Affiliate rewards will drop to 0% after either **12 months** or **$20,000** in payouts per trader - This cap applies retroactively and is calculated per individual trader - Traders' referral codes will be replaced with protocol-assigned codes - **Fee discounts remain unchanged** for traders **New VIP Tiers:** - Traders reaching **$50M** in lifetime volume get automatic 5% fee discount - At **$250M** volume, discount increases to 10% - No referral code needed - protocol assigns these automatically The changes affect the affiliate side of the referral program while preserving trader benefits.

GMX is implementing significant updates to its referral program on Arbitrum, introducing three key modifications: - **Reward step-down for affiliates**: Adjustments to how affiliate rewards are structured and distributed - **Automatic VIP discounts for high-volume traders**: Large traders will now receive VIP-level fee discounts without manual application - **New institutional tier**: A dedicated tier designed specifically for institutional participants These changes build on GMX's ongoing efforts to optimize its incentive structure and improve the trading experience for different user segments on the platform.