GMX

**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 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 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 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.

GMX has announced its official sponsorship of the Arbitrum Open House in London, featuring a substantial $415,000 prize pool for participants. **Event Details:** - **Dates:** July 10-12 (in-person), with a 3-week online Buildathon starting May 25th - **Location:** London - **Focus:** DeFi perpetuals trading and builder tooling **What Participants Can Expect:** - GMX contributors will be on-site to provide hands-on guidance - Technical workshops on DeFi Perps - Access to builder tools and infrastructure - Mentoring from the Arbitrum ecosystem - Opportunity to take projects from concept to mainnet **Competition Structure:** Early-stage teams can join the online Buildathon phase before competing for prizes and potential entry into the in-person Founder House in London. Applications are now open at [openhouse.arbitrum.io](http://openhouse.arbitrum.io/?utm_source=twitter&utm_medium=social&utm_campaign=oh-london-buildathon)

GMX has launched perpetual futures for three major energy commodities on Arbitrum: - **WTI Crude Oil** (WTIOIL/USD) - **Brent Crude Oil** (BRENTOIL/USD) - **Natural Gas** (NATGAS/USD) These markets join the recently launched 24/7 GOLD and SILVER perps under the RWA category. All markets feature: - Low trading fees (2-4 basis points) - 24/7 availability, including weekends - Price data via [Chainlink Data Streams](http://app.gmx.io) - Cross-chain accessibility through GMX Account The platform continues expanding into global markets, offering permissionless access to real-world assets without requiring brokerage accounts or custody arrangements.

GMX has introduced a new **XAUT/USD perpetual market** for trading Tether Gold with up to **25x leverage**. **Key Features:** - Available across **six blockchains**: Arbitrum, Ethereum, Base, BNB Chain, Solana, and Avalanche - Backed by **BTC-USDC liquidity**, allowing traders to use Bitcoin as collateral - Enables simultaneous exposure to both gold and Bitcoin price movements This synthetic perpetual contract expands GMX's asset offerings beyond traditional crypto markets. The cross-chain functionality allows users to trade from their preferred network while settling on Avalanche. The market uses XAUT, Tether's gold-backed token where each token represents physical gold reserves. Two liquidity pools support trading: a single-asset XAUT pool and a dual-asset XAUT-USDT pool. Traders can now access precious metals exposure while maintaining crypto collateral positions.

**GMX accelerates multichain expansion** in Q4, bringing its decentralized trading infrastructure to major networks including: - Base - BNB Chain - Ethereum Mainnet - Additional EVM chains The protocol maintains its **core value proposition**: - Decentralized infrastructure - Oracle-based pricing reliability - Transparent, fair markets **Key improvements** include UX optimizations and horizontal scaling without liquidity fragmentation. With over **$330 billion in trading volume** from 728,000+ users, GMX's expansion preserves decentralization while scaling sustainably across the ecosystem.

**GMX Q3 financial report** now available on Binance Square, published by data analytics platform TokenTerminal. The report provides insights into the **decentralized exchange protocol's performance** during the third quarter. - GMX operates on Arbitrum and Avalanche networks - Offers yield opportunities for token holders - Report accessible through [Binance Square](https://www.binance.com/en/square/post/33454137963122) TokenTerminal specializes in **crypto project analytics** and financial data compilation. Check the full report for detailed metrics and performance analysis.