GMX

GMX has opened voting on a governance proposal to fund the second phase of its $10M Market-Making Fund — titled "Phase 2 — Contingency Reserve" — now live on the Tally governance platform. Tokenholders are being asked to vote directly or ensure their voting power is delegated to an active delegate.

• The proposal follows Phase 1, which allocated $10M from the GMX treasury to a fund for GMX token market making and GT buybacks
• Phase 2 funds the fund's contingency reserve, per the proposal title
• Voting runs on Tally; GMX flagged the proposal in its official posts on October 30

GMTrade — the Solana deployment of GMX, originally launched as GMXSOL — is now becoming GMX on Solana, folding the platform's trading brand under the main GMX name. Same team, same markets, one roof: 24/7 crypto, forex, commodities, and stocks trading with up to 500x leverage on GMX's existing Solana liquidity.

• Reposted by GMX on October 28, backing SolanaFloor's announcement of the rebrand
• GT buybacks are live, and every trade, LP position, or referral now earns points on the platform

GMX welcomed Foxify to its ecosystem, framing GMX as the liquidity layer for platforms built on top of it — permissionless, composable, and peer-to-pool. Foxify, a perpetual DEX platform, is the latest project integrating with GMX's liquidity rather than sourcing its own.

• The announcement positions GMX's GM pools as shared infrastructure for perp and derivatives venues that build on top of it

GMX confirmed it is working with Falcon Finance as part of its treasury management strategy, responding to Falcon's announcement that GMX plans to put part of its protocol-owned GMX to work to generate yield. GMX is moving beyond simply holding tokens in its DAO treasury.

• Falcon Finance says treasury assets can be used as collateral, letting GMX "keep the position, earn on it"

GM Labs' token-mechanic changes go live on October 28: after GT buybacks, all remaining Solana-side protocol revenue will be used to buy back GMX for the staking rewards pool, and GMX staking on Arbitrum and Avalanche moves to a new contract.

• Unstaking will now require a request, with tokens withdrawable 180 days later; staked GMX and esGMX stay in place and need no action from holders
• The 80% Staking Power threshold applies when the unstaking request is submitted
• Account Transfer will also be paused on October 28 because of the contract changes; GMX says holders don't need to migrate anything personally and that any "migration" link is a scam
• The changes build on the GT Buyback Season 2 framework, where Solana-side fees feed the GT points pool and 99% of protocol fees go to GT buybacks

GMX launched the GMX Dollar Vault — a GLV vault listed as GLV [USDG-USDG] that lets users deposit the Paxos-issued USDG stablecoin and earn in dollars, with no crypto price exposure on the deposit. The vault spreads deposits across the GM liquidity pools behind GMX's deepest perp markets (BTC, ETH, SOL), holding a basket of GM pool tokens that rebalance automatically toward the best-performing pools; GMX says most USDG on Arbitrum now sits in those pools.

• Earns the majority share (63%) of trading, liquidation, and borrowing fees; base yield expected between 7% and 12% APR
• 8%+ launch boost for the first 8 weeks on up to $100M of program TVL, funded by Arbitrum's USDG program together with GMX
• No deposit fee and no lock-up; GM [USDG] pools for BTC, ETH, and SOL also went live for whitelisted large depositors with a 5% boost
• Arbitrum announced the same day it is joining the Global Dollar Network, bringing USDG to Arbitrum One

GMTrade announced that GT Buyback Season 2 begins on September 28 at 00:00 UTC, with buybacks running daily. The launch follows the GT side of the GMX governance proposal outlined earlier, under which Solana-side protocol fees keep feeding the GT points pool.

• Buybacks run daily starting September 28 at 00:00 UTC
• Referral rewards stay at 50%–100% of trading-earned GT, with each referrer's sellable quota tied to the GT their referees earn through trading
• For Season 2, GMTrade is trialing a fee structure: 99% of protocol fees go to the GT buyback and 1% to LPs

GMX announced plans for staked $GMX to receive a second reward stream on top of existing staking rewards, designed to reward stakers who hold through the full period rather than farmers who jump in at the last moment.

• The added stream layers on top of current staking yields
• Structure is built to favor long-hold stakers over opportunistic entry

In tandem with the new market-making fund, GMX published a proposal outlining everything it is building next across the protocol. The roadmap includes cross-collateral and cross-margin trading, a new USDG-based LP product line, market groups, net open interest, and RFQ-based trading.

• Plans also cover permissionless market listings and Robinhood integration, broadening how GMX markets are accessed
• The roadmap spans the GMX app's 24/7 crypto, commodity, ETF, and equity markets, positioning the protocol for the next phase of its build-out

A new front-end called Denaria now lets traders access GMX's on-chain markets from a mobile app on Arbitrum, covering crypto, commodities, ETFs, and equities trading 24/7. GMX has since pointed users to Denaria's detailed article for more on the mobile app, framing the release as its deep liquidity reaching traders through new interfaces.

The interface sits on top of the same liquidity the GMX protocol provides, part of a broader push making its 24/7 markets — including recent commodity and TradFi listings — accessible beyond the native app.