GMX redirects Solana revenue to GMX buybacks, adds unstaking timelock
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
Sources
- The Account Transfer functionality will also be paused on 28 October, due to these contract changes. Holders do not need to migrate anything personally. Any "migration" link you encounter is a scam. Stay safe. Details: https://t.co/AvonD8FPpE 2/2 Replying to their earlier post: GMX staking on Arbitrum and Avalanche moves to a new contract on 28 October: 🔹Unstaking will now require a request. Tokens can then be withdrawn 180 days later. 🔹Staked GMX and esGMX stay in place.…x.com ↗
- GMX staking on Arbitrum and Avalanche moves to a new contract on 28 October: 🔹Unstaking will now require a request. Tokens can then be withdrawn 180 days later. 🔹Staked GMX and esGMX stay in place. No action needed. 🔹The 80% Staking Power threshold applies when the request is https://t.co/1Y532RHpIox.com ↗
- RT @GMLabsHQ: Two changes are planned for GMX on October 28: 🔹All remaining Solana-side revenue after GT buybacks will buy back GMX for th…x.com ↗
