GMX - Arbitrum DAO Application (revised structure)
Category: Non-Constitutional AIPs
- This grant application encompasses a comprehensive range of initiatives designed to stimulate widespread engagement with and on-chain activity for DeFi on Arbitrum, by increasing the adoption and activity focused on GMX V2.
- The proposal prioritizes creating a diverse range of perpetual and spot pools that are highly liquid and capital-efficient. These pools, with liquidity provider tokens, will generate yields that are composable with other protocols.
- GMX requests DAO delegates to consider approving incentives around its V2 with a maximum of 12.0 million ARB tokens, plus consideration of an additional 2.0 million ARB tokens for a GMX-administered liquidity and volume program directed at ecosystem partners building on GMX V2 that don’t directly receive incentives from the Arbitrum DAO. Now subject to an overall cap of 12.0 million ARB in accordance with section 1.1 below.
- Intentionally Deleted
- The key focus areas are: converting CEX users to DEX users, promoting the development and integration of Arbitrum protocols on GMX V2, targeted incentivizing of provision of liquidity, and fostering a vibrant on-chain trading environment.
- A special thank you to GMX community members 0x_dav, SniperMonke01, Shogun, and Saurabh Dhekale for assisting in preparing this proposal for consideration by the Arbitrum DAO.
1.1. Amended Ask
Discussing with delegates, there is strong and unequivocal support for GMX’s proposal but also a mutual desire that smaller proposals and newer protocols have an opportunity to participate in the program and not be crowded out by large projects, even if meritorious.
This feedback deeply resonated with contributors and the community at GMX, and how this is an opportunity to pay it forward and hopefully support the next GMX to grow. Therefore, GMX is lowering its STIP proposal to Delegates by 2 million ARB to 12 million ARB. The hope is to create at least five additional Beacon & Siren grants to newer builders & communities.
Delegates will do their best at evaluating proposals, steering the limited resources available, and looking at how these proposals maximize Arbitrum and its ecosystem’s growth. Many proposals will not gain support today, but opportunities will exist in the future, including STIP Round 2, so they can support Arbitrum’s growth and for Arbitrum to support yours.
This amendment has been placed at the top of the proposal, and the rest of the proposal should be read with this new upper limit being considered.
2. Past, Present, and Future of GMX
GMX is a non-custodial, decentralized exchange (DEX) for trading spot and leveraged perpetual contracts, with a leading position in terms of adoption, TVL, liquidity, and revenue. In daily fee revenue, GMX nowadays trails only some of the most prominent crypto protocols, such as Uniswap and Aave. In the derivatives category, GMX ranks first as the top derivatives project based on the past 365 days’ fees.
GMX deployed on Arbitrum along with its mainnet launch, and its accomplishments can be attributed in no small part to the robust technical infrastructure of Arbitrum. Arbitrum’s underlying architecture has allowed GMX, as well as other DeFi protocols, to provide traders with notable advantages like low latency, minimal transaction fees, and swift transaction processing with no front running.
GMX played a significant role in initiating the discussion and delivery of “real yield” within the DeFi space. As one of the protocols driving this narrative, GMX V1 championed the distribution of protocol revenues back to GMX liquidity providers and token holders, totaling over $190m lifetime and over $100m in the past 365 days to the Arbitrum ecosystem. This showcases the project’s dedication to its token holders and reinforces its commitment to ensuring that the Arbitrum community benefits directly from the platform’s success.
Figure: Top 25 projects in the derivatives sector based on daily cumulative fees in the past 365 days, https://tokenterminal.com
2.2. Fostering organic growth in the Arbitrum ecosystem (key statistics as of Sep 15)
Despite intense competition, where rivals have employed aggressive liquidity mining and trading incentives campaigns, GMX has adeptly held its ground and consistently been the largest protocol on Arbitrum in TVL, fees, protocol revenue, and gas consumption. The DeFi community has maintained its confidence in the platform, driving Arbitrum adoption and consolidating its user base at 50% of the total Arbitrum Perp user base (left graph below). GMX TVL and activity have proven to be sticky, locking between 20 and 40% of all Arbitrum TVL (right graph below) and circa $400m $GMX liquidity consistently over the last year, and GMX has been amongst the top perpetual protocols across DeFi.
|Figure: GMX has adeptly held its ground with a constant user base despite the intense competition||Figure: GMX TVL represented the most deep-liquidity market with 20-40% of Arbitrum TVL|
Contributing to building Arbitrum’s DeFi ecosystem has been a large part of GMX’s growth over these last two years, being both a social responsibility and good business. More players in this space (including competitors) brings more innovation, more users, and more opportunities for users to come and stay on Arbitrum.
GMX has established collaborations across Arbitrum, working with almost every leading protocol to foster a robust collaborative environment. This interconnectedness within the GMX ecosystem extends its benefits to all participating projects. Projects including Pendle, MUX, Abracadabra, Jones DAO, Dopex, Silo, GMD, Plutus, Lyra, Umami, Redacted Cartel, Dolomite, GBC, STFX, and more have been able to build sustainable projects leveraging GMX as a source of yield, liquidity, and trading. A commitment to security, an open development platform, and collaborative market leadership have allowed GMX to directly contribute to the broader adoption and growth of DeFi on Arbitrum.
Apologies in advance, for some valued integrations missing from the table below. Visiting https://app.gmx.io/#/ecosystem will provide a more comprehensive list of integrations, dashboards, and partners. If your protocol is building on GMX and was omitted here, please dm @coinflipcanada; you and your community are valued.
2.3. GMX V2
GMX V2 was set in motion with discussion on the GMX forums starting in mid 2022 about the next iteration and direction of GMX. Over time the constraints of a product like GLP, designed for a certain set of assets and size, limited its ability to fully leverage its potential at scale.
V2 is a more ambitious concept; looking at many of the successes and limitations that came out of the experiment that was GMX and GLP, and building a new protocol from the ground up.
GLP proved that there was a desire for community liquidity to support and earn from the utility of creating deep perp markets on-chain. This meant that there wasn’t a need to rely on professional market makers who, on CEXs and even in DeFi, would do so mostly on the basis of preferential deals extracting value from the ecosystem. GMX helped pioneer that Oracles could effectively support price discovery of assets and be utilized to provide liquidity providers a more equitable return on risk and capital by not bleeding excess value to MEV.
GMX’s results over the last two years show a fundamental demand from traders to have sovereignty over their assets, control of their positions, transparent pricing, assured protocol solvency (always 100% backed, verifiable on-chain), and isolated risk (as traders only have the funds of a specific position exposed to the GMX protocol, while they continue to have the flexibility to interact with the rest of the vibrant DeFi ecosystem on Arbitrum.)
Arbitrum is an environment built to support the best of Ethereum DeFi. One protocol after another integrated with GMX, showing a strong need for yield-generating assets, capital-efficient trading, hedging on-chain, and supporting a wide range of strategies.
This section is called V2, so why so much talk about V1? Everything learned by the community was carried forward, and those foundations were further built upon. V2 is powered by new low-latency Oracles that were designed over the last year working with Chainlink and launched first on Arbitrum powering GMX V2. They provide a whole range of additional data streams and exceptionally low-latency trading, giving GMX real-time price updates and faster on-chain execution. The result is strengthened protocol performance and data security, plus help with mitigating frontrunning risks.
V2 liquidity pools are isolated to each market/asset (now referred to as GM), thus allowing the support of a multitude of markets without adding collective risk. This provides more flexibility for liquidity providers to support the markets they want, and market forces to scale up new markets that traders are interested in by committing liquidity (since liquidity providers can earn with enhanced trading volumes relative to the asset base).
For traders and protocols, in addition to lower trading fees, V2 has a robust set of market parameters that encourage more balanced open interest. These parameters include differential trading fees based on market balance, the ability to configure borrow fees for over-/underweight open interest, and the opportunity to also earn funding fees. This results in more liquid markets, allowing trades of substantial size in any market conditions, and making GMX a preferred venue to trade, hedge and earn.
V2 will help support countless builders on Arbitrum to create the products that users want and don’t even yet know they need.
_Figure: 28 projects building on GMX. Note that this is merely a dated snapshot; the total number of protocols integrating with GMX has, as of September 2023, surpassed 80. Medium
2.4. Facilitating the onboarding of additional users and builders with GMX V2
While GMX V1 found Product-Market Fit and created a unique moat built around a community of liquidity providers and builders leveraging these deep liquid markets, the emergence of GMX V2 has the potential to further propel the growth of Arbitrum as a holistic ecosystem. GMX V2 was built with a vision of creating a liquidity layer that can provide other protocols and individual users a better experience, reduce trading fees, and limit LP risks.
GMX V2 beta has been live for circa one month, bootstrapped without incentives or commercial efforts. In this limited time, GMX V2 has outperformed its predecessor with multiple times more capital efficiency and larger returns for liquidity providers.
|Figure: GMX V2 LP model has proven multiple times more efficient compared to V1 LP, which will expand its capacity to accommodate further volume||Figure: GMX V2 user base has been consistently growing from 20 to 40% in its first two months|
CEXes have historically been the top traders’ choice, with circa 97% market share (see graph below). GMX V2 is positioned to directly compete in that market. GMX V2’s objective is to facilitate the seamless onboarding of more users from centralized venues onto the Arbitrum chain.
Figure: CEXes remained the top traders’ choice but GMX V2 is positioned to compete, Delphi Digital report
To achieve such an ambitious objective, GMX is requesting a grant from the Arbitrum DAO to incentivize GMX V2 growth by assisting in bootstrapping its markets and supporting the integration of other builders on GMX V2. GMX will continue to foster a collaborative environment, allowing multiple protocols to succeed with the integration into its neutral layer. This integration-friendly approach enables seamless interoperability and synergy, empowering protocols to focus on innovation while leveraging GMX’s underlying infrastructure. This collaborative approach will facilitate collective growth and advancement on Arbitrum.
2.5 Responsible treasury asset management
GMX is driven by responsible treasury management and will continue to do so with any granted capital. Retaining the airdrop from Arbitrum DAO to strengthen the GMX safety fund. The safety fund’s core component is the $5 million Immunefi Bug Bounty program, supported by ARB, ETH, and USDC held by the GMX treasury. By retaining these tokens, GMX reaffirms its commitment to ongoing development on Arbitrum and active participation within the DAO. This long-term alignment guarantees GMX’s continued involvement and contribution to the ecosystem’s growth.
GMX is committed to collaborating with the Arbitrum Foundation and deploying the granted capital in initiatives that provide a proportionally greater return to the Arbitrum ecosystem.
3. Grant request specifications
The primary objectives of the requested grant are as follows:
- Onboard new users who stimulate sustainable on-chain activity and Total Value Locked (TVL) growth
- Encourage the growth and development of the Arbitrum ecosystem by attracting new builders to leverage the opportunity to build on top of the GMX layer
- Promote a strong and sustainable ecosystem that benefits all participants
With this grant, GMX aims to solidify its position as a leading derivatives exchange and provide a seamless trading experience for users. Alongside, GMX will implement several new features, such as enhancements for Traders, faster execution speed, and lower slippage.
3.2. Program design & Allocation principles
The program is designed to distribute incentives at three different levels:
- Builder engagement: Incentivize builders to integrate with GMX and encourage them to build on top of GMX through grants, utilizing GMX as a base layer
- Trading incentives: Reduced trading fees to incentivize platform usage
- Liquidity provision: Incentivize lenders to enhance current liquidity levels
Overall, the program design aims to create a virtuous cycle where increased trading volume, TVL, and the number of builders mutually reinforce each other, fostering a more robust Arbitrum DeFi ecosystem. As the ecosystem grows and becomes more vibrant, it can attract more users, increase adoption, and ultimately contribute to the global advancement of DeFi – with Arbitrum fulfilling Ethereum’s core promise of a high-performance decentralized finance industry.
While there is a need to remain flexible with the detailed incentive distribution, there are certain allocation principles proposed:
- Trading incentives will not be higher than fees paid, to avoid the possibility of wash-trading. The goal is to increase usage by actual users drawing them to GMX and Arbitrum
- Adjust incentive distribution to attract CEX traders by offering a strong user experience, deep liquidity, and comparable fees with the advantage of self-custody and the added benefit of starting to engage more broadly in DeFi
- Continuous monitoring and flexibility to adjust the incentive distribution to meet the program goals
This proposal was originally created with a larger grant application and a one-year funding plan with quarterly updates. With the Arbitrum DAO commencing efforts to establish a temporary and eventually formal framework in the coming months, anticipate that this proposal from GMX starts under the Short-Term Incentive Program (STIP) and then, when appropriate, be reviewed for a long-term program.
Currently, GMX seeks an initial mandate under the Arbitrum Short-Term Incentive Program, extendable up to an additional 3 months (funded monthly) in the event that a framework has not yet been approved by the Arbitrum DAO for handling such programs.
The Arbitrum Liquidity multisig will at all times have the ability to stop payments if GMX is not distributing funds in a manner that matches the committed goals.
3.4. Incentives distribution
A maximum of:
- 6.0 million ARB for trading incentives including trading contests
- 6.0 million ARB towards liquidity incentives
- 2.0 million ARB to support protocols with integrations
Note 1: Trading incentives (A) and Integration incentives (C) which are not distributed within 60 days of the completion of the initial framework period will be returned to the Arbitrum DAO
Note 2: Liquidity incentives’ (B) effectiveness will be monitored monthly and might be redistributed into (A) or (C) if it is considered more productive in achieving the program objectives
Note 3: GMX is willing to deploy the incentives in alternative mechanisms to those proposed below, in accordance with the Arbitrum DAO and its framework. The aim is to remain flexible and be able to generate the largest impact, based on section 3.1. Objectives and 3.2. Program design and Allocation principles.
3.5. Overall grant value
The total maximum grant requested for this proposal is 14.0m ARB tokens with the allocation suggested in the following table.
Source: Breakdown of the requested grant
With the time to start working with protocols on distributions, it’s possible that initial disbursements on integration support will trail until fully ramped up.
3.6. Rationale and use of up to 6.0 million ARB for trading incentives
Source: Trading fees table of GMX and competitors,.Delphi Digital report, Binance Futures fee structures website._ Fees for other leading volume perp dexes reflect their pricing excluding rebates or incentives, which have in some cases resulted in negative trading fees._
The ask is an allocation not an assured distribution, targets have been set based on the comparison of trading fees with Binance and the analysis of similar incentive programs run by other high-volume Perpetual DEXes. The final distribution of incentives into Trading Incentives, Contests, and Competitions will be decided on a monthly basis.
Trading incentives will be established initially on a weekly epoch. It is proposed that combined trading fees and rebates can bring average fees to a level comparable to Binance VIP0 levels. Not all trades will be equally incentivized, with rebate multipliers for certain trading actions including but not limited to trades that improve O/i, specific markets (ARB), and undertaking certain on-chain activities. The goal is to incentivize utilization and not to pay for trading activity. Trader incentives will be paid out against all qualified trades during the epoch factoring in multipliers and limiting rebates to actual fees paid.
In October the initial epoch will be set at 300,000 ARB per week and will continue to be adjusted both in length and values within the existing maximum budget approval. The remaining amounts will be allocated mainly between trading contests & targeted CEX campaigns.
3.7. Rationale and use of the 6.0 million ARB towards liquidity incentives
As with GMX V1, which was incentivized via esGMX emissions with capital remaining sticky post-incentives based on the consistency of the protocol, a grant allocation could incentivize GMX V2 LP growth. This grant allocation will accelerate the path to a strong liquidity and yield layer that other protocols can build on (currently GMX V2 has, at times, reached the maximum liquidity capacity for traders)
The primary mode of distribution of liquidity incentives will be directed at V2 markets, with the below chart reflecting the intended initial distribution. A portion of the Flexible distribution may also be utilized to test out incentives for minting / redeeming of GM tokens.
3.8. Rationale and use of the 2.0 million ARB to support protocol and integrations
This allocation will support protocols and integrations that haven’t or were not eligible to participate directly in STIP, but which support the adoption of GMX V2. It is directed to support wallets, crypto gateways and upcoming protocols that meet certain minimum requirements in terms of safety, security, and reputation (GMX will consult and seek advice from the Arbitrum Foundation and/or the Liquidity Multisig as appropriate to ensure this is done with proper compliance).
Such integrations will distribute incentives to users who utilize GMX contracts through these integrations in a manner that in principle, matches the same objectives. These users will receive incentives through grants for providing liquidity, engaging in trading activities, and contributing to the extension of GMX’s features, completing integrations, grants, and Request For Proposals (RFPs). This approach establishes a channel that connects GMX’s growth to the entire ecosystem, ensuring mutual benefits and collaborative development.
While GMX is a strong supporter of this avenue that supports external ecosystem builders, hearing the opinion of the community and Arbitrum DAO delegators on it would be appreciated. GMX is committed to providing limited operational support to ensure the success of protocols building on top of the GMX base layer.
4.1. Benchmarks and Reporting
To ensure the effectiveness of the incentive programs, GMX and the Arbitrum Foundation will establish clear benchmarks that align with the ecosystem’s goals. These benchmarks will be periodically evaluated to gauge progress and success. Additionally, comprehensive reporting mechanisms will be implemented to provide transparent insights into the program’s impact on the ecosystem.
4.2. Third-Party Monitoring
To maintain impartial oversight, third-party auditors recommended by the Arbitrum Foundation will be appointed. These auditors will be responsible for regularly assessing the progress of the incentive programs and providing unbiased feedback reports on a quarterly basis. Their expertise and independent perspective will ensure a fair evaluation of the program’s effectiveness.
4.3. Key Performance Metrics
GMX has sought feedback from Delegates, fellow builders, the Foundation, and Off-Chain Labs while preparing this proposal. Those are not endorsements but a reflection of the commitment GMX has to work within this ecosystem. The programs under this proposal include a combination of rewards, grants, and incentives tailored to various aspects of the ecosystem’s development: dApps deployment, builder & community engagement, liquidity provision, and on-chain activity.
As part of the key performance metrics, the program will closely monitor and evaluate the Total Value Locked (TVL), the number of users, and the number of project integrations on GMX. These metrics provide essential insights into the growth and success of the ecosystem.
- TVL serves as a measure of the assets locked within GMX, indicating the level of trust and activity within the platform.
- Monitoring on-chain activity helps gauge the overall health and vibrancy of the GMX ecosystem. Higher levels of on-chain activity indicate increased user engagement, liquidity, and utilization of the platform’s features. It also demonstrates the effectiveness of GMX in facilitating secure and efficient transactions on the blockchain.
- The number of users reflects the adoption and engagement of the GMX platform, showcasing its ability to attract and retain a thriving user base.
- Additionally, the number of project integrations on GMX signifies the platform’s appeal to builders and developers, highlighting its position as a preferred choice for integrating and launching new projects.
- By monitoring and optimizing these metrics, the program aims to drive continuous growth and expansion, ensuring the long-term success and sustainability of the GMX ecosystem.
To ensure the effectiveness of the incentive program, the following breakdown of allocations and thresholds will be implemented:
4.4. Anti-Sybil and Anti-Abuse Parameters:
To ensure the integrity of the incentive program, anti-Sybil and anti-abuse parameters will be implemented. If necessary, GMX may use tools like Gitcoin Passport to prevent the incentives from being affected by bots or bad actors if any programs could be Sybilled. These parameters will aim to generate organic volume and attract genuine users to the Arbitrum ecosystem. Measures will be established in consultation with the Liquidity Multi-sig and the GMX DAO to attempt to prevent fraudulent activities and ensure the program’s success.
By implementing this breakdown of incentives and incorporating anti-Sybil and anti-abuse parameters, we aim to foster a healthy and sustainable ecosystem on the Arbitrum network.
4.5. What constitutes the success of a grant?
Success in grants can be gauged by an upsurge in daily trading activity, user count, and the total value locked (TVL) within the protocol. By meticulously monitoring these metrics, the efficacy of endeavors to stimulate the adoption and utilization of both the GMX and Arbitrum platforms can be evaluated.
A rise in the creation of DApps atop the GMX and Arbitrum platforms, alongside an increase in the number of active users engaged with these applications, serves as a benchmark for measuring the success of initiatives aimed at fostering the adoption and usage of GMX and Arbitrum.
The number of grants co-funded alongside the foundation and ecosystem projects, in conjunction with the volume of ecosystem projects supported through the grant program and liquidity incentives, provides tangible indicators of the commitment to nurturing a thriving ecosystem.
A growth in community engagement and activity, encompassing participation in governance and events, can be quantified through metrics such as the count of active community members, submitted proposals, and involvement in community calls and forums.
Testimonials and success stories from recipients of grants and partners within the ecosystem, highlighting the influence of grants on their projects or the ecosystem at large, offer firsthand insight into the grant’s impact.
Enhanced awareness and recognition of the GMX ecosystem and its projects can be measured by metrics such as the number of articles and mentions across mainstream and crypto-specific media outlets, as well as social media engagement and sentiment.
Augmented collaboration and partnerships with other blockchain projects and organizations, culminating in the development of novel and innovative use cases for the GMX ecosystem, signify progress in expanding the ecosystem’s horizons.
The conception and implementation of fresh features and enhancements into the GMX and Arbitrum protocols, informed by insights derived from grant-supported projects and collaborations, can be assessed through metrics encompassing the count of protocol upgrades and improvements executed, as well as feedback from users and ecosystem partners.
An increase in the value of the GMX token and the overall market capitalization of the GMX ecosystem underscores investor confidence in the ecosystem’s long-term viability and growth prospects, indicating a strong outlook for the ecosystem’s sustainability and expansion.
Upon the approval of this Proposal and the delivery of the ARB tokens, these tokens will be distributed on a monthly basis to the designated multisig. To ensure transparency and monitor progress, GMX will provide a summary of key metrics, such as TVL, trading volume, and other growth indicators through creation of a Dune dashboard. This summary will serve as a benchmark to evaluate progress and highlight specific pools and integrations earmarked for incentives.
Throughout the program, monthly reports, in addition to a comprehensive quarterly report, will be dispatched by GMX. At the culmination of this period, a comprehensive analysis will be furnished, meticulously assessing the outcomes and accomplishments of the proposal. This analysis will provide invaluable insights into the results and overall effectiveness achieved within the stipulated timeframe.
The proposed incentive program aims to catalyze the growth and development of the Arbitrum ecosystem by providing targeted incentives and rewards. The collaboration between GMX and the Arbitrum Foundation, along with the implementation of benchmarks, third-party auditing, and governance mechanisms, ensures transparency, accountability, and the creation of long-term value for all ecosystem participants.
4.7. Accountability - Multisig
The funds will be securely held in a 4/7 multi-signature wallet, which includes a representative from the GMX multi-signature group, which have supported in various configurations the GMX security multisig, GMX Arbitrum DAO tokens, and the GMX Avalanche Rush multisig.
These trusted individuals are collectively responsible for ensuring that any unused funds are returned to the Arbitrum DAO, including where key performance indicators (KPIs) are not met or if the DAO decides to recall the funds after the initial three-month period.
5. Connect with GMX
This proposal is for informational purposes only and does not constitute any form of legal commitment or agreement between GMX, Arbitrum DAO, or any other parties. The allocation and distribution of ARB tokens are subject to the approval and discretion of the Arbitrum DAO delegates. GMX or any other parties makes no warranties or representations regarding the accuracy, completeness, or suitability of the information presented and will not be liable for any losses, damages, or adverse consequences that may arise in relation to this proposal. All parties are advised to conduct their own due diligence and seek independent legal advice before making any decisions or commitments based on this proposal.
GMX DAO is supported by Labs as voted on in Snapshot
Appended to include secondary post within the primary post to simplify transfer to snapshot voting
GMX is additionally supported by a wider set of contributors and community, supporting protocol integrations, development, protocol integrations and community relationships.
The applicant has completed KYB with the Arbitrum Foundation
Proposal Contact Information
up to 14 million ARB (section 3.4 above)
GMX may subject to its own approval run campaigns utilizing GMX and/or esGMX including supporting migration to V2, all subject to the approval of the GMX DAO
Provided Above (section 3 above)
Funding Address Characteristics:
4 / 7 multsig comprised of the Applicant, contributors, and members of the GMX Governance Multisig, with all signers using hardware keys.
Distribution Contract Address:
to be established
Incentivized Contract Addresses:
GMX V2 Exchange Router (0x7C68C7866A64FA2160F78EEaE12217FFbf871fa8)
Peripheral interactions with other GMX V2 contracts may occur, including keepers, a more full list of contracts can be found at https://github.com/gmx-io/gmx-synthetics/tree/updates/deployments/arbitrum
Sections 3 - 5 have additionally been addressed directly in the proposal, but can be crossed referenced if sought for compliance of the proposal.
This proposal is for informational purposes only and does not constitute any form of legal commitment or agreement between GMX, Arbitrum DAO, or any other parties. The allocation and distribution of ARB tokens are subject to the approval and discretion of the Arbitrum DAO delegates. GMX or any other parties makes no warranties or representations regarding the accuracy, completeness, or suitability of the information presented, and will not be liable for any losses, damages, or adverse consequences that may arise in relation to this proposal. All parties are advised to conduct their own due diligence and seek independent legal advice before making any decisions or commitments based on this proposal.
GMX DAO is supported by Labs as voted on in Snapshot