Congruent Tap - 002 GMX Whitelist Proposal

GLP is GMX's liquidity provider token that accrues 70% of its generated fees. The price of GLP depends on the price of the tokens in the index, the token composition is viewable on the Dashboard. Where it’s mainly backed by BTC, ETH and stablecoins. The price volatility should be quite mild and purchasing GLP is almost the same as purchasing BTC and ETH, which are both primary stores of value in the market. GLP Token liquidity mining rewards are currently composed of ETH (APR around 25-35%) + esGMX (APR 30% roughly). The ETH rewards received from GLP mining can then be used to accumulate governance assets. Considering the risk of GLP, the mining APR can help Congruent to accumulate more governance assets.

Congruent aims to become a symbol of power and influence by not only representing governance control but the lucrative yields that go along with that control. Maximizing the efficiency of treasury funds helps Congruent to achieve that.

The link to the proposal: https://docs.google.com/document/d/1e2lryFV3eVdOnJRHqZw17VyT2kLENgHJ46QaMpjs3Io/edit?usp=sharing

Minimum required quorum - 10% of circulating supply Minimum required voting to pass - 50% in favour Before wsGaas lock contract is available, users who hold wsGaas are able to vote. The voting lasts for 72 hours. Yes - Stands for Agree No - Stands for Disagree