GMX Rewards Distribution

To continue to acquire and onboard users a trading competition is being planned.

It is difficult to anticipate the demand from the competition, but liquidity should ideally scale so that it does not become a bottle-neck and allows for a good trading experience for new users.

At the time of this proposal, ~86% of ETH and 60% of WBTC in the liquidity pool is currently reserved for long positions, so there is definitely room to grow the liquidity pool to accommodate more traders.

Increasing liquidity should allow for larger trade, larger volumes and a larger amount of fees generated.

On the other hand, if liquidity is not appropriately scaled, then traders will not be able to open positions after a certain point and the competition may not be effective in acquiring new users.

Two main options to increase liquidity:

1. Have a bonus of 20,000 esGMX tokens distributed to staked GLP for the month of November
2. Adjust fee distributions to increase APRs for staked GLP, this would be effective until a new proposal is passed

Option (1) has not had much resistance, so to keep things simple the voting will be for option (2).

Voting power is based on staked GMX, staked esGMX and staked Multiplier Points, each staked token contributes to 1 voting power.

For simplicity, staked tokens that are reserved for vesting are not counted towards voting power for this proposal but can be included for future proposals.

FPF stands for Floor Price Fund.

Regardless of the option chosen, fees from the GMX-ETH Uniswap liquidity pool will continue to accumulate in the Floor Price Fund.

You can spread your voting points across multiple options.