GMX proposes to expand the buyback coverage to 90%, and the monthly buyback scale may increase to 345,000 coins.

On November 26th, GMX initiated an important governance proposal to significantly increase the coverage of buyback and distribution fees from the current 27% to 90%. According to data, GMX has repurchased 103,764 GMX (about 5% of the Circulating Supply) in the past 30 days, with a total value of $3.3412 million and a value retention rate of 91.38%.

The proposal suggests reallocating 63% of the fees currently allocated to GM LP for repurchases. If the proposal is approved, the monthly repurchase scale is expected to increase from the current 10.37 million tokens to 34.55 million GMX tokens, and the repurchase amount will increase from $3.344 million to $8.489 million. The proposal also provides another option: adjusting the allocation ratio of GMX and GM LP fees from 27:63 to 40:50.

It is worth noting that the GMX currently has a monthly total revenue of 9.432 million US dollars, of which 3.344 million US dollars are used for buyback. The proposal points out that expanding the buyback coverage will provide GMX with stronger market stability, which can Hedging 10,000 GMX dumping effects within 12 days.