Proposal to Transfer USDC and GMX tokens to GMX-Solana for Initial Liquidity Provision

Summary This proposal outlines a plan to establish a bridge for transferring GMX and USDC from the GMX DAO treasury to GMX-Solana. The goal is to provide significant initial liquidity, enhance the GMX ecosystem's cross-chain presence, and improve token accessibility and trading efficiency on the Solana network.

The proposal initially requested the GMX DAO to allocate and lock $50,000 in USDC and $50,000 worth of GMX for a minimum of two years to seed the GMX-USDC liquidity pool. However, based on community feedback, there is interest in increasing this initial liquidity amount to maximise impact. As such, the following options are proposed for consideration:

. Option A: Don't support . Option B: $50,000 in USDC and $50,000 worth of GMX . Option C: $100,000 in USDC and $100,000 worth of GMX . Option D: $200,000 in USDC and $200,000 worth of GMX

Motivation After nearly seven months of continuous development for GMX-Solana and with the audit now in place, GMX-Solana is approaching its launch. This presents a significant opportunity for GMX to expand into the Solana ecosystem. To support this integration, liquidity seeding efforts on GMX-Solana’s GMX-USDC pool will help establish initial liquidity and help boost ecosystem growth.

Providing liquidity in USDC and GMX to the GMX-USDC pool of GMX-Solana will establish robust launch liquidity, creating an accessible market for users on Solana. This early support is crucial for driving protocol adoption for GMX-Solana, enhancing trading and liquidity options on Solana, and solidifying GMX’s position within the Solana ecosystem.

Specification

Bridge Setup: . Establish a secure and efficient bridge for GMX between Arbitrum, Avalanche, and Solana. . Collaborate with reliable bridging solutions like Wormhole and Layerzero to enable seamless transfers, ensuring low latency and high security. . GMX-Solana will utilise the bridged token standard decided by the GMX DAO
Liquidity Provision: . Allocate liquidity in USDC and GMX to seed the initial liquidity for the GMX-Solana GMX-USDC pool. . This provision will create a robust liquidity base, facilitating efficient trades and attracting Solana-based users to GMX.
Funding Allocation: . The funds will be held in the GMX-USDC vault on Solana. . GMX DAO will oversee and periodically review liquidity performance, ensuring alignment with GMX’s liquidity objectives.

Conclusion This proposal offers a strategic approach to broadening GMX’s multi-chain presence, increasing accessibility for Solana-based users, and strengthening the DAO’s long-term growth objectives.

By establishing a reliable bridge and seeding liquidity on GMX-Solana, the GMX DAO will drive protocol adoption for GMX-Solana and build a strong liquidity foundation in the Solana ecosystem for GMX.

start

November 19, 2024

6:55 AM

end

November 25, 2024

6:51 AM

Voting

off-chain

Voting type

weighted

Voters

603

Votes

550,927

Final Votes

closed

Don't support

2.7K sbfGMX

0.48%

$50K in USDC & $50K worth GMX

353.2 sbfGMX

0.06%

$100K in USDC & $100K worth GMX

54.8K sbfGMX

9.95%

$200K in USDC & $200K worth GMX

493.1K sbfGMX

89.5%

item label

Placeholder title of a dao proposal

DAO name

0x000000000000

Mon 00, 2024 00:00

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Voting

100,000

Voting type

100,000

Starts in

100,000

Voters

1,000,000

Votes

1,000,000

Votes

Choice label

TICKER

100%

Choice label

TICKER

100%

Choice label

TICKER

100%