Updating Multiple Point System

Implement wallet % caps on the amount of active Multiplier Points utilizable for fee distribution in line with governance forum discussion (https://gov.gmx.io/t/gmx-multiplier-points/2225).

In summary this means that MPs accumulated in a wallet beyond a set % of staked esGMX/GMX tokens will accrue in the account but not be eligible for fees. These MPs are available and utilizable to provide immediate boosts to fresh GMX/esGMX staked in the wallet, as such fresh staking lifts the cap. Unstaking of esGMX/GMX will continue to burn a proportional amount of all MPs, active and inactive.

Examples: Assuming a 200% wallet cap

Example One: you have accumulated 100 inactive MPs, you could earn/buy 50 esGMX/GMX and stake them and immediately making the 100MPs active.

Example Two: 100 GMX is staked, 200 MP is staked, 50 MP are inactive, unstaking 20 GMX, would burn 40 staked MP tokens and 10 inactive MP tokens.

The vote below is ranked choice, so you will be able to choose between making no change and various options for caps on the active MP cap on wallets, the lowest balloted item will drop off after each round until a consensus is reached.

The vote below is only for caps on fee boosting using MPs, votes will be taken for extending the same cap or having no cap on the effect MPs on governance rights and to determine any modification to the emission rate of MPs (currently 100% APR on staked GMX+esGMX).

start

June 19, 2023

10:13 PM

end

June 27, 2023

12:00 AM

Voting

off-chain

Voting type

ranked-choice

Voters

12,047

Votes

3,641,552

Final Votes

closed

100% active MP cap on Fee boost

1.6M sbfGMX

44.74%

150% active MP cap on Fee boost

0 sbfGMX

200% active MP cap on Fee boost

2M sbfGMX

55.26%

no change / no cap on MP fee

0 sbfGMX

item label

Placeholder title of a dao proposal

DAO name

0x000000000000

Mon 00, 2024 00:00

About Voters Analytics

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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%