Implementation of MP Update

As a continuation of the prior votes for the updating the MP system, this is a vote on remaining implementation questions covering issues related to sequence of implementation and .

Vote One https://snapshot.org/#/gmx.eth/proposal/0xe4dff0f4dde41f906c6f93eaf6406aa2b3a39aa12e15c6a5c4ea36eed6e37227

Vote Two https://snapshot.org/#/gmx.eth/proposal/0x9258ac69d1441b3b89208c0691c5749977e3e1409fe027910a42e78d436aacd0

Discussion Threads https://gov.gmx.io/t/towards-addressing-the-question-of-mps-consolidated-suggestions/3315

https://gov.gmx.io/t/towards-addressing-the-question-of-mps-next-steps/3410

https://gov.gmx.io/t/towards-addressing-the-question-of-mps-journeys-end/3458/2

In accordance with the proposers most recent forum posts there are two open queries to ensure clarity on the implementation

For refernece

Part 1:

Set MP emissions rate to zero
Set max boost percentage to zero
Call compound for every GMX holder

Part 2:

Create a migration contract with the migrate function and grant it the appropriate permissions
A list of addresses can be passed into the migration function
For each address:
Sum MPs in account’s wallet balance and pending claim balance
Mint esGMX for the account at a ratio of 25 MPs to 1 esGMX
Increase the GMXVester.bonusReward amount for the account by the amount of minted esGMX. This allows the user to vest the esGMX using the existing GMX Vester.

Question One - sequence of implementation Option 1 - Do Part 1 & 2 after both ready Option 2 - Do Part 1 now, Part 2 when ready

Question Two - To vest the newly issued esGMX, do you need to hold esGMX/GMX or can you vest with only time and no esGMX/GMX holding requirement

Option 3 - Need esGMX/GMX to vest esGMX Option 4 - No esGMX/GMX to vest esGMX

Votes can be allocated to all options, the leading vote between Option 1 & 2 and the leading vote between Option 3 & 4 will be taken respectively to represent the decision for Question One and Two.

Voting options have been lightly edited from proposers langauge to comply with snapshots 32 character limit on voting options.

start

May 25, 2024

10:40 AM

end

May 30, 2024

12:00 PM

Voting

off-chain

Voting type

approval

Voters

2,582

Votes

1,463,274

Final Votes

closed

Do Part 1 & 2 after both ready

657.6K sbfGMX

44.94%

Do Part 1 now, Part 2 when ready

103K sbfGMX

7.04%

esGMX/GMX needed to vest esGMX

626.8K sbfGMX

42.84%

No esGMX/GMX need to vest esGMX

75.8K sbfGMX

5.18%

item label

Placeholder title of a dao proposal

DAO name

0x000000000000

Mon 00, 2024 00:00

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Voting

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Voting type

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Starts in

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Voters

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Votes

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Votes

Choice label

TICKER

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Choice label

TICKER

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Choice label

TICKER

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