GMX (GMX)
Unlock Schedule
GMX (GMX) Token Unlock & Vesting Schedule
The unlock chart above provides a clear visual overview of the GMX (GMX) token release schedule, showing when and how tokens enter circulation across investor, team, treasury, and community allocations. Understanding these tokenomics dynamics is critical for evaluating potential supply pressure, inflation impact, and market liquidity over time — key factors that can influence GMX price performance.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
The GMX token is the protocol’s utility and governance asset. GMX has a forecasted max supply of 13.25 million tokens, subject to governance if ever adjusted. The original allocation included tokens reserved for the XVIX/Gambit migration, Uniswap liquidity, incentives/treasury, and contributors. Escrowed GMX (esGMX) is an incentive token that can be staked for rewards like regular GMX or vested linearly over one year into GMX. (docs.gmx.io)
Staking and rewards work as follows:
Stake GMX (and esGMX) to earn staking rewards. In V2, swap and perps fees flow into a buyback mechanism, and rewards to stakers come in GMX sourced from those buybacks. This ties protocol usage directly to GMX token flows. (docs.gmx.io)
esGMX can be staked to compound rewards, or vested into GMX over 365 days with a reserve requirement based on the GMX/GLP used to earn the esGMX. This vesting design encourages longer‑term alignment with the protocol. (docs.gmx.io)
Governance: Staked GMX/esGMX grant GMX_DAO voting power 1:1 to vote on proposals (and delegate if desired). On‑chain execution occurs through formal GIP proposals on Tally after Snapshot signaling. (docs.gmx.io)
You’ll often see “GMX tokenomics” referenced in research. The big picture is that V2 connects trading activity, fee generation, oracle costs, and staking rewards in a clearer loop than before. While older articles highlight ETH/AVAX fee sharing, the current docs emphasize buybacks funding GMX staking rewards—an important shift to note when comparing analyses. (docs.gmx.io)
Assumptions
- Genesis date set to 2021-09-13 as TGE/launch reference.
No explicit genesis date in official docs; third-party listings cite Sep 2021 TGE. Using Sep 13, 2021 for modeling; adjust if a more authoritative date is preferred.
- Migration emissions modeled linearly from 2021-09-13 to 2023-12-01.
Actual migration occurred over an extended window and was closed via governance in late Nov 2023. Exact month-by-month utilization not publicly summarized; linear interpolation approximates the observed period.
- esGMX vesting reserve modeled as linear through 2030-12-31.
esGMX converts to GMX over 365 days per user after deposit into Vester; systemwide pacing depends on user actions. Linear schedule used solely to render charts while respecting the 2,000,000 GMX cap.
- Integration incentives/community developer allocation modeled linearly over 5 years.
Disbursements are grant- and governance-driven without a fixed schedule; a 5-year linear model provides an approximate cadence for visualization.
- Treasury allocation treated as a cliff at launch (DAO-held, non-circulating until spent).
Tokens were allocated to the DAO treasury at launch per docs; circulating supply excludes treasury balances, but allocation exists and is minted.
- Only actual issuance mechanisms included; staking rewards in GMX are funded via fee buybacks, not new minting.
Per docs, GMX staking rewards come from protocol fees converted to GMX via buybacks approved by DAO; these do not increase total supply.
- 1. https://docs.gmx.io/docs/tokenomics/gmx-token/
- 2. https://docs.gmx.io/docs/tokenomics/rewards/
- 3. https://gov.gmx.io/t/xvix-gambit-migration/2696
- 4. https://gov.gmx.io/t/treasury-diversification-through-the-sale-of-esgmx-tokens/73
- 5. https://arbiscan.io/address/0x199070DDfd1CFb69173aa2F7e20906F26B363004
- 6. https://icodrops.com/gmx/
Allocations
Description
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GMX is a decentralized platform that enables users to swap, trade, and provide liquidity for various crypto assets with leverage. GMX DEX operates on Arbitrum and Avalanche networks, offering low fees and fast transactions. GMX DEX has a two-token system: GMX, which accrues fees and governs the platform, and GLP, which represents the pool share.
| Sector: | Perpetuals |
| Blockchain: | Arbitrum |