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Escrowed GMX tokens (esGMX) will be sold using Olympus bonds to increase the work hours that can be committed to GMX development.

50,000 esGMX tokens will be sold over a duration of 7 days. Olympus bonds allow the pricing of the esGMX to be decided by the market, if there are no purchases then there will be a larger discount on the esGMX price, if there are purchases then the discount would be smaller.

The esGMX tokens will be vestable at a ratio of 1:4 with GMX tokens or 1:320 with GLP tokens. For example, if you purchase 10 esGMX, you would be able to vest these tokens with 40 GMX (10 * 4), or with 3200 GLP tokens (10 * 320).

Vesting is optional and can be done at any time, the esGMX tokens can also be staked instead for esGMX and ETH or AVAX rewards.

The tokens bought through the bonds will be esGMX IOU tokens, these are placeholder tokens with the address 0x6260101218eC4cCfFF1b778936C6f2400f95A954 on Arbitrum, the actual esGMX will be claimable in a few weeks after the sale is completed. A page will be provided where users can specify whether they would want to vest with GMX or GLP as well as the network they would want to vest on, either Arbitrum or Avalanche, mixing different vesting requirements for the vesting token or the network will also be possible.

esGMX IOU tokens are transferrable, transferring the esGMX IOU tokens to an account then claiming the actual esGMX from that account is possible.

Original proposal: https://gov.gmx.io/t/treasury-diversification-through-the-sale-of-esgmx-tokens/73

@elessarrr
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elessarrr commented Apr 18, 2022

has the page to redeem esGMX IOU been provided?

@xvi10
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xvi10 commented Apr 19, 2022

hi, yes the page to claim is at https://gmx.io/claim_es_gmx

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