Thread by @crypto_condom

Lets L👀K at the tokenomics & catalysts of @GMX_IO.
$GMX is low float & generates #RealYield w/fees paid to stakers in $ETH.

Max supply is 13.25M $GMX
Current inflation occurs mostly from:
🫐250k $GMX distributed linearly to team over 2yrs
🫐750k $esGMX left in 2022
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Its important to recognize the supply of $GMX is very low. There is a total circulation of:
7,750,104 $GMX & 2,187,232 $esGMX = 9,937,336

This means, only 3.3M $GMX are left to POTENTIALLY enter circulation (24.9%). I say potentially bc most (only 37k) $esGMX is not vested.
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The $esGMX emissions schedule was revised to permit dynamic APR to $GLP w/a target APR of 35% for June 2022 & 25% starting August 2022.

Only 750k $esGMX remain for distribution: 400k to $GMX & 300k to $GLP (#Arbi & $AVAX).
Notably, $esGMX ⬇️ sharply in Sept 2022 for $GMX.
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A total of 86% of the $GMX supply is currently staked & earning #RealYield on @GMX_IO.

A look at @nansen_ai shows that most $GMX hodlers have owned $GMX for >90 days (low turnover).
Even examining long term token holder balances, a clear trend to hodling is noted.
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Hodling of $GMX is encouraged by the concept of Multiplier Points. The longer you are staked, the more MPs you earn at 100% APR. MP's ⬆️ the amount of protocol fees 💰 that stakers earn in $ETH.
In the future, MP APR may ⬇️...as such, stakers are incentivized to hodl.
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The amount of $GMX is dwindling on DEXs. Only 393k liquidity exists on @uniswap. Outflow has ⬆️ in recent weeks as long term holders like @CryptoHayes continue to add to large investments in @GMX_IO.
@nansen_ai also notes an ⬆️ in the amount of smart money holdings of $GMX.
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I believe that $GMX has 4 near term catalysts that are bullish for continued accumulation & appreciation:

1⃣ Transition to synthetics in 2 weeks - this means you can trade equities, commodities, FOREX & crypto (great thread on this from @cryp_growth: )
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2⃣ @UmamiFinance's 20% APR $USDC vault launches soon ontop of $GLP to ⬆️ TVL for greater OI & support of a planned 50x leverage increase
3⃣ X4 is expected to launch in 2-3months
4⃣ Expected ⬆️ $ETH-maxi volume from @dYdX betrayal
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TLDR: I am 🐂 on @GMX_IO because The House usually wins. Owning a piece of the $GMX platform is like ownership in a casino.
Low fees & fast txns on #Arbitrum will continue to help grow swap volume, MEV revenue & OI generated fees for $GMX/ $GLP. 🤝🫐

Disclaimer: I am a long term staker of $GMX. I believe that @GMX_IO will outperform in the near & long term.
As always, DYOR & dont trust an anon. Opinions are my own & this is NFA. I do have a referral link & I do not receive compensation in any form for my research or posts.🍌