CryptoCondom Profile picture
Jul 9 β€’ 10 tweets β€’ 9 min read
Lets LπŸ‘€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
πŸ‘‡πŸ§΅
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.
πŸ‘‡
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.
πŸ‘‡
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.
πŸ‘‡
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 πŸ’° that stakers earn in $ETH.
In the future, MP APR may ⬇️...as such, stakers are incentivized to hodl.
πŸ‘‡
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.
πŸ‘‡
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: )
πŸ‘‡
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
πŸ‘‡
TLDR: I am πŸ‚ 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.🍌

β€’ β€’ β€’

Missing some Tweet in this thread? You can try to force a refresh
γ€€

Keep Current with CryptoCondom

CryptoCondom Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @crypto_condom

Jul 7
A #RealYield trend on #CT was started this week by DeFi natives @IntrinsicDeFi & @MrGrumpyNFT.

What does this mean? It means DeFi 3.0 protocols like @GMX_IO, that are low or non-inflationary, pay protocol revenue to stakers in non-native tokens like $ETH.
πŸ§΅πŸ‘‡ Image
Derivative exchanges like @GMX_IO & $GNS benefit token holders because trading profit thrives in volatility.
The House πŸƒgenerally wins.
Consider the $GMX net P&L below. This results in a 70% revenue distribution to $GMX's collateral vault, $GLP, & 30% πŸ’° to $GMX stakers.
πŸ‘‡ Image
During a πŸ¦€, @GMX_IO loses value bc traders are unlikely to open new positions due to lack of volatility. This can lead to ⬇️ token price short term.
However, as volatility goes up, for example, around release of the US FOMC minutes 7/6/22, trading volume + OI ⬆️=πŸ’°
πŸ‘‡ ImageImage
Read 12 tweets
May 30
Bears are for building & I’ve noticed A LOT of dApps sprucing up their front ends.
Appearance matters. There is a legit need to make UIs more user friendly w/objective analytics.
➑️ If you are a web3 protocol looking for a refresh, the best UI guy in the biz is @Tendeeno_
πŸ§΅πŸ‘‡
If you are a @CurveFinance or @ConvexFinance maxi like myself, you may recognize @Tendeeno_'s work from Llama.Airforce. His UI for @0xAlunara + Benny arguably helped ignite the Curve Wars by providing a beautiful front end to demonstrate historic APR & bribe revenue.
πŸ‘‡
@UmamiFinance is a risk hedged delta neutral dApp on #Arbitrum that pivoted from being a waifu infested shit $OHM fork to a legit future DeFi Blue Chip.
@Tendeeno_ graciously accepted the monumental task of combining 2 πŸ’© UIs into 1 gorgeous front end that launches next week.
πŸ‘‡
Read 5 tweets
May 29
RIP $OHM forks are dead. πŸ’€
Lets pour one out for the fallen: @squiddao, @snowdog, @KlimaDAO etc.
However, some $OHM forks still survive in name only bc they have pivoted to a stronger narrative & deforked.
Sit down, let me tell you the story of @UmamiFinance.
πŸ§΅πŸ‘‡
In 2021, a waifu infested πŸ’© $OHM fork called @UmamiFinance launched to great acclaim on #Arbitrum.
It had 2 different hideous front ends & +1000% APR. As the market became disenfranchised w/ $OHM forks, value plummeted from an ATH of $161 to an ATL of $6.51.
πŸ‘‡
In February 2021, a change in $UMAMI leadership resulted in a plan to pivot from its obviously failing roots. Reorganization of tokenomics was approved in March 2022 by the DAO. Rebasing was eliminated & a new strategy for delta neutral, yield farming was devised.
πŸ‘‡
Read 15 tweets
May 28
Yesterday a VERY interesting thing happened.πŸ‘€
New @Futureverse22 posted & quickly deleted a picture of @marshmello.
@aaronmcdnz & @SharaSenderoff are listed as entity owners on the same day as @altstatemachine, @flufworld & @seekers_xyz content appears in a $150m SPAC IPO.
πŸ§΅πŸ‘‡ Image
The SPAC is a $150m vehicle called "Metaverse Acquisitions Corp" announced on @Twitter here:

You can also review the SEC filing from 5/13/22 here:
sec.report/Document/00012…
πŸ‘‡ ImageImage
Speculation abounds but the fact that @marshmello is well affiliated with @FortniteGame, owned by @EpicGames is extremely interesting.
Is "Metaverse Acquisitions Corp" a SPAC created to carve out a piece of Epic for developing an on chain open metverse for the gaming giant?
πŸ‘‡ Image
Read 9 tweets
May 20
On #Ethereum, @CurveFinance acts as a DeFi lynchpin w/20+ protocols that are built ontop of or around $CRV.
On #Arbitrum, I see @GMX_IO as an evolving defi primitive that will act as a base layer as well. 10+ protocols are building ontop of it w/more every day. πŸ‘€
πŸ‘‡πŸ§΅
IMO, we're going to sπŸ‘€n start seeing a @cosmos -like effect begin to develop on the #ETH L2s: Modularity at its finest.
Microcosms of dApp communities will evolve on specific rollups: #Arbitrium for DeFi, @polygonhermeztr for GameFi, @starkware for centralized services, etc
πŸ‘‡
Among the present rollups, #Arbitrum is uniquely positioned to take avg of alt L1 volume moving back to the safety of #Ethereum.
Degens who have gotten used to cheap fees & fast txns will benefit greatly from @OffchainLabs's Nitro w/fees now $0.25-$0.50...ideal for DeFI
πŸ‘‡
Read 12 tweets
Apr 21
The intersection of DeFi🏦 & NFTs🎨 continue to blur.
In the coming months, I expect to see growing use of a shared revenue model w/tokenization of assets denominated by NFTs thanks to the new integration of EIP-4626.
πŸ§΅πŸ‘‡
EIP-4626 by @joey__santoro et al. was authored on 12/22/21. EIP-4626 implements a standard API for tokenized Vaults representing shares of a single underlying ERC-20 token. This EIP paves the way for distribution of yield to end users via treasury DAOs or lending platforms.
πŸ‘‡
Now defunct $ETH based OHM-fork, @SquidDAO, helped pioneer the concept of using an NFT to denominate a percent of treasury holdings. By holding a Squid NFT, owners received a % of fees generated + governance voting rights.
πŸ‘‡
Read 8 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

:(