Buyback Transparency & Staking Power: Live Now

The GMX decentralized exchange has activated two major upgrades today, coinciding with the start of a new weekly epoch. The changes make the protocol's buyback program fully transparent on-chain and introduce a Staking Power system designed to reward long-term holders.

Buyback Transparency

All GMX buyback data is now visible directly in the dApp, sourced from the blockchain. Users can verify every figure independently. The interface displays:

• Weekly breakdown – exactly how much GMX was repurchased each week
• Cumulative total – the full amount of GMX bought back and accumulated for stakers
• Buyback rate – annualized percentage return extrapolated from weekly figures
• Portfolio integration – buyback reward accrual shown on the staking card on the Earn page alongside other positions

The buyback now replaces APR as the primary staker metric. APR is a forward-looking projection; the number of GMX tokens repurchased is a backward-looking fact.

Staking Power

Staking Power is a new reward primitive that determines a user's share of future buyback distributions. It is calculated as duration × amount of GMX staked, using the same time-weighted math already in GMX’s reward contracts. The longer a user has been staked and the more they have staked, the greater their share.

A key feature is the 80% loyalty threshold. Dropping below 80% of a user's historical peak stake resets accumulated Staking Power to zero. The threshold is based on the maximum staked GMX + esGMX as of Wednesday, 25 March 2025 at 00:00 UTC. A reset does not lock out a user – Staking Power accrual resumes immediately from the new balance, but seniority is lost.

The dApp includes a real-time loyalty health indicator, warnings before unstaking actions that would trigger a reset, and post-reset explanations.

Edge Cases and Distribution

Account transfers include a mandatory acknowledgment that Staking Power resets on the receiving address. GMX vesting completions are handled atomically to avoid unintended threshold breaches. All projected rewards are labeled as best-effort estimations subject to DAO governance.

Since the beginning of March, 27% of all generated platform fees have been allocated to GMX buybacks, which are redirected to the Treasury. Distribution to stakers begins once the GMX price exceeds $90, with distributions proportional to individual Staking Power.

The upgrades are part of the broader Strategic Plan to Restore Price Discovery previously outlined by the GMX team.