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GMX Drops $44M Lifeline to GLP Holders: Compensation Plan Goes Live
GMX Drops $44M Lifeline to GLP Holders: Compensation Plan Goes Live
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DeFi protocol GMX just fired off a $44 million salvage package to investors caught in its GLP liquidity crunch—because nothing says 'trust us' like retroactive damage control.
The move follows mounting pressure from the community after GLP holders got steamrolled by market volatility. Now GMX's tossing cash at the problem like a hedge fund on margin call.
Key details:
- Full $44M allocated from protocol reserves
- Targets users who provided liquidity during the black swan event
- Distribution mechanism TBA (but expect gas wars)
One cynical take? This is what passes for risk management in DeFi—break the toys, then bill the treasury to replace them. Meanwhile, traditional finance snickers into its balance sheet.
GMX compensation plan include about $44 million to holders of Liquidity Providers on Arbitrum who were affected by the July V1 hack. Read More
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