GMX DAO plans to vote to transfer approximately 7 million USD in assets to the POL multi-signature wallet

The on-chain trading platform GMX tweeted that the proposal for the second phase of the $10 million GMX token market-making fund, titled "GMX Market-Making Fund Phase Two: Emergency Reserve," has been launched on the governance platform Tally, calling on token holders to vote or delegate their voting rights to active representatives. According to the proposal, the WETH, WBTC, Wrapped SOL, LINK, USDC, GMX, ARB, AAVE, UNI, and PEPE held by the DAO treasury will be transferred in their original tokens to the GMX POL multi-signature on Arbitrum One (4/7), with the asset market value fluctuating with market conditions and not fixed at $7 million.

Voting will start on November 6 at 15:14 and end on November 11 at 15:14. This transfer does not increase the total fund amount of $10 million, nor does it represent an immediate use of funds; this reserve will only be utilized in the event of severe market downturns affecting GMX liquidity, allowing for timely responses without the need to initiate another DAO vote. The first phase has provided 3 million USDC, and GM Labs' assessment indicates that the deployed funds are improving GMX's liquidity and market activity. GMX released the governance proposal on September 16, proposing to allocate $10 million from the treasury to establish the GMX token market-making fund.