Overview

The GMX_DAO token governs the GMX DAO. Its introduction represents a significant evolution of the previous GMX governance mechanism. It completes the implementation of a transparent, fully on-chain voting system that includes delegation services.

This on-chain governance system for the protocol further decentralises the governance structure and decision-making processes, while strengthening community involvement within the GMX ecosystem.

Staking and Voting Power

To be eligible to participate in GMX DAO governance, users need to stake their GMX (and esGMX) tokens in the Earn section of the GMX Dapp. Once the tokens are staked, users will receive GMX_DAO tokens in a 1:1 ratio. With these tokens, users can engage in governance by voting on proposals themselves or electing a delegate to vote for them.

Essential things to consider before staking:

• Unstaked GMX cannot be used to vote on governance proposals. The tokens must be staked first to receive GMX_DAO tokens with governance power.
• When users unstake their GMX and esGMX tokens, they will lose their Voting Power in GMX governance.
• If a user has not delegated their tokens on the Governance platform Tally.xyz (either to themselves or to a delegate), they won't be able to utilise the Staking, Claiming or Compound features in the GMX Dapp.

How to nominate yourself as a delegate

Step 1: Complete the delegate statement on the GMX Governance forum. The delegate statement can be seen as an ‘application form’ that gives the community an idea of your experience, talents, and potential contributions to the GMX Protocol.

Step 2: Go to https://www.tally.xyz/. Tally is a governance front-end for on-chain DAOs.

Step 3: Search for GMX and click on the first option. This will take you to: www.tally.xyz/gov/gmx

Step 4: Connect your preferred wallet to Tally, and make sure your wallet is connected to Arbitrum. If you are a new user on Tally, you will need to create a new profile. If you have already used Tally, however, your profile should show up.

Step 5: As the next step, you should delegate your tokens to nominate yourself as a GMX delegate. Click 'My Voting Power' on the right side of your screen: