ME News reports that on May 8 (UTC+8), the decentralized perpetuals exchange GMX announced that community member Q has been appointed as the first Chief Executive Officer of GMX Labs. Q is a long-standing governance representative and major token holder of GMX, as well as the creator of GMTrade.xyz, a community-deployed version of GMX on Solana. Meanwhile, the “Recover Price Discovery Strategy Plan,” approved by the GMX DAO in March, continues to advance: since March 5, the protocol has repurchased a total of 168,500 GMX tokens at a cost of approximately $1.1 million, with an average price of around $6.50, resulting in an annualized repurchase volume of approximately $6 to $7 million. Additionally, the first phase of liquidity reorganization has been completed, with GMX’s positions on Uniswap V2 and Trader Joe withdrawn and redeployed to the protocol’s own infrastructure. (Source: Foresight News)
GMX Labs Appoints Its First CEO and Completes 168,500 GMX Token Buybacks
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Summary
On May 8 (UTC+8), GMX announced the appointment of Q as the first CEO of GMX Labs. A long-term governance representative and major GMX holder, Q also developed GMTrade.xyz, a Solana-based fork of GMX. Since March 5, the GMX DAO has repurchased 168,500 GMX tokens at an average price of $6.50, totaling $1.1 million. These buybacks are helping to reinforce key support and resistance levels in the price action. Liquidity from Uniswap V2 and Trader Joe has been migrated to the protocol’s own infrastructure.
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