GMX to halt staking rewards until token price reaches $90

Decentralized derivatives exchange GMX has unveiled a token value enhancement strategy recently approved by the GMX DAO, according to an official announcement. Under the new strategy, GMX staking rewards will be redirected from stakers to the treasury, effective this week. Approximately 600,000 GMX, valued at around $4.55 million, will be withdrawn from liquidity pools on Uniswap and Trader Joe and integrated into GMX's own infrastructure. Additionally, 27% of protocol fees collected in the GMX treasury will continue to fund GMX buybacks on the open market. Staking rewards will only be distributed to stakers once the GMX price surpasses $90, which is approximately 12 times its current value. Furthermore, stakers are required to maintain a balance of at least 80% of their maximum staked amount. Failure to do so will result in the permanent forfeiture of all accumulated rewards.