PROPOSAL of BURNING

Key data (verified) GMX market cap ~ $73.3M (circulating ~10.38M). Value accrual to GMX stakers: “earning 27% of fees” (GMX docs). Implementation detail: on V2 the 27% of fees is used to reacquire GMX and then distributed to stakers; on V1 it was 30%. On V2, 10% of fees goes to the treasury and 63% goes to GM liquidity providers. Recent fee run-rate (DefiLlama): Fees 30d ~ $2.6M and “Holders revenue 30d” ~ $702k (consistent with ~27%). Treasury ~ $35M: explicitly referenced in a governance...