GMX has submitted a governance proposal to allocate $10 million from its treasury in the first phase of a market-making fund for the GMX token. The fund would use combined open interest (the total value of unsettled contracts) across all chains as its reference metric: it would focus on buybacks when GMX’s circulating market capitalization is below combined open interest, and shift toward liquidity provision when the market cap is at or above that level. The proposal also outlines future plans involving cross-collateral and cross-margin modes, market grouping, net open interest, RFQ (request-for-quote trading), permissionless markets, Robinhood integration and a new USDG liquidity-provider product line. GMX also plans to begin GT buybacks and distribute a GT airdrop to GMX stakers, with details to be set out in later proposals.