GMX Appoints First CEO Amid Strategic Developments

Decentralized perpetual contract exchange GMX has announced the appointment of community member Q as the first CEO of GMX Labs. According to Foresight News, Q has been a long-term governance representative and major token holder of GMX, and is also the creator of GMTrade.xyz, a community version of GMX deployed on Solana. Additionally, GMX DAO continues to advance the 'Price Discovery Recovery Strategic Plan' approved in March. Since March 5, the protocol has repurchased 168,500 GMX tokens, spending approximately $1.1 million at an average price of $6.50 per token. The current annualized buyback scale is estimated to be between $6 million and $7 million. Furthermore, the first phase of liquidity restructuring has been completed, with GMX withdrawing its positions from Uniswap V2 and Trader Joe and redeploying them to its own infrastructure.