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GMX Rewards provide benefits for long term users of the protocol, these rewards come in the form of Escrowed GMX and Multiplier Points.

Escrowed GMX

Escrowed GMX (esGMX) can be used in two ways:

  • Staked for rewards similar to regular GMX tokens
  • Vested to become actual GMX tokens over a period of one year

Each staked Escrowed GMX token will earn the same amount of Escrowed GMX and ETH / AVAX rewards as a regular GMX token.

Note that Escrowed GMX (esGMX) is not meant to be transferrable unless you are doing a full account transfer. The amount of GMX or GLP required to vest esGMX is unique per account and the max amount of esGMX that can be vested is capped to the esGMX rewards received by that account.


Escrowed GMX (esGMX) tokens can be converted into GMX tokens through vesting, this can be accessed on the Earn page.

When vesting is initiated, the average amount of GMX or GLP tokens that was used to earn the esGMX rewards will be reserved.

For example, if you staked 1000 GMX and earned 100 esGMX tokens, then to vest 100 esGMX tokens, 1000 GMX tokens will be reserved. To vest 50 esGMX, 500 GMX tokens will be reserved. Note that this is an example and the actual ratio depends on the average staked amount and rewards earned for your account.

esGMX tokens that have been unstaked and deposited for vesting will not earn rewards. Staked tokens that are reserved for vesting will continue to earn rewards.

After initiating vesting, the esGMX tokens will be converted into GMX every second and will fully vest over 365 days. esGMX tokens that have been converted into GMX are claimable at anytime.

If a user sells GMX or GLP tokens and would like to vest their esGMX rewards later on, they would need to re-buy the GMX or GLP tokens.

GMX, esGMX and Multiplier Points can be used interchangeably for the required reserve amount.

Depositing into the vesting vault while existing vesting is ongoing is supported.

Tokens that are reserved for vesting cannot be unstaked or sold. To unreserve the tokens, use the "Withdraw" button on the Earn page. Partial withdrawals are not supported, so withdrawing will withdraw and unreserve all tokens as well as pause vesting. Upon withdrawal, esGMX tokens that had been vested into GMX will remain as GMX tokens.

Multiplier Points

Multiplier Points reward long term holders without inflation.

When you stake GMX, you receive Multiplier Points every second at a fixed rate of 100% APR. 1000 GMX staked for one year would earn 1000 Multiplier Points.

Multiplier points can be staked for fee rewards, each staked multiplier point will earn ETH / AVAX at the same rate as a regular GMX token.

When GMX or Escrowed GMX tokens are unstaked, the proportional amount of Multiplier Points are burnt. For example, if 1000 GMX is staked and 500 Multiplier Points have been earned so far, then unstaking 300 GMX would burn 150 (300 / 1000 * 500) Multiplier Points. The burn will apply to the total amount of Multiplier Points which includes both staked and unstaked Multiplier Points.

To transfer staked tokens without burning Multiplier Points, use the "Transfer" button on the Earn page.

The "Boost Percentage" shown on the Earn page shows your individual boost amount from Multiplier Points. For example, if the ETH APR is 10% and you have $10,000 worth of GMX and esGMX, then your rewards would be $1000 annualized, if you have an amount of Multiplier Points equivalent to 20% of your total amount of GMX and Escrowed GMX, your "Boost Percentage" would display as 20%, and you would get an extra $200 of ETH rewards annualized.

The “Boost Percentage” is calculated based on the ratio of Multiplier Points to your total amount of staked GMX:

Boost Percentage = 100 * (Staked Multiplier Points) / (Staked GMX + Staked esGMX).

The max boost percentage is 200%, this means that if you have 1000 GMX tokens, and 2500 Multiplier Points, then a maximum of 2000 Multiplier Points can be staked for a boost of 200%; 500 Multiplier Points would be leftover and cannot be staked, to stake these Multiplier Points additional GMX tokens must be obtained, e.g. if an 100 additional GMX is bought then 200 of these 500 Multiplier Points can be staked after.

Distribution Rate

Escrowed GMX will be distributed to staked GMX and GLP according to the schedule in the latest snapshot vote.

Managing Rewards

The options to manage rewards are on the Earn page.

An explanation of the options:

  • Stake Multiplier Points: This will claim and stake your Multiplier Point rewards.
  • Claim GMX Rewards: This will claim any pending GMX tokens from esGMX that has been vested and converted to GMX tokens.
  • Stake GMX Rewards: This will stake the GMX after it has been claimed.
  • Claim esGMX Rewards: This will claim any pending esGMX rewards.
  • Stake esGMX Rewards: This will stake the esGMX after it has been claimed.
  • Claim WETH / WAVAX Rewards: This will claim any pending WETH / WAVAX rewards.
  • Convert WETH / WAVAX to ETH / AVAX: This will convert the claimed WETH / WAVAX rewards to ETH / AVAX.

These options can be accessed through either the "Compound" or "Claim" button on the Earn page.