The decentralized perpetuals protocol GMX DAO repurchased 12,380 GMX tokens for approximately $85,000, bringing its total buyback program to over 384,000 tokens for approximately $2.4 million at an average price of $6.25 per token. Since March 5, 2026, the DAO has repurchased 313,650 GMX tokens for $1.965 million at an average of $6.27, with Q2 2026 accounting for 228,030 tokens worth $1.41 million. The DAO redirected 27% of protocol fees that traditionally went to stakers toward open-market buybacks and plans to withdraw approximately 600,000 GMX tokens from external DEX liquidity pools. The token currently trades around $6, with governance stipulating that rewards from the buyback program will only be distributed when GMX reaches above $90.
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