GMX has announced the successful completion of the compensation plan for the impacts of the GMX V1 vulnerability. Approximately $44 million will be distributed to the affected Arbitrum GLP liquidity providers, and this compensation aims to make up for the losses incurred from the previous hacking incident on GMX V1.

Users can now apply for compensation through the GMX dApp, receiving GLV tokens, which include GLV [BTC-USDC] and GLV [WETH-USDC]. The composition of these tokens is similar to the original GLP asset allocation, approximately 25% Bitcoin, 25% Ethereum, and 50% stablecoins.

Additionally, to encourage users to continue holding, GMX DAO has prepared extra benefits for users. Those who hold GLV for at least 3 months will receive a retention reward of $500,000 provided by GMX DAO.

It is worth mentioning that GMX V2 was not affected by this vulnerability incident, and its weekly trading volume has reached several billion dollars, maintaining a relatively active trading status and continuing to play an important role in the market. The GLP redemption feature is expected to open in about 10 days, at which point the remaining GLP can be sold normally. $GMX