2026-01-05 23:23:50

GMX launches a large-scale buyback program, with an annual buyback volume accounting for 13% of the supply, and the current buyback average price at $8.31. This move comes after the $86m security incident in September, clearly serving as a protocol to restore market confidence.

From a fundamental perspective, the protocol's operational status has not worsened. Weekly trading volume remains at $2.1b, with annualized revenue reaching $15.4m. The current trading valuation is only 5.6 times sales—this multiple is quite conservative in the DeFi space. Based on the November buyback pace, the protocol could buy back the entire circulating supply in just 339 days.

The market logic is quite interesting: it seems to be pricing this hacking incident as a permanent damage, but from the arithmetic of the buyback, the protocol's cash flow generation ability is sufficient to support such aggressive supply compression. Once the market re-evaluates this data, there could be a shift in the valuation.

GMX5,58%

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NestedFox

· 01-08 06:40

Oh wait, the average repurchase price is only a little over 8? At this point, still daring to be so aggressive, the protocol's cash flow must be strong. GMX's move is well played; just waiting for the market reaction.

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just_another_fish

· 01-06 08:53

Oh wow, GMX's buyback this time is really aggressive, showing that the team still has confidence. Wait, an annualized income of 15.4 million can justify such aggressive supply reduction? That's a bit outrageous... The average buyback price is 8.31, is this a bottom-fishing or is no one interested anymore? Honestly, the 86m incident did hurt confidence, but the data is right here. Is the market's reaction too excessive? 339 days to eat up the circulating supply... If that's really a sure thing, then the price should double, right?

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Web3Educator

· 01-05 23:53

ngl the 5.6x sales multiple is absolutely wild right now... like fundamentally speaking, that's pricing in permanent death when the cash flow math says otherwise. here's the key insight: market's just being irrational post-hack. once people actually read the numbers instead of panic selling, gmx has legit runway

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LiquidationOracle

· 01-05 23:53

The market is really still stuck on trivial issues... The data is right here, cash flow capability is fine, but they insist on pricing hacker incidents as if it's the end of the world.

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WhaleMinion