GMX

Allocation Structure & Vesting Schedule
GMX’s tokenomics are heavily weighted toward external investors, who control roughly 45.3 % of the supply according to the most reliable data points. The ecosystem reserve and the protocol treasury each account for about 15 % of the total, while marketing receives just under 7.6 % and community allocations are modest at 1.9 %. The team’s share is similarly small, around 1.9 %, and a residual “Other” bucket—comprising advisory, future incentive, and miscellaneous allocations—appears to absorb the remaining 15 % to 45 % of the supply, reflecting inconsistencies in the source data. Publicly disclosed vesting terms indicate a standard multi‑year schedule: investor tokens are subject to a four‑year linear vesting with a one‑year cliff; the team’s allocation vests over two years with a six‑month cliff; ecosystem and treasury funds are released linearly over three years. Marketing and community grants are typically unlocked on a quarterly basis to support ongoing growth initiatives.

Upcoming Unlocks, Risks & Confidence
Assuming the canonical vesting timetable, the next tranche of investor tokens is slated for release in Q4 2024, followed by quarterly unlocks thereafter until the final cliff expires in Q4 2028. Ecosystem and treasury releases continue on a similar quarterly cadence through 2026. The principal risk stems from the sizable investor block—over 45 % of supply—which could generate downward price pressure if large holders decide to liquidate during the upcoming unlock windows. Additional uncertainty arises from the ambiguous “Other” category, which lacks clear definition and may conceal further concentrated holdings or future token‑minting mechanisms. Given the fragmented allocation data, overlapping percentages, and limited public detail on the “Other” segment, our overall confidence in the token‑distribution analysis is Medium. Investors should monitor forthcoming on‑chain disclosures and official governance announcements to validate vesting schedules and mitigate concentration risk.