## Understanding GMX vs. GLP Tokens on the Earn Page When navigating the GMX platform, particularly the "Earn" page, you'll encounter options related to both GMX and GLP tokens. Understanding the distinction between these two assets is crucial for interacting effectively with the GMX ecosystem. The "Earn" page clearly presents sections for both tokens. The top section typically focuses on **GMX**, displaying its current price, your wallet balance, and any GMX you have staked. Staking GMX allows you to earn rewards (often paid in GMX and Escrowed GMX, or esGMX) and grants you **Voting Power** in the GMX DAO (Decentralized Autonomous Organization), reflecting its role in platform governance. You'll find options here to Buy, Stake, Unstake, Delegate voting power, or Transfer your staked position. Key metrics like the Annual Percentage Rate (APR) for staking, total GMX staked across the platform, and total supply are also visible. Scrolling down on the "Earn" page reveals a similar section dedicated to **GLP**. This area shows the GLP price, your wallet and staked balances (if any), the APR for holding/staking GLP, and total supply/staked figures. Buttons to "Buy GLP" and "Sell GLP" are prominent. The interface indicates that staking GLP is also an option. This naturally leads to the question: What is the fundamental difference between the GMX token and the GLP token? To clarify this, we turn to the official GMX documentation. The documentation explicitly defines **GLP** as the **liquidity provider (LP) token for GMX V1**. When users provided liquidity to the first version of the GMX protocol (V1), they received GLP tokens. These tokens represented a share in the V1 liquidity pool (an index of assets used for swaps and leverage trading), and holders earned fees generated from V1 platform activity like leverage trading, borrowing, and swaps. In contrast, the **GMX token** serves as the primary **utility and governance token** for the platform, with its governance functions being particularly emphasized in the context of GMX **V2**. Staking GMX grants users a share of protocol revenue and the ability to participate in governance decisions via voting. Therefore, the core distinction lies in their roles and the protocol versions they are primarily associated with: * **GLP:** The liquidity provider token for GMX **V1**. * **GMX:** The utility and governance token, central to GMX **V2**. Since GLP is tied specifically to the legacy GMX V1 system for providing liquidity, further exploration will typically focus on the GMX token and the mechanisms associated with the current version of the protocol (V2).