> For the complete documentation index, see [llms.txt](https://gmd-protocol.gitbook.io/gmd-protocol/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://gmd-protocol.gitbook.io/gmd-protocol/gmd-tokenomics/launch.md).

# Launch

Whitelisted members will be able to mint at a discount on launch day to accumulate our first batch of reserve.

* 75% of the initial mint will be converted into GLP
* The other 25% will be used to form Uniswap V3 protocol-owned liquidity for receipt tokens(gmdUSDC, gmdETH, gmdBTC), allowing users to enter/exit their vault positions when unstake is disabled. 

100% of the fees collected from the protocol-owned liquidity and our other underlying assets will be distributed to $GMD hold-and-stakers. The GLP reserve will be also used to absorb single-staking volatility and ensure delta neutrality.