On November 14, the GMT team released the iconic tag#MGGA(Make GMT Great Again) with a "flame" emoji on the official X platform. At that time, the market speculated that the GMT team was about to carry out a large-scale GMT token burning. #GMT $GMT
So is GMT still worth investing in?
🎈Token fundamental analysis
The total supply of GMT is approximately 5.2 billion, the maximum supply is 6 billion, and 2.9 billion are currently in circulation.
From the fundamental analysis of the token, only about 50% of GMT is in circulation. It seems that the remaining tokens that have not been unlocked will be gradually released in the future, thus bringing selling pressure to the price.
Moreover, the total market value of GMT has reached 400 million, and many believe that GMT's odds are not high. At the same time, GMT's secondary price is not particularly strong among all mainstream altcoins, and compared to Sui which surged 5 times from the bottom and the popular meme coin in the market, the game sector is receiving less and less attention.
According to the latest data released by Solana Daily, GMT ranks first in the Solana GameFi token market cap leaderboard with a market value of 421.3 million USD, significantly ahead of the second-ranked CROWN (110.7 million USD). If we don't mention Stepn, it seems that many people are gradually forgetting the leading token of GameFi, GMT.
However, the night before the storm is usually so quiet, and the market has always stood on the side of a few people. #mgga
BurnGMT Plan: Make GMT Great Again!
On November 19, at STEPN's official Townhall event, GMT team co-founder Yawn announced that the GMT team has successfully repurchased about 600 million GMT tokens.
The 600 million tokens repurchased mainly come from the unlocked shares held by early investors and consultants, as well as some tokens allocated to the team. At the same time, Yawn revealed that this batch of repurchased GMT will be donated to the ecological fund managed by GMT DAO.
However, in today's environment where VC coins are being denounced by everyone, it seems that the GMT team will be labeled as a conspiracy group. But the story does not end here; it is only just beginning.
A conspiracy to change the fundamentals of GMT
The GMT team's ecological fund has not 'hoarded' this 600 million tokens but has truly achieved 'using it for the people'.
The voting platform developed by them, http://BurnGMT.com, will officially launch on November 21, where users can lock GMT tokens to vote on whether to burn the 600 million GMT tokens repurchased by the team from November 21, 2024, to January 20, 2025.
📌 For ordinary users, it can be considered as having multiple benefits.
Looking only at the token circulation information provided by data websites, it is easy to misjudge that GMT has a massive selling pressure. This leads to incorrect judgments. In fact, not all circulating tokens are in circulation.
According to data from the official FSL website, it can be checked that among the 2.9 billion tokens already in circulation, nearly 800 million have been burned over the past few years. At the same time, according to this BurnGMT plan, 600 million GMT tokens will be burned.
After the vote is successful, the circulating tokens in the market will become scarcer, and the remaining selling pressure mainly comes from the 2.5% annual Move to Earn token rewards and the foundation's token release. If the BunGMT plan vote is successful, the token distribution of GMT will undergo a tremendous change!
How can ordinary users participate?
The start time for BurnGMT is at 11 AM on Thursday, the 21st, Hong Kong time. After 24 hours, the APY earnings for the day will be counted. Staking users need GMT on Polygon, and after locking, they will receive an NFT certificate, a small red hat NFT. Users can check their APY earnings and the total locked amount from the previous day on the website.
Users who stake and vote after 60 days can obtain their principal and interest, but it should be noted that they cannot redeem during the lock-up period.
After a certain number of votes is reached, the team will burn the corresponding GMT. The specific rules are as follows:
📢
Locked up to 100 million within 60 days
Burning 60 million of the consultant shares that will be unlocked in the next 10 months
Locked up to 500 million within 60 days
Burning 170 million of the team shares that will be unlocked in the next 10 months
Locked up to 900 million within 60 days
Burning 370 million of the investor shares that will be unlocked in the next 10 months
Players who lock up can directly obtain locked-up earnings, while spot players can enjoy the benefits of price increases after purchasing GMT early.
Even if you are a diamond hand and a fan of GMT, long-term holding of GMT will yield continuous returns. As for contract futures players, trading is also more convenient under the unilateral trend after GMT burns.
What else is worth paying attention to besides BurnGMT?
🎈 The previous cycle's king continues to deliver results.
Games related to the GMT team include StepnGo, Gashero, etc., with nearly 8 million real users and a solid user base in Japan. Since 2022, the team has held nearly 30 offline gatherings globally every month. They have also sponsored the Taipei Marathon and the Japan National Power Competition Marathon, as well as activities reported by the BBC, such as the Lindesay brothers crossing the Great Wall of China during the COVID period and veteran Nels crossing the continental United States in 46 days.
The GMT team has also developed several infrastructure projects, such as the multi-chain DEX DOOAR and the NFT marketplace MOOAR.
📌 The team has a high vision and genuinely considers users
Historically, the STEPN team has conducted large-scale airdrops to its active million running users every year. From 2022 to 2024, the team has conducted three rounds of large-scale airdrops totaling up to 200 million GMT to the community.
At the beginning of the GMT team, they airdropped 20 million USD worth of GMT to users, and in March of this year, they still airdropped 30 million USD worth of GMT to community users. Last year, they also airdropped 30 million USD worth of GMT.
ps: The current GMT is still at a historical low. Is it 'turn right when you go out' or 'lock up the spot'? I think BurnGMT will provide the answer.