BURNGMT Voting Gameplay

Limited Time
The limited time for BURNGMT voting is from November 21, 2024, to January 20, 2025.

Whose coin is being burned?
This vote determines whether to burn the 600 million GMT tokens previously repurchased by the official GMT team. These tokens mainly come from the unlocked shares of early investors and advisors, as well as part of the team allocation.

Triggering the burning mechanism
When the voting shares meet the thresholds of 100 million, 500 million, and 900 million locked amounts, it will trigger the team to destroy all future allocations for advisors, team members, and investors over the next 10 months. The specific operation process involves unlocking GMT tokens to be sent to a black hole address for destruction, with corresponding on-chain records.

Voting lock-in mechanism
Users can gain voting shares by locking GMT tokens on the Polygon chain. The lock-in is only for the distribution of voting shares, and the duration of the lock-in will affect the final rewards. The larger the locked amount of GMT and the longer the lock-in time, the more corresponding token rewards will be obtained.

Rate of return
Users participating in the vote can share a total of 100 million GMT in additional rewards. The distribution of rewards is related to the user's locked amount of GMT and the lock-in time. The less total locked amount of GMT daily, the more GMT token rewards a single user will receive. The final rewards will be airdropped after the 60-day lock-in period ends.

The impact of GMT token lock-in and burning on the market
- Reducing circulation: The lock-in and burning mechanism directly reduces the circulating quantity of GMT tokens, theoretically enhancing their scarcity, which can positively impact the token price and may drive up the price.
- Enhancing market confidence: This mechanism sends a signal to the market that the project team is committed to optimizing the token economic model and enhancing token value, which can increase investor confidence in GMT tokens and attract more people to participate in the project.
- Stabilizing market prices: By controlling the circulating supply, it can reduce selling pressure in the market to some extent, lowering the risk of significant price volatility, which helps stabilize the price of GMT tokens.

Liquidity removed by lock-in
Since users need to lock in GMT tokens to participate in voting, the specific amount of liquidity removed depends on the user's locked quantity and participation level. As the locked amount reaches different thresholds, the impact on market liquidity will vary. Currently, there is no exact data indicating how much liquidity has been locked away, but it is certain that the greater the locked amount, the more significant the impact on liquidity.

Daily lock-in dividend calculation
Daily lock-in dividends are not fixed in the traditional sense, but are shared based on the proportion of the user's locked amount to the total locked amount. For example, if the total locked amount for the day is X GMT, and user A has locked Y GMT, then user A's reward for that day would be (Y/X) × the total GMT rewards available for that day. The total GMT rewards available for distribution will dynamically adjust during the voting period based on the remaining 100 million GMT to be distributed and the remaining days.

General user operation suggestions
- Participate in voting lock-in: If users are optimistic about the long-term development of GMT tokens and believe that this vote to burn tokens can positively impact the token price, they can choose to lock a certain amount of GMT tokens within the specified time to participate in the vote for potential reward gains.
- Plan the lock-in time reasonably: Based on their investment plans and risk tolerance, users should reasonably determine the lock-in time. The longer the lock-in time, the more rewards they may receive, but it also means that the liquidity of funds is restricted for a longer period.
- Pay attention to market dynamics: Closely monitor the progress of the vote, changes in locked amounts, market conditions, and relevant dynamics from the project side, so that users can adjust their operational strategies in a timely manner.

The unlocking and distribution of GMT tokens
- The quantity and distribution of unlocked tokens: The specific quantity and detailed distribution of unlocked tokens have not been clearly disclosed, but it is known that some early investors and advisors' shares have been unlocked or are in an unlockable state. As time goes by and the project develops, these unlocked tokens may have certain circulation and distribution in the market.
- Distribution of locked tokens: Locked tokens mainly include shares for advisors, team members, and investors within a certain period in the future, as well as other locked tokens that have not yet matured. The specific distribution situation has also not been fully disclosed, but it can be roughly determined to be related to the project's early investment structure and distribution plan.

GMT team background and strength
The STEPN team, to which GMT belongs, is mainly composed of overseas Chinese. Key members include Jerry Huang, a computer science graduate from Zhejiang University, and Yawn Rong, a graduate of the University of South Australia. They jointly created STEP in August 2021. The team members have rich experience and expertise in the gaming industry and blockchain field. Previously, they injected liquidity into the GMT token pool on a large scale and conducted a massive airdrop of 200 million GMT tokens to the community, demonstrating strong project operation and market promotion capabilities.

Introduction to STEPN
STEPN is a fitness application that allows users equipped with NFT sneakers to earn tokens and NFT rewards through outdoor activities. It features the following characteristics:
- Dual token system: Includes the game token Greensatoshi Token (GST) and the governance token Green Metaverse Token (GMT).
- Rich functionality: Includes a built-in wallet, NFT marketplace, exchange function, and leasing system. Users can upgrade and customize their sneakers by burning tokens, and they can also exchange token earnings for other forms of cryptocurrency.
- Wide application: It has been launched on the iOS App Store and Google Play Store, and its application has multiple anti-cheating mechanisms to ensure fairness and sustainability in the game.

Community activities, airdrops, and business collaborations
- Community activities: Recently, STEPN launched activities such as the 'Guinness World Record for the Most People Running 1 Mile in 1 Hour and 24 Hours' where participants can earn exclusive commemorative badges, limited edition StepN OG sneakers in a draw, 'record packs' rewards, as well as triple GST earnings and double GGT earnings.
- Airdrops: STEPN has previously conducted three rounds of massive airdrops totaling 200 million GMT tokens to incentivize users to participate and promote the project.
- Business collaborations: Although specific details of business collaborations have not been disclosed, based on the development trend and influence of the project, the STEPN and GMT teams may have established partnerships with some blockchain projects, fintech companies, etc., to jointly explore application scenarios and value realization, and are expected to carry out more business collaborations in the future to expand the project ecosystem.
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