On November 21, BurnGMT, a voting platform developed by the GMT DAO Ecological Fund, was officially launched. Users can lock GMT tokens on the Ploygon chain to vote on whether to destroy the 600 million GMT tokens repurchased by the team from November 21, 2024 to January 20, 2025. According to the information revealed by Yawn, the co-founder of the GMT team at the official Townhall event on November 19, the 600 million GMTs mainly come from the unlocked shares of early investors and consultants and part of the team allocation. At that time, users who participate in the voting will also receive a total of 100 million GMTs as an additional reward as a reward for participating in the community voting event.
In the market context of BTC breaking new highs, as the absolute leading project in the GameFi track, combined with the fact that STEPN and the team behind GMT had previously injected large-scale liquidity into the GMT token pool and conducted three rounds of large-scale airdrops to the community totaling 200 million GMT tokens, after this move, GMT will enter a state of near full circulation (excluding approximately 2.5% of Move2Earn reward shares and foundation share unlocking each year), which may also highlight the team's ambition in the new round of bull market - to seek greater development space with better token market performance, and to open up new growth points for the project while giving back to the community.
This article will interpret and analyze the actions of BurnGMT and its team for readers' reference. (Note: The following content is only for project observation and analysis and does not constitute investment advice.)
BurnGMT.com website is launched: GameFi's leading project has another big move
As the leading project of GameFi in the last cycle from 2021 to 2023, STEPN is well-known to everyone, and the launch of the BurnGMT website can be regarded as "another big move" after STEPN GO and GGT tokens.
according to
The official Townhall AMA event on November 19 revealed that BurnGMT
The only purpose of the website is for community members to vote on "whether to destroy the GMT token shares that the official team has repurchased", and the way to participate is to lock GMT to obtain voting shares. At the same time, community members who participate in the voting can obtain limited edition NFTs and share the staking rewards of a total of 100 million GMT corresponding to the voting rights.
It is worth noting that the reward distribution is not only related to the number of GMT locked by the user, but also the length of the lock-up period: the larger the number of GMT locked and the longer the lock-up period, the more corresponding token rewards. At the same time, the smaller the daily lock-up amount of GMT, the more GMT token rewards a single user will share, and the final rewards will be distributed together after the 60-day lock-up period. Most importantly, this lock-up is only used for voting share allocation, and the destroyed GMT tokens are all from the 600 million GMT tokens previously repurchased by the official team. Combined with the voting lock-up mechanism, it can be said that the official is just short of writing the four big words "I want to pull the market" on the forehead. After all, combined with the data of 800 million GMT consumed by users in STEPN in the past 2 years, GMT is expected to become "the first Binance Launchpad token to achieve full circulation", which will bring a new wave of market attention and potential buying to GMT.
GMT Token Economic Model (including planned burning and destruction)
Not only that, after the GMT destruction voting activity ends, that is, in 2025
After January 20, GMT
DAO will continue to operate and initiate more community governance votes to facilitate community members to submit proposals and participate in project development governance. According to the official team, future voting activities may be conducted on a dedicated website and may be conducted on a quarterly basis. At that time, the GMT lock corresponding to the voting share of community members will be soft locks and can be unlocked at any time.
In the near future, STEPN will also launch another challenging and potentially popular community event - "Guinness World Records 1-hour & 24-hour Most People and 1-mile Running Challenge". According to the community AMA information, community participants need to
Open STEPN or Stepn from 5 to 6 p.m. on November 23 or 8 a.m. on November 23 to 8 a.m. on November 24
Go APP records a run or walk of 1 mile or longer (Note: Sneakers are not required)
props or consume energy), the theme of this event is "Run together and make history". If there are enough participants in the end, it may ignite the enthusiasm for participation in the P2E GameFi track again and encourage
STEPN once again attracted a new wave of traffic and market attention.
Participation rewards for this Guinness Challenge also include exclusive commemorative badges, a raffle for limited edition StepN OG sneakers (printed with the Guinness World Records logo, which will be drawn on the NFT market MOOAR platform from November 14 to 22), a "record package" reward, and 3 times the GST income and doubling the GGT income. For details, please see the official announcement.
It can be seen that in the new market environment, STEPN and the GMT team did not stand still, but tried to stimulate community participation through the "gamified voting and destruction" gameplay, so as to boost the confidence of token holders and seek win-win results for all parties. The purpose behind this is not small.
BTC continues to hit new highs, Meme coins become the main line of the cycle, and GMT is expected to become a "sports meme coin"
After Trump won the new US presidential election in early November, the market finally emerged from the "Monkey Market Shock Period" that lasted for several months and entered a "rising breakthrough period" of rapid growth.
The price has also broken through from around $73,000, setting new highs many times. The "Trump effect" has injected new energy into the cryptocurrency industry. Similarly, after the industry has entered the deep waters, Meme, which has a relatively low threshold, higher risk odds, and more speculative value, has become more popular.
Currency has also become the main line of the industry. On the one hand, this provides a broader market space for the emergence and development of emerging projects; on the other hand, it also puts forward new requirements for past mature projects and the teams behind them - they must keep iterating and evolving in order to gain their own place in the ever-changing encryption market.
Considering the above factors, the BurnGMT destruction activity launched by STEPN and the GMT team is full of heart and keeps up with current events.
From the perspective of the activity mechanism design, the end date of the GMT destruction activity is the day when Trump officially takes office as president (i.e. January 20, 2025), which to some extent adds the attribute of "Trump concept token" to the GMT token;
Judging from the website UI design interface, the website UI interface during the warm-up period includes Trump’s iconic red hat symbol elements and an updated version of Trump’s well-known campaign slogan “Make America Great Again”, “Make GMT Great Again”. It looks quite interesting and has full Meme attributes.
Official website warm-up interface
From the perspective of the reward distribution rhythm, the voting reward of up to 100 million GMT will be evenly divided into 1.67 million GMT/day within 60 days. In other words, when the number of participants is small in the early stage, users will receive relatively more rewards, encouraging community users to participate as early as possible; and after the voting share meets the lock-up thresholds of 100 million, 500 million and 900 million, it will trigger the team to destroy all the quotas of consultants, teams and investors in the next 10 months (according to the official statement, the specific operation process is that the unlocked GMT tokens will be sent to the black hole address for destruction, and there are corresponding on-chain records), so as to relieve the release pressure of GMT tokens. In any case, users can actively vote to earn rewards, and passively enjoy the rise of tokens after the selling pressure disappears, which can be called "killing two birds with one stone".
On the whole, GMT may become a "double meme coin in GameFi & sports product tracks" in the future.
Interpretation of the conspiracy of STEPN and GMT team: using real money to boost GMT market performance
Looking closely at the real intentions behind this move by the STEPN and GMT teams, I personally think that it can be seen from the following three aspects:
First of all, from the perspective of the originality of the industry's gameplay, this move can be described as a "conspiracy" with a clear purpose and straightforwardness - in a word, the official behind GMT wants to use real money to drive the price of GMT tokens. In the past market, there has always been a game of wills among multiple representatives, including 1) the game between the on-site and off-site markets, that is, the competition between holders of token lock-ups, token spot and token futures; 2) the game between players and project parties, that is, one party wants higher returns but cannot unilaterally decide the amount of token supply destruction; the other party has lower direct returns at the token level but has stronger decision-making power over the amount of token supply destruction; 3) the game between short-term DeFi mining income and believing in the project and the team behind it, and adhering to long-termism. The former's operation is more inclined to the style of "running after making money" and "selling and making money forever"; the latter is "laying the long line and fishing for big fish", using time to exchange space. The gameplay of directly repurchasing tokens and transferring decision-making power to community users perfectly solves the "prisoner's dilemma" in various games - the project party uses real money to reduce the supply of tokens and boost the price of tokens, and the community only needs to choose "Yes/No".
Secondly, from the perspective of the project's industry status, as the undisputed "GameFi King" at the end of the 2022 bull market, STEPN
and GMT
The market performance of STEPN is obvious to all, and the project's ability to operate has been fully verified by the market. The grand occasion of "a pair of high-level prop shoes is hard to come by" is still very exciting. It can be said that STEPN
Previously, it was already the top trend-setter in the Mass Adoption wave called for by countless industry professionals. Now, inspired by such an unprecedented bull market, STEPN
and GMT
The team is working openly. It is obvious that they are not limited to the limited chips in the hands of retail investors in the market, but want to further "expand the market" to further increase the imagination space of the story and the "market dream rate". After all, STEPN
Its products have nearly 8 million real-person registered players, and the nearly 30 global offline gatherings per month that have never stopped since 2022 are GMT
"Natural fans", such a solid project, don't say
Meme coin projects are everywhere now, which is rare even in the past few cycles. The opportunity to get on board is a once-in-a-lifetime opportunity. The 600 million GMT tokens to be destroyed and the 100 million GMT rewards are the best proof of this.
Finally, from the perspective of past project returns, STEPN
The team behind GMT can also be called a "professional money giver" - previously, STEPN
The official has given back to community users many times. Not only did they give away running shoes for free at the beginning of the project, but users could also get GMT tokens as rewards by consuming energy in the early stage of the product. This alone cost tens of millions of GMT tokens. The annual GMT token airdrop is also a feast for wealth creation. It is understood that this year, STEPN
The official has airdropped nearly $30 million worth of GMT. Regardless of the bull and bear markets, community users have received real and direct economic returns. Many people have even fallen in love with running and have persisted to this day (there are many such friends around me). In addition, thanks to the strong return performance in the past, STEPN
The team behind GMT has also gathered a large number of loyal community users who have the spirit of "blockchain co-construction, co-governance and sharing", which has laid a good mass foundation for the development of the project.
Staking Rewards NFT Interface
From a market perspective, compared to other teams that “launched coins and then gave up or even disappeared”, STEPN
The team behind GMT launches BurnGMT
The website's destruction of part of the GMT token supply is a "thankless" task, but the more it does this, the more it highlights its firm determination, decisive operation, and confidence in "not caring about temporary gains and losses but caring about the development of the project over a longer period of time."
BurnGMT Action Guide: How can GMT holders maximize their returns?
Adhering to the principle of "decentralized decision-making", whether this GMT destruction voting activity can ultimately reduce the total supply of GMT and increase the price of GMT tokens depends on the participation of community users. If you want to take the market price performance of GMT to a higher level and obtain the corresponding rewards of this voting activity, users can directly follow the steps below:
Open https://burngmt.com/ and link your wallet;
Lock up your GMT and get voting shares;
Vote to support the official destruction of repurchased GMT tokens.
Lock GMT to vote. The more you lock, the more GMT you burn.
The locked amount of GMT reaches 100 million: the GMT of the consultant’s share is destroyed.
The locked amount of GMT increased by 500 million (the cumulative locked amount reached 600 million): the GMT share of the team was destroyed.
The locked amount of GMT increased by 300 million GMT (the cumulative locked amount reached 900 million): all repurchased GMT tokens were destroyed, totaling 600 million.
Official website lock-up progress display interface
After voting, users will receive a limited edition hat
NFT (Make GMT Great Again, MGGA), similar to the red hat on the official website interface. On the one hand, the NFT
Will serve as a commemoration of participating in the vote; on the other hand, the NFT also records
GMT lock-up amount and corresponding reward amount. Once again, the earlier you participate in lock-up, the more 100 million GMT rewards prepared by the official will be allocated, that is, the higher the rate of return. At the same time, this activity also provides profit space for spot players and futures players. The former can enjoy rising returns, while the latter can earn profits through market gaming.
In addition, after the GMT token supply chain is further reduced and the price is further increased, the imagination space of the ecological landscape behind the GMT token will be further opened: in terms of products, STEPN, STEPN
GO is still running stably; the multi-chain NFT market MOOAR also provides convenience for secondary market transactions; cross-chain DEX DOOAR, mini-games
MORCHI, strategy game GAS HERO, ecological wallet FSL
ID and a series of multi-field products provide users with ample choices. In addition, according to official disclosure, it will launch 3 new products in 2025, and the future is worth looking forward to. In addition, the slogan "BurnGMT" itself is also very meme-like. Combined with the field of sports and health, it has gradually attracted more and more attention in the encryption industry. GMT can also be expanded horizontally to "Health Meme", "Sports Meme" and even the recently popular "Desci Track Meme Coin" and other directions.
In terms of breaking out of the circle, the team behind GMT has also been working hard: products such as STEPN not only have a strong user appeal in Japan, but the relevant participating teams also won the "fourth place in the team" in the Japan National Marathon; sponsoring the Taipei Marathon, the Lindesay brothers' crossing the Great Wall of China reported by the BBC, and veteran Nels' 46-day crossing of the American continent and other related activities have also sparked widespread discussion and have always been a hot topic. With world-class brands, well-known celebrities and IPs such as
Asic, Adidas, Casio, Ghost in the Shell, Steve Aoki, Snoop Dogg, etc. have reached relevant cooperation, and also for STEPN and GMT
It is common to see teams that just keep doing things, but there are teams that can still make some achievements, such as the team behind STEPN and GMT.
Therefore, compared with its peak market value of US$2.3 billion, GMT, which is currently valued at only US$490 million, is undoubtedly undervalued by the market and presents certain asymmetric opportunities.
Conclusion: The only constant is change, and the same is true for crypto projects
As the price of BTC has once again broken through $93,000 in recent days, there is no doubt that the crypto bull market is still continuing. For various players in such a market with volatile risks, they not only need to seize short-term risk arbitrage opportunities, but also need to deeply understand the value of long-termism. Only in this way can they ensure that they do not leave the table and "lose everything in one wrong move."
In this regard, we can see that the introduction of
BurnGMT destruction plan
The ambition of STEPN and its team is not limited to the short-term gains from the fluctuation of the coin price, but to find their own development path through original gameplay.
During this cycle, we will explore a broader future with countless community members. As Trump is about to take office, GMT, the trinity of "GameFi+Meme Coin+Ecosystem Development",
A new wave of outbreaks is expected.
@Stepnofficial #GMT投票燃烧计划
