On November 21, the GMT team announced on X that the BurnGMT platform would officially launch at 11 AM on the 21st, and users could participate in the burning decision of up to 600 million tokens by locking GMT.
The plan repurchased all 600 million GMT from unlocked early investors, advisors, and team allocations. These tokens will gradually unlock over the next 10 months. During the 60-day locking vote from November 21, 2024, to January 20, 2025, users can decide whether to burn 600 million GMT and can share 100 million GMT as participation rewards during the voting process!
If this burn is completed, GMT may become the first fully circulating Binance Launchpad token.
I. The Launch and Mechanism of the BurnGMT Website
As the leading GameFi project of the previous cycle from 2021 to 2023, STEPN is widely recognized. The launch of the BurnGMT website can be seen as another significant move following STEPN GO and the GGT token.
The establishment of the BurnGMT website is not only a voting platform; users can participate in voting by locking GMT tokens here and decide whether to burn the 600 million GMT tokens repurchased by the team. The repurchased batch of GMT will be donated to the ecological fund managed by GMT DAO.
This locking is only for the distribution of voting shares; all burned GMT tokens come from the 600 million GMT tokens previously repurchased by the official team.
Time: November 21, 2024, to January 20, 2025
Method: These tokens mainly come from the unlocked shares of early investors and advisors, as well as some tokens allocated to the team. This mechanism is particularly suitable for the characteristics of Meme coins in the current digital currency market, as many participants clearly have the motivation to promote the full circulation status of GMT in their decision-making. Users will not only gain voting rights based on the quantity and duration of their locked GMT but will also experience a sense of belonging and participation as community members, further enhancing the holding value of the GMT token.
Burn Target:
Locked GMT reached 100 million, with the official burning belonging to advisors being 60 million GMT;
Locked GMT reached 500 million, with the official burning belonging to the team being 230 million GMT;
Locked GMT reached 900 million, with the official burning repurchase of 600 million GMT.
Locking incentives and rewards:
The official has prepared 100 million GMT, which will be airdropped proportionally based on the amount of locked GMT. The annualized yield on the first day is as high as approximately 1200%.
II. The Impact of GMT Locking and Burning on the Market
1. Significance: This event may also reduce the price pressure of tokens, as the locking mechanism means consumer behavior will directly affect the market supply-demand relationship, pushing prices higher.
Additionally, discussions on social media are continuously rising, and many users are preparing to participate in voting, even increasing their purchase of GMT.
2. About Liquidity
As the absolute leader in the GameFi track, considering that the team behind STEPN and GMT has previously injected liquidity into the GMT token pool on a large scale and conducted three rounds of large-scale airdrops of 200 million GMT tokens to the community, this move will bring GMT closer to a fully circulating state (excluding about 2.5% of the Move2Earn reward share and foundation share unlock each year), which may also highlight the team's ambitions in the new bull market.
3. About Locking and Dividend Distribution
Locking GMT grants voting rights, allowing participation in governance, and voters will receive a share of market trading fee dividends or GMT rewards. (In calculations, locking for 1 month counts as weight 1, 3 months as weight 4, 6 months as weight 8, 1 year as weight 16, 2 years as weight 32, and 3 years as weight 64).
4. How to Participate?
Visit the website https://burngmt.com/ and link your wallet;
Locking GMT to obtain voting shares;
Voting option to support the official burning of the repurchased GMT tokens.
Lock GMT to vote. The more you lock, the more GMT will be burned.
III. GMT Token Economic Model (including planned burning and destruction)
After the GMT burning voting event ends, which is after January 20, 2025, GMT DAO will continue to operate, initiating more community governance votes to facilitate community members' proposal submissions and participation in project development governance.
The current distribution of GMT tokens is shown in the table below:
After GMT went online, eligible old players received a total of 0.75% of the token airdrop before February 23, sourced from a portion released by the ecosystem.
According to data from Solscan and Bscscan, as of March 28, 2022, there are 87,343 addresses holding GST, 7,548 addresses holding GMT on Solana, and 14,676 addresses on the BSC chain. However, since most of the trading volume and holders of GMT are concentrated on the Binance exchange, it is impossible to obtain the current holding situation of GMT users. From the holding situation of GST, aside from contracts, the top 10 holders account for about 18.8%, and the top 100 holders account for about 33.3%. This indicates that the distribution of GST chips is relatively dispersed and not concentrated. The growth situation of GST addresses is as follows:
IV. Project Introduction (Team, Financing, etc.)
About Stepn
Stepn is the first sports app built on Solana that combines blockchain token incentives. By introducing the innovative concept of 'Move to earn', it pioneers the empowerment attempt of blockchain for sports apps. In Stepn, users can earn token rewards daily by walking/jogging/running after purchasing sports shoes in the trading market. Unlike traditional sports apps, this app also adds game elements where treasure chests can randomly drop during walking, and users can upgrade and adjust the attributes of their shoes, allowing them to enjoy a threefold experience of playing, earning, and exercising.
About the Team
The Stepn team's background is strong; the founders not only have backgrounds in cryptocurrency, gaming, and continuous entrepreneurship, but the advisors also cover venture capital from both traditional and cryptocurrency industries. Stepn launched its public beta just three months after participating in a hackathon and has continued to update and optimize since its launch, demonstrating fast project advancement and strong team delivery capabilities.
The core member information is as follows:
Jerry Huang, one of the founders of Stepn, graduated from Zhejiang University with a degree in computer science in 2008, entered the gaming industry in 2008, has developed around 10 games, founded the game studio Falafel Games from 2010 to 2015, and co-founded Stepn with Yawn in August 2021.
Yawn Rong, one of the founders of Stepn, graduated from the University of South Australia with a degree in advertising and marketing. He has experience in the physical industry and blockchain entrepreneurship and is one of the representatives of the Blockchain Association of South Australia. He entered the cryptocurrency space in 2017, founded Crypto SA Lab in 2018, a company focused on OTC and mining businesses, served as a business ambassador for Algorand in 2019, and created Stepn in August 2021.
Jessica Duan, Chief Strategy Officer of Stepn, graduated from the University of Adelaide in Australia in 2010, served as a sales manager at JR/Duty Free from 2013 to 2015, founded Soko Design Studio in 2015, and joined Stepn in 2021.
About Financing
As of now, Stepn has completed two rounds of financing, with a total financing amount of $9.2M.
V. Project Summary
Overall, the BurnGMT website of STEPN is undoubtedly a well-thought-out action, providing new options for token economic management and calling on every user to participate actively.
From the overall market perspective, the launch of the BurnGMT event signifies that the GMT token has the potential to become the new benchmark for 'sports-themed Meme coins'.
From the perspective of industry gameplay originality, the official behind GMT aims to use real money to drive the price of the GMT token.
From the perspective of the project's industry position, as the undisputed 'GameFi King' at the end of the 2022 bull market, the market performance of STEPN and GMT is evident. The project team's operational capabilities have been fully validated by the market, and the once 'hard-to-get high-level props shoes' phenomenon remains incredibly exciting to think about.
Looking at the past performance of the project, the team behind STEPN and GMT can be described as 'professional money givers'—previously, STEPN officially rewarded community users multiple times, not only giving away running shoe props for free at the start of the project, but also allowing early users to earn GMT token rewards just by consuming energy; this alone once involved spending tens of millions of GMT tokens.
Against the backdrop of the upcoming U.S. presidential election, investment topics related to sports, health, and other fields are beginning to gain market attention, which is undoubtedly beneficial for the development of GMT.