$GMT is a popular project launched on Binance Launchpad, which has attracted attention for its unique Move-to-Earn model and wide range of ecological applications. As the ecological fund of GMT tokens, GMT DAO has played an important role in many fields, including GameFi products, NFT markets, DEX trading platforms, etc. Recently, GMT DAO launched a voting campaign called BURNGMT, which aims to decide whether to burn 600 million GMT tokens through community voting. This article will deeply analyze the gameplay, mechanism and potential impact of BURNGMT voting on the market.
BURNGMT voting analysis 1. Voting time
Time range: November 21, 2024 to January 20, 2025, a total of 60 days.
2. Burned coins
Quantity: 600 million GMT tokens.
Source: These tokens were donated to GMT DAO by the GMT team after being repurchased from investors and advisors.
3. Mechanisms that trigger combustion
Voting results: If the community votes to burn these 600 million GMT tokens, these tokens will be permanently destroyed and will no longer enter the circulation market.
4. Voting lock mechanism
Locking requirements: Users need to lock GMT tokens in a designated wallet address in order to participate in the voting.
Lock-up time: Within 60 days, users can choose different lock-up times. The longer the lock-up time, the higher the voting weight.
5. Rate of Return
Participation Rewards: All users who participate in the voting will share 100 million GMT tokens as participation rewards.
Daily lock-up dividends: Based on the time and amount of user lock-up, a portion of GMT tokens will be distributed to participants as dividends every day.
6. Daily lock-up dividend calculation
Formula: Daily lock-up dividend = (user lock-up amount / total lock-up amount) × total daily dividend amount
Example: Assuming that the total locked amount on a certain day is 1 billion GMT, the total dividend amount is 1 million GMT, and user A has locked 10 million GMT, then the user's dividend for that day is: Daily locked dividend = (10 million + 1 billion) × 1 million = 100 GMT Daily locked dividend = (1 billion + 10 million) × 1 million = 100 GMT
The impact of GMT coin lock-up and burning on the market
1. Changes in liquidity
Lock-up impact: During the 60-day voting period, a large number of GMT tokens will be locked, resulting in a decrease in the circulation in the market, which may push up the price of GMT in the short term.
Burning impact: If the vote decides to burn 600 million GMT tokens, this will further reduce the circulation in the market and form long-term support for the price of GMT.
2. Unlocked Coin Distribution
Current situation: The GMT team has repurchased and donated 600 million GMT tokens, and only 27% of the tokens will be unlocked and released in the next six years.
Unlocking schedule: The specific unlocking schedule is as follows:
First year: 5%
Second year: 7%
Year 3: 9%
Fourth year: 10%
Year 5: 10%
Sixth year: 10%
3. Burned and unburned coins
Burned: As of November 2024, GMT DAO has burned 800 million GMT tokens.
Not burned: If the vote decides to burn 600 million GMT tokens, a total of 1.4 billion GMT tokens will be permanently destroyed.
User Guide
1. Participate in voting
Steps: Lock GMT tokens to a designated wallet address, select a suitable lock-up time, and participate in the vote.
Note: Ensure the wallet address is safe to avoid losing the private key.
2. Get rewards
Dividend collection: Check the locked dividends daily to ensure timely collection.
Final reward: After the voting is over, you will receive the corresponding GMT token reward based on the voting results.
1.Pledge Tutorial
Staking address: https://burngmt.com
Connect your wallet (you can use fsl id or Little Fox), prepare GMT on Polygon, and click VOTE
The previous day's interest will be settled at 8 am every day. The 166w $gmt of the day will be equally divided according to the total locked amount. The unlocking time is 0:00 UTC time on January 20, 2025. The total reward for individuals is calculated based on the actual number of days of staking. The earlier the staking, the higher the yield.
A few estimates of the figures:
- The total amount of pledged on the first day is 51M, with a daily interest rate of 3.23% (the first mine is really good
- When reaching 100M, we will decide to burn 60M. This level will definitely be achieved (I guess we can see it today)
- Refer to the previous Genesis Shoes lottery lock-up amount. The highest in history is Adidas GO shoes, which locked 294M, which has a certain reference significance.
All data are personal estimates and do not represent final returns. They are not financial advice. Please act within your means.
One more thing to add, the minimum pledge amount is 100 $gmt. You can get a Little Red Riding Hood NFT by casting 1 vote. It is recommended that all running shoe friends at least get the Little Red Riding Hood, which is a symbol of joining GMT DAO. What if it will be used in future airdrops? You can check the amount of NFT locked on MOOAR
GMT Team Background and Strength
The GMT team is composed of a group of experienced blockchain and technology experts with a deep background in cryptocurrency and game development. The team members have successfully launched several popular projects and established partnerships with many well-known companies and brands, such as Casio, ASICS, Adidas, etc.
Introduction to STEPN
STEPN is a Move-to-Earn app based on GMT tokens. Users can earn GMT tokens by running and other sports. STEPN not only provides a healthy way of exercise, but also brings economic benefits to users, attracting more than 6 million users.
Community activities, airdrops and business cooperation
The GMT team regularly organizes various community activities, including online AMAs and offline meetups, to enhance community cohesion. In addition, GMT also frequently conducts airdrops to encourage users to participate in ecosystem construction. In terms of commercial cooperation, GMT has established long-term cooperative relationships with many well-known brands, further expanding the application scenarios of GMT.
in conclusion
Through the BURNGMT voting event, GMT DAO aims to further optimize the supply and demand relationship of GMT tokens and enhance the value of GMT. Both users who participate in the voting and investors who hold GMT tokens will benefit from this event. As the GMT ecosystem continues to grow, the prospects of GMT tokens are worth looking forward to.
#GMTDAO #GMT投票燃烧计划