🔔 Preface:
At the end of 2024, @GMT DAO the community will face a 'burning' voting event—BurnGMT. This event not only concerns the fate of 600 million GMT but could also be a significant step in changing the $GMT ecosystem.
Using 60 days, the community will decide whether to directly destroy the tokens repurchased by the team. Doesn't that sound interesting? #GMT投票燃烧计划
1️⃣ Project background: This time it's 'burning our own coins'
GMT DAO is an ecological fund established for GMT tokens, and BurnGMT is a special action: destroying 600 million unlocked GMT tokens repurchased by the team. These tokens originally belonged to early investors and advisors, and the team spent about 100 million USD to buy them back. The core of this activity is to ask the community: 'Should we just burn them?'
If the destruction is successful, the supply of GMT will be significantly reduced, and market selling pressure will also decrease, which could be a good thing for token prices and project ecology in the long run. This is an experiment to let the community control its fate, with the goal of making governance more transparent and trust stronger.
2️⃣ Gameplay analysis: Locking, voting, dividends, how does this work?
1. How to participate in voting? You need to lock the GMT you have into the BurnGMT platform to complete the voting. The locking period is 60 days, and it will be automatically unlocked after expiration, during which it cannot be transferred or traded.
2. Conditions for triggering burning: The total amount locked determines whether to burn and how much to burn. 100 million GMT locked: triggers the first wave of burning; 500 million GMT locked: second wave of burning starts; 900 million GMT locked: the full burning plan is executed, 600 million tokens say goodbye, and the destruction of tokens at each stage is recorded on-chain, absolutely transparent.
3. Voting participation rewards! To encourage more people to participate in voting, the platform will distribute 100 million $GMT as rewards to participants. Rewards are calculated based on the locking ratio and distributed over 60 days, with about 1.67 million GMT per day. When early participation is low, your return rate may be higher.
3️⃣ Impact on the market: Is the change really 'big'?
1. Supply reduction, increased scarcity: If this destruction passes completely, it equals a reduction of 10% of the total token supply. This will make GMT scarcer, which could be a major benefit for the mid to long-term market.
2. Short-term liquidity reduction: If users lock a large amount, the circulating tokens will significantly decrease. In the short term, this 'supply less than demand' situation may drive token prices up.
3. Long-term confidence enhancement: BurnGMT is also an action to enhance community trust; locking and destroying these 'non-essential' tokens can increase people's confidence in the project's transparency and the team's decision-making ability.
4️⃣ Low participation threshold, beginners can play, it's super easy to get involved:
➤ Open the BurnGMT platform. ➤ Connect your wallet, like Metamask. ➤ Enter the amount of GMT you want to lock and complete the confirmation. ➤ Just wait for the rewards to arrive daily, and your principal will be automatically unlocked after the voting ends.
An additional benefit is that users participating in voting will receive an exclusive NFT to record your 'sacred vote' for the community.
5️⃣ The current status of GMT: Destruction and distribution
Burned GMT: So far, GMT has been reduced by 800 million through ecological activities and burning mechanisms. If this vote passes, an additional 600 million GMT will be sent to the blockchain's 'black hole address' and never return.
Distribution of unlocked and locked tokens: The unlocked portion currently accounts for 27% of the total supply, most of which is used for ecological development funds and long-term reward mechanisms. The unlocked tokens are widely used in various ecological products, such as NFT trading and minting on STEPN and MOOAR.
6️⃣ The team behind GMT: Can you trust them?
The development team behind GMT is Find Satoshi Lab (FSL), which launched the walking mining app STEPN, attracting over 6 million users and collaborating with well-known brands like ASICS and Adidas. The team's execution and innovation capabilities have a good reputation in the Web3 field, providing strong support for the future development of the GMT project.
🎯 Summary: An attempt for community win-win
BurnGMT is a simple and rewarding activity, and also an attempt to let the community lead the future. If the total amount locked is high enough, this vote can not only reduce token supply and enhance price potential but also improve the transparency and governance of the entire GMT ecosystem.
Whether you want to earn some short-term profits or have long-term confidence in GMT, this event is worth your attention and participation. Since there’s still time, you can take action! #BURNGMT
