GMT, as the leader in the GameFi track of Binance Launchpad in 2022, has gained considerable attention with its 'earn while running' model, having surged from 0.1 to around 4 after launch, creating a more than 40-fold increase. Recently, it is also preparing to use voting to decide whether to burn the repurchased 600 million tokens, and participants will also be allocated 100 million GMT for airdrop. If this plan succeeds, locking and burning will make GMT deflationary and more scarce, leading to a significant price increase.
Next, let us fully understand this voting and burning plan
GMT DAO About 10 days ago, the unlocking of GMT did not flow into the market, but the FSL team repurchased approximately 600 million GMT tokens unlocked by investors and advisors, then voluntarily transferred them to GMT DAO. Now the burning rights of these tokens have been given to the DAO, as long as members of GMT DAO lock GMT for a short term, they can participate in voting to decide the burning quantity:
Locking 100 million GMT, burning 60 million GMT;
Locking 500 million GMT, burning 230 million GMT;
Locking 900 million GMT, burning 600 million GMT.
Voting rewards: Obtain the 'Make GMT Great Again' NFT 100 million GMT will be distributed to NFT holders according to the locking ratio Locking period: Locked from now until January 20, 2025 Reward distribution: The day after the 'Burn GMT' event ends, users will receive GMT for voting and participation rewards
Participation method
Open the official website and link the wallet;
Holding locked GMT to gain voting shares;
Vote to support the official destruction of the repurchased GMT tokens.
It is worth noting that locking GMT to vote. The more locked, the more GMT is burned.
STEPN's GMT repurchase and burning plan is a direct 'sun strategy' targeting the core of token value. Through real monetary repurchase and community voting mechanisms, the project aims to boost GMT prices while optimizing the token supply structure.
Multi-party gaming and market influence
Behind the rise and fall of token prices, it is often influenced by the following aspects of gaming:
On-market and off-market game: Token locking reduces circulation, increasing price competition between spot and futures holders.
Players and project parties game against each other: Players pursue short-term high returns, but have limited control over token supply; while project parties can dominate operations like burning, their returns on tokens are more indirect.
Short-term returns vs. long-term value game: Short-term players tend to quickly cash out, while long-termists are willing to trade time for space to obtain more sustainable returns.
By repurchasing and transferring decision-making power to the community, STEPN effectively resolves the aforementioned contradictions. This 'co-creating and co-governing' model alleviates the market's 'prisoner's dilemma', allowing the community to simply choose 'Yes' or 'No', enhancing trust and injecting more positive expectations into the market.
Industry position and future imagination space
As the leader in GameFi at the end of the 2022 bull market, STEPN's market performance and user acceptance have been validated:
Market operation ability: From 'one shoe is hard to find' to large-scale user adoption, STEPN has completed the transition from GameFi to mass adoption.
Community foundation: With nearly 8 million registered users and over 30 offline events held monthly, a solid and active user base has been formed.
Market dream rate and imagination space: The core of this repurchase plan is not only to stabilize retail investor chips but also to further expand the market scale, endowing GMT with higher scarcity and future value.
In this repurchase plan, the potential destruction of 600 million tokens and the distribution of 100 million rewards are undoubtedly an excellent opportunity to enhance the scarcity and attractiveness of the token.
Historical performance: Feedback and wealth creation
STEPN has always been known for its 'user-centered' operation strategy, and its historical performance has earned the label of 'professional money giver':
Gifts and returns: By providing free running shoes and energy consumption mechanisms, tens of millions of GMT have been invested to reward users, establishing a strong community trust.
Airdrop wealth creation: This year, a total of nearly 30 million USD worth of GMT has been airdropped, benefiting a large number of community members directly.
Promoting exercise habits: Many users have developed a running habit due to STEPN, forming a long-term loyal community base.
This model not only solidifies user stickiness but also supports the long-term development of the project.
Summary
STEPN's GMT repurchase and burning plan directly targets market confidence and token value core. Through innovative combination of token repurchase and community governance, this action not only enhances the scarcity of GMT but also showcases the blockchain spirit of 'co-creating, co-governing, and sharing' in GameFi projects. In the current market environment, this plan may be a rare participation opportunity.