$GMT
(STEPN Token) is the native token of the STEPN program, which allows users to earn rewards by walking or running using its app. Token burning is the process of reducing the total supply of a coin by destroying a certain number of tokens, which can increase the relative value of the remaining tokens.
GMT Token Burning Events:
1. **Periodic Burn Program:**
- STEPN has launched a periodic burn program in which a portion of the revenue or fees earned are burned to reduce the circulating supply and increase the value of the tokens.
2. **Special Events:**
- Special events, such as promotions or short-term large orders, have been organized in which tokens are burned as part of a marketing strategy.
3. Community Engagement:
- The community has been involved in burns through voting or initiatives that promote value awareness and engagement.
4. **Reducing the Dilution:
- In some updates, there may be a decision to burn unused or old tokens to support the overall currency system and increase confidence in the STEPN project.
Impacts:
- **Increase in value:**
Burning tokens reduces the circulating supply, which can lead to increases in the token's value in the long term.
- **Increase in trust:**
The project's commitment to transparency and burning tokens supports a positive image among investors and users.
If you have more questions about GMT or any other cryptocurrency-related topic, feel free to ask!