GMT launched online voting, allowing everyone to participate in the planning of project parties. We may have encountered many project parties in the circle whose operations are astonishing, and it feels like if it were up to me, I could help them develop better. Now GMT has brought us this opportunity.
The GMT team repurchased 600 million GMT from investors and advisors and donated it to GMT DAO. BURNGMT is initiated by GMT DAO, allowing users to decide whether to burn these 600 million GMT through a 60-day lock-up voting from November 21, 2024, to January 20, 2025, and will share 100 million GMT as participation rewards during the voting process.
The news revealed during the official Townhall AMA event on November 19 states that the sole purpose of the BurnGMT website is to allow community members to vote on 'whether to burn the GMT tokens repurchased by the official team'. The way to participate is to lock up GMT to obtain voting shares, and at the same time, community members who participate in the voting can receive limited edition NFTs and share in a total of 100 million GMT staking rewards corresponding to the voting rights.
It is worth noting that this reward distribution is not only related to the number of GMT locked by users, but the duration of the lock-up is also crucial: the larger the number of GMT locked and the longer the lock-up time, the more corresponding token rewards.
Most importantly, this lock-up is only for the distribution of voting shares, and the burned GMT tokens all come from the 600 million GMT tokens previously repurchased by the official team. Combined with the voting lock-up mechanism, it can be said that the official team is just short of writing 'I want to pump' on their forehead. After all, based on the data of 800 million GMT consumed by users through STEPN in the past two years, GMT is expected to become the 'first Binance Launchpad token to achieve full circulation', which will bring a new wave of market attention and potential buying interest for GMT.
In addition, GMT DAO has fully considered the interests of users in the burning plan. Users participating in the voting not only receive additional GMT rewards but can also profit when the token price rises. This dual reward mechanism further stimulates users' enthusiasm to participate and injects new vitality into the market performance of GMT tokens.
Circulation approximately 30Y, burngmt plan - 600 million GMT soft lock-up ready for voting burn, accounting for 10% of the total.
M2E 18%
Ecological Fund 9% BURNGMT burning plan 10% historical burn 13% circulating supply 50%