Analysis of BURNGMT voting gameplay
The BURNGMT vote is an event launched by the STEPN community aimed at deciding whether to burn the 600 million GMT tokens previously bought back by the team. The following is an analysis of the main gameplay and rules of this event:
Participation Method:
Users need to lock GMT tokens on the Polygon chain to obtain voting shares. The larger the amount of locked GMT, the longer the lock-up time, the more voting shares will be obtained. Specifically: locking for 1 month can earn 1x voting shares.
Locking for 2 months can earn 1.5x voting shares.
Locking for 3 months can earn 2x voting shares.
Trigger Mechanism:
When the voting shares meet specific conditions (lock-up amounts reach 100 million, 500 million, and 900 million), the team will destroy all tokens held by consultants, team members, and investors within the next 10 months. The destroyed GMT tokens will be sent to a black hole address with on-chain records.
Reward Mechanism:
Users participating in the vote have the opportunity to share a total of 100 million GMT in additional rewards. The reward distribution is related to the amount of GMT locked and the duration of the lock-up. Specifically, the larger the amount of GMT locked, the longer the lock-up time, the more corresponding token rewards.
The less the total daily lock-up of GMT, the more GMT token rewards a single user can share.
The final rewards will be airdropped and distributed after the 60-day lock-up period ends.
Market Impact:
Initial Impact: Boost market confidence and ecological activity. The voting activity sends signals to the market that the project team is actively governing, committed to enhancing token value, which helps to strengthen investors' confidence in the GMT project.
Later Returns: If the proposal to burn 600 million GMT tokens is ultimately passed and implemented, it will significantly reduce the circulating supply of the tokens, theoretically pushing the price of GMT tokens to maintain an upward trend in the long term.
In summary, the BURNGMT voting event not only provides an effective governance mechanism for the STEPN community but also incentivizes users to actively participate through a reward mechanism, collectively deciding the future direction of the tokens while also providing a certain value support for the market.
Burning Mechanism:
Locking up 100 million, official buyback and burn of 60 million.
Locking up 500 million, official buyback and burn of 230 million.
Locking up 900 million, official buyback and burn of 900 million.
$GMT
The impact of the lock-up and burning of GMT on the market
The lock-up and burning mechanism of GMT tokens has a significant impact on its market performance. The following are the main impacts of this mechanism on the market:
Market Supply and Demand Relationship: Through the lock-up mechanism, consumer behavior will directly affect the supply and demand relationship in the market, pushing the price of GMT higher. When the amount of locked GMT increases, the circulating supply in the market decreases, which may increase the value of GMT tokens.
Community Participation and Governance: Locking up GMT allows users to gain voting rights and participate in community governance. This means users can not only obtain economic benefits through locking but also directly influence the project's development direction and strategy, enhancing the sense of participation and belonging among community members.
Increased Liquidity: Due to the locking and burning mechanism of GMT, liquidity in the market may increase. Especially, the users attracted by the STEPN project through its sports app and the community voting activities for GMT all contribute to enhancing the market activity of GMT tokens.
Professional background and experience
Most members of the GMT team come from fields such as blockchain, fintech, and gaming, possessing rich industry experience and expertise. They have participated in the development and operation of several well-known projects, accumulating valuable practical experience in technical research and development, product design, and market promotion, able to provide comprehensive support for the development of the GMT project.
Technical Strength: Team members possess strong technical capabilities and are proficient in blockchain, game development, and other related technologies. In 2021, the team won the Solana Hackathon 'Game Track' and is also part of the DeFi Alliance gaming queue, demonstrating their capabilities in technical innovation and application.
Innovation Capability: Focus on technological innovation and business model innovation, continuously exploring the integration applications of blockchain with other fields. In the gaming sector, the team combined blockchain technology with traditional gameplay, launching the world's first 'Move to Earn' NFT game STEPN, which created the 'Move to Earn' model, combining exercise with blockchain gaming, attracting a large number of users and causing STEPN to quickly explode in the market and win the favor of a wide user base in a short time. Now they will attempt to set a Guinness World Record for the most users completing a mile in a 24-hour period. It's still pretty crazy!
This event will result in only 27% of GMT being unlocked and released in the next six years, specifically for move2earn and ecological funds, gradually moving towards full circulation status, further consolidating GMT's leading position in the GameFi and NFT fields.
Brothers, let's charge together! Let's take it all at once!
