BURNGMT Plan: Token destruction mechanism to enhance GMT value
BURNGMT is an important initiative launched by @GMT DAO aimed at enhancing the scarcity and long-term value of GMT through a token destruction mechanism.
Plan Features:
Decentralized Governance
Holders participate in voting through GMT DAO, jointly deciding the quantity and frequency of GMT destruction.
Reduce Circulating Supply
The destruction mechanism reduces the circulating supply in the market, alleviates inflation pressure, and enhances the scarcity of the token.
Enhance Token Value
By balancing the reduction of supply and market demand, increase the long-term investment attractiveness and market recognition of GMT.
Significance and Impact:
Enhance holders' sense of participation in project development and strengthen community cohesion;
Increase the transparency and sustainability of the GMT ecosystem;
Further solidify GMT's market position as the core token of Web3 innovation projects.
Overview of the BURNGMT Plan: Community governance-driven token destruction proposal
The BURNGMT plan is a proposal initiated by GMT DAO aimed at reducing circulating supply through community governance to enhance the long-term value and scarcity of the GMT token.
Plan Content:
Destruction Target
Propose to destroy 600 million GMT, to determine whether to execute through the voting mechanism.
Voting Mechanism
Holders can participate in voting, and the destruction ratio will be executed proportionally based on the voting results, ensuring the community's will is respected.
Reward Mechanism
Voting participants will receive rewards based on their participation ratio, with a total reward pool of up to 100 million GMT, incentivizing community members to actively participate.
Significance of the Plan:
Reduce Supply: Effectively lower the circulation of GMT, alleviate inflation, and enhance value potential.
Community Governance: Enhance holders' participation and sense of belonging in ecological development.
Long-term Growth: Enhance the investment attractiveness of GMT in the Web3 field through scarcity and market demand balance.
BURNGMT Gameplay Analysis: Lock-up Voting Participation Guide
Through the following steps, GMT holders can easily participate in the BURNGMT plan, assist in ecological governance, and obtain rewards:
Step 1: Lock-up Voting
Voting Deadline:
Start Time: November 21, 2024
End Time: January 20, 2025
Voting lasts for 60 days, during which users can participate at any time within the deadline.
Voting Method:
GMT holders must go to the designated voting platform to choose whether to support the destruction of 600 million GMT.
Voting requires locking a certain amount of GMT, and the lock-up amount determines the user's voting weight.
Voting Rewards:
Each vote can participate in the daily reward distribution, allocating rewards based on the user's lock-up amount ratio.
The total reward pool is 100 million GMT, with a fixed daily reward of 1.67 million GMT until the end of the voting period.
Gameplay Highlights:
Governance Weight: Users directly participate in project decisions, influencing the GMT destruction plan.
Reward Feedback: Lock-up voting not only supports ecological development but also provides generous rewards, motivating users to actively participate.
BURNGMT Gameplay Analysis: Lock-up Mechanism and Destruction Trigger
Step 2: Lock-up Mechanism
Lock-up Requirements
During the voting period, participants must lock up their GMT tokens.
Lock-up Duration: Lock from the day of voting participation until January 20, 2025 (Inauguration Day in the U.S.).
Minimum Lock-up Amount: Each participant must lock up at least 100 GMT to be eligible to vote.
Purpose
Ensure the fairness and transparency of voting, preventing the abuse of voting rights.
Step 3: Triggering the Destruction Mechanism
Trigger Conditions
When the voting results reach the preset threshold, the GMT team will execute the token destruction.
The more support votes, the larger the final quantity of GMT destroyed, reflecting the collective will of the community.
Destruction Quantity
The BURNGMT plan is expected to destroy 600 million GMT, accounting for 10% of the total GMT supply, further enhancing the token's value by reducing circulating supply.
Gameplay Summary
Lock-up Threshold: Minimum of 100 GMT to allow more users to easily participate.
Transparent Governance: Combining lock-up and voting to ensure the authenticity of participation.
Scarcity Enhancement: Implement destruction after reaching the threshold, enhancing GMT's market attractiveness and long-term value.
BURNGMT Gameplay Analysis: Reward Distribution Mechanism
Step 4: Reward Distribution
Distribution Time:
After the voting period ends on January 20, 2025 (the end of voting), rewards will be distributed to participants' accounts.
Reward Calculation:
Distribute rewards from a pool of 100 million GMT based on each participant's lock-up ratio.
The reward pool includes:
Voting Rewards: Encouraging users to actively participate in governance decisions.
Participation Rewards: Feedback to lock-up supporters for their contributions to ecological development.
Receiving Method:
Rewards will be automatically sent to the wallet bound to the user's vote, requiring no additional action.
Summary Highlights:
Fair Distribution: Rewards are linked to lock-up ratios, ensuring the mechanism is transparent.
Incentivize Participation: A pool of 100 million GMT rewards enhances user engagement.
Ecological Feedback: Strengthen user support and trust in the GMT project through the reward mechanism.
How to Participate in the BURNGMT Plan: Complete Guide
Participating in the BURNGMT plan and obtaining rewards is very simple, just follow the steps below to join:
Step 1: Hold GMT tokens
Buy GMT: Purchase tokens through exchanges supporting GMT or hold GMT through other means.
Ensure there are at least 100 GMT in the wallet to meet the minimum requirement for participating in lock-up voting.
Step 2: Visit the voting platform
Visit the BURNGMT official website: Enter the official voting platform (BURNGMT.com) or designated voting channels.
Register or connect a supported Web3 wallet to ensure smooth participation in voting.
Step 3: Lock-up GMT and Vote
Lock at least 100 GMT on the platform to qualify for voting.
Participate in the vote on whether to support the destruction of 600 million GMT to express your governance intention.
Step 4: Wait for Rewards and Destruction Results
Reward Mechanism: Based on your lock-up ratio, participants will have the chance to distribute rewards from a 100 million GMT reward pool.
Destruction Decision: If the percentage of support votes for destruction reaches the threshold, the GMT team will execute the corresponding destruction plan.
Summary of Participation Highlights
Low Threshold: Only 100 GMT is required to participate, suitable for a wide range of users.
Community Decision-Making: Directly influences the execution of GMT destruction, reflecting decentralized governance.
Dual Benefits: Enjoy not only potential token appreciation but also generous voting rewards.
Summary: The value and significance of the BURNGMT plan
The BURNGMT plan is not just a token destruction action; it is a key community governance opportunity within the GMT ecosystem, empowering users with the power to directly participate in project decisions. Through voting and lock-up, GMT holders can not only have a real impact on token destruction but also earn rewards in the process, enhancing community cohesion.
Despite certain risks in the market, the BURNGMT plan is expected to enhance GMT's scarcity and long-term value by reducing circulating supply, thus potentially bringing returns to holders.
Benefits of Participating in the BURNGMT Plan
Community Governance: Provides GMT holders with direct voting rights to participate in project decisions.
Reward Mechanism: Users can earn rewards by locking up and participating in voting, enhancing their sense of participation and belonging.
Enhance Value: Increase GMT's scarcity through token destruction, adding long-term value.
Web3 Ecological Contribution: Promoting a healthy governance model for the Web3 ecosystem, enhancing the stability of the GMT project.
Conclusion
If you are a holder of GMT, the BURNGMT plan offers you an unmissable opportunity to not only directly participate in the project development but also contribute to the appreciation of GMT's future.
