Freeloaders are in luck again, as there are 100 million tokens in total waiting for you to share!
GMT is the native token of the StepN platform. Here is an analysis of its token economics and the destruction of 600 million GMT:
- Early investors and consultants share: Some GMT tokens are allocated to early investors and consultants. For example, on April 9, 2024, a certain address distributed 251 million GMT to 22 addresses including Binance Labs within 1 hour. These addresses also received unlocked GMT every month before, which should belong to GMT investors or consultants.
- Team allocation: The team itself holds a certain proportion of GMT tokens for project development, operation and ecological construction, etc.
- Move2Earn Rewards Share: Users earn GMT tokens by exercising on the StepN platform, and these tokens are continuously released to the market as users participate.
- Community airdrop: The GMT team has conducted three rounds of large-scale airdrops to the community, totaling 200 million GMT tokens, to encourage user participation and active community.
Destroy 600 million GMT
- Reason for destruction: The 600 million GMT destroyed this time mainly come from the unlocked shares of early investors and consultants and some team allocations. By reducing the supply of tokens, the scarcity of GMT is increased, thereby enhancing its value stability and attractiveness, and also conveying to the market the project's determination to maintain the long-term value of tokens and optimize the supply and demand structure.
- Destruction method: GMT DAO initiates a vote. GMT holders can vote on whether to destroy the 600 million tokens by locking GMT tokens on the Polygon chain between November 21, 2024 and January 20, 2025. The voting process is recorded on the blockchain to ensure transparency and fairness.
- Impact of destruction: From a market perspective, reducing the number of GMT in circulation can theoretically ease inflationary pressure, drive up token prices, and attract more investors. For example, Shiba Inu Coin once destroyed up to 41 trillion tokens at one time, and the price soared instantly after the news came out. From a community perspective, users who participate in the vote can receive a total of 100 million GMT additional rewards and limited edition NFTs, which can enhance community cohesion and activity and encourage community members to actively participate in project governance.#BURNGMT
