Today, let's talk about the BURNGMT voting event organized by the GMT team.
First of all, this event has a time limit, from November 21, 2024, to January 20, 2025.
During this period, as long as you hold GMT tokens, you can participate in voting by locking them to decide whether a portion of the 600 million tokens repurchased by the GMT team will be 'burned'.
The tokens to be 'burned' this time are those previously repurchased by the GMT team, which are the portions not unlocked by early investors, advisors, and the team itself.
How is this coin burning mechanism triggered?
It's simple, vote! The more GMT you lock, the greater your voting power. After the voting ends, based on everyone's choices, those tokens might be partially or fully destroyed.
The voting locking is the key point of this event. The amount and duration of GMT you lock directly determine how much voting power and rewards you can get. The more you lock and the longer you lock, the richer the rewards. Additionally, if the total amount locked daily is low, you will receive even more rewards!
The rewards for participating in the voting are also substantial, with a total of 100 million GMT waiting for everyone to claim. The rewards are tied to the amount and duration of your locking; the more and longer you lock, the higher the rewards. Moreover, if the total amount locked reaches a certain threshold, the team will also destroy some additional tokens, reducing market sell pressure and further increasing your rewards!
The impact of locking and burning on the market is not small. Locking reduces the circulating tokens in the market, lowering sell pressure, which naturally raises the price. As for burning, it makes GMT scarce, and its value rises accordingly.
Due to locking, the liquidity in the market has decreased significantly. How much it decreases depends on your and others' locking situations, but it definitely has a big impact on the market supply and demand relationship.
The daily locking rewards are quite attractive. The GMT you lock will calculate rewards for you every day, and they will be sent to you after the 60-day locking period ends.
For retail investors, how can they operate to make it worthwhile? Of course, locking as early as possible is best! The longer you lock, the better! This maximizes your voting rights and allows you to earn more rewards. Don’t forget to pay attention to GMT team's announcements and community dynamics, and don’t miss any information.
The unlocking and distribution of GMT tokens depend on the voting results, team strategies, and market conditions. After the voting ends, some or all of the repurchased tokens will be destroyed, and the remaining ones will be gradually released to the market according to plan.
The number of tokens that have been 'burned' and those that haven't will only be known after the voting ends. The tokens that haven't been 'burned' will still circulate in the market or wait to be unlocked later.
The GMT team is quite powerful and experienced. Their previous project, STEPN, was quite popular, allowing people to earn GMT while exercising!
The GMT team also pays special attention to the community, frequently organizing airdrops, lotteries, and other events to give back to everyone. They also collaborate with various business partners to expand the application scenarios and market influence of GMT.
The BURNGMT voting event not only gives GMT holders a chance to participate in community governance but also promotes the rise in GMT's price.
