In this highly competitive cryptocurrency market, what makes the GMT project stand out? What is the strength of the team behind it? What are the specific gameplay mechanics of the currently popular BURNGMT voting event? What impact does it have on the market?
The GMT team has a strong professional background and rich industry experience. Most team members come from the blockchain, fintech, and gaming fields, accumulating valuable practical experience in technology research and development, product design, and market promotion. This diverse professional background enables the team to provide comprehensive support for the development of the GMT project.
They have mastered relevant technologies such as blockchain and game development, winning the 'Gaming Track' award at the Solana Hackathon in 2021, becoming part of the DeFi Alliance Game Queue. This achievement not only showcases the team's technical strength but also brings more attention and support to the GMT project.
The team focuses on innovation and continuously explores the integration of blockchain with other fields. They launched the world's first 'Move to Earn' NFT game, STEPN, creating a new model. This innovation attracted a large number of users to participate, enabling STEPN to achieve rapid success in the market. Currently, they are also attempting to set a Guinness World Record for the most users completing a mile distance remotely in 24 hours. This spirit of innovation has allowed the GMT project to stand out in a competitive market.
They also perform excellently in project promotion and execution. They continuously explore and expand new projects and collaboration opportunities. For example, in 2024, they launched the fitness social application STEPN GO, introducing features such as sneaker lending, a new token GGT, a stamina mechanism, and a social interaction map; they also developed the public beta version of the new game Gas Hero and established it on Polygon, using GMT as the in-game currency without issuing new tokens. Additionally, the team led the investment in the Mythos project, actively laying out and expanding business in the blockchain gaming field. These initiatives not only enrich the product line of the GMT project but also lay a solid foundation for future development.
The BURNGMT voting event will take place from November 21, 2024, to January 20, 2025. Users can obtain voting shares by locking GMT tokens on the Polygon chain. The larger the amount of GMT locked and the longer the locking period, the more corresponding voting shares will be available. Specifically, locking for 1 month provides 1x voting share, locking for 2 months provides 1.5x voting shares, and locking for 3 months provides 2x voting shares. Once the voting share meets the thresholds of 100 million, 500 million, and 900 million locked amounts, the team will destroy the amounts allocated for consultants, team members, and investors over the next 10 months. The unlocked GMT tokens will be sent to a black hole address for destruction, accompanied by corresponding on-chain records.
Users participating in the voting have the opportunity to share a total of 100 million GMT as additional rewards. The distribution of rewards is related to the amount of GMT locked by users and the length of the locking period; the larger the locked amount and the longer the period, the more token rewards correspondingly. Additionally, the lower the total daily locked amount of GMT, the more GMT token rewards a single user can share. The final rewards will be airdropped after the 60-day locking period ends.
The impact of the BURNGMT voting event on the market can be divided into two aspects: the early stage and the later stage. In the early stage, this initiative sends a signal to the market about the project team's active governance and commitment to enhancing token value, which helps to boost investors' confidence in the GMT project. The increase in confidence may attract more new investors into the market, further driving up the price of GMT tokens and enhancing their visibility and influence in the cryptocurrency market. At the same time, the voting activity itself will also stimulate community participation enthusiasm, increasing the activity of the GMT ecosystem. Users participating in the voting and locking process will pay more attention to the project's development dynamics, actively engage in community discussions and governance, which is conducive to forming a good community atmosphere and consensus, promoting the healthy development of the GMT ecosystem. Additionally, to gain more voting shares and rewards, some users may increase their holdings of GMT tokens, thereby increasing market demand and circulation speed for the tokens.
In the later stages, if the proposal to destroy 600 million GMT tokens is ultimately approved and implemented, it will significantly reduce the circulating supply of the tokens. According to the economic principle of supply and demand, a decrease in supply, with demand remaining constant or increasing, will lead to increased scarcity of the tokens, thereby driving their value reassessment, and is expected to keep the price of GMT tokens on an upward trend in the long term, providing higher investment returns for holders. Additionally, the BURNGMT voting and its subsequent destruction plan demonstrate the GMT team's commitment and planning capabilities for the sustainable development of the project. This initiative helps optimize the economic model of the project and enhance the intrinsic value of GMT tokens, attracting more resources and collaboration opportunities for the project's future development. With the increase in token value and the continuous improvement of the project ecosystem, GMT is expected to occupy a more important position in the blockchain field and achieve broader applications and promotions.
Summary: The GMT team possesses strong capabilities, and the BURNGMT voting gameplay is uniquely designed and attractive. Its impact on the market varies in the early and later stages, but overall, it is expected to bring positive momentum to the GMT project and the market.