"BurnGMT Launch: The STEPN Team Introduces an Innovative Burn Plan, GMT Tokens May Experience a New Round of Market Surge"
The BurnGMT voting platform is developed by the GMT DAO @GMT DAO ecological fund and officially launched on November 21, 2024.
Users can lock up the $GMT tokens on the Polygon chain from November 21, 2024, to January 20, 2025, to vote on whether to burn 600 million GMT tokens repurchased by the GMT team.
These 600 million tokens mainly come from early investors, advisors, and part of the team allocation.
As an additional reward, users participating in the voting will receive a total of 100 million GMT as a reward based on the amount of GMT they lock up and the duration of the lock-up. The more GMT locked up and the longer the lock-up period, the greater the rewards received. These rewards will be distributed after the 60-day lock-up period ends.
This move comes as Bitcoin continues to hit new highs, and STEPN and GMT hope to leverage this rising market sentiment to enhance the value and ecosystem of GMT tokens. This strategy may drive the liquidity and price increase of GMT tokens by reducing the supply of GMT in circulation. This initiative also aligns with STEPN's broader development vision, combining GameFi and Meme coins to create a practical “Meme coin.”
It is worth noting that the BurnGMT event is a community-led decision, allowing token holders to choose whether to burn the 600 million repurchased GMT tokens. The burning process will be carried out gradually based on the total amount of locked GMT by users; the more GMT locked up, the greater the number of tokens to be burned, with the ultimate goal of completely burning the repurchased 600 million GMT tokens.
Overall, the STEPN and GMT teams aim to enhance the market performance of tokens through innovative mechanisms, pushing GMT to become a combination of “GameFi and Sports Meme Coins” and secure a place in the cryptocurrency market.
The team's ultimate goal is to use this initiative to bring a new wave of market attention and potential buying pressure for GMT, especially against the backdrop of President Trump's term and the rise in Bitcoin prices.
For users, the BurnGMT platform provides clear operational steps, allowing users to increase voting rights and rewards by locking up GMT tokens. The earlier they participate in the lock-up, the more rewards they will receive. This also provides users with the opportunity to participate in voting and earn profits through market speculation.
