What is GMT?
GMT (Green Metaverse Token) is the governance token of the STEPN ecosystem, a Web3 lifestyle platform that incentivizes users to stay active through gamified elements. GMT is used for governance, staking, and accessing premium features within STEPN’s ecosystem. It also enables users to participate in voting initiatives that shape the future of the platform.
600M GMT Buyback and BURNGMT Initiative
Highlighting the Team’s Confidence and Strength
The BURNGMT Initiative showcases STEPN’s commitment to long-term growth and the ecosystem's sustainability. By repurchasing 600 million GMT tokens for $100 million and offering them for burning, STEPN emphasizes transparency and its dedication to the community. These tokens include allocations for early advisors, team members, and investors that were previously locked, ensuring fairness and decentralization.
This initiative also highlights the team's belief in GMT’s value and its potential impact on the ecosystem by reducing circulating supply and enhancing token scarcity.
Why Participate in the BURNGMT Initiative?
1. Community Empowerment: Token holders have a direct role in deciding the fate of 600M GMT tokens, showcasing decentralized governance.
2. Scarcity Creation: Burning a significant portion of tokens reduces supply, potentially increasing demand and value.
3. Strategic Impact: The initiative supports the ecosystem by removing unclaimed early allocations, ensuring fair distribution.
4. Reward Opportunities: Participants can benefit from a dedicated 100M GMT reward pool.
Introduction to GMT's Ecosystem Products and Partnered Brands
STEPN’s ecosystem is built around fitness, gamification, and blockchain. Key products include:
1. Move-to-Earn Platform: Users earn rewards by walking, jogging, or running while using the STEPN app.
2. NFT Marketplace: Enables trading of in-app assets, including sneakers and other accessories.
3. SocialFi Features: Promotes interaction among users while earning through engagement.
4. Carbon Offset Initiatives: Encourages sustainability by integrating environmental goals into the platform.
Partnered Brands
STEPN collaborates with renowned lifestyle, fitness, and blockchain brands to enhance user experiences and expand its reach. These partnerships focus on innovative solutions to bridge physical and digital worlds.
How Does the Voting Burn Mechanism Work?
The BURNGMT Initiative is driven by community participation through a voting mechanism:
1. Voting Process: Users cast votes to determine whether the 600M GMT tokens should be burned.
2. 60-Day Lock: To participate, users must lock their GMT tokens for 60 days, showcasing commitment to the ecosystem.
3. 100M GMT Reward Pool: Users who lock and vote are eligible for rewards distributed from a 100M GMT pool, incentivizing participation.
GMT Tokenomics and Burn Impact
Token Distribution
Total Supply: 6 billion GMT tokens.
Categories: Tokens are allocated for governance, ecosystem rewards, team, advisors, and investors.
Impact of Burning 600M GMT
1. Supply Reduction: The burn removes 10% of the total supply, significantly reducing the circulating GMT tokens.
2. Value Appreciation: By decreasing supply and increasing scarcity, the burn may positively impact token valuation.
3. Ecosystem Strength: Eliminating unutilized early allocations fosters trust and fairness among holders.
How to Participate in the BURNGMT Initiative
1. Obtain GMT: Purchase GMT tokens on supported exchanges.
2. Lock Tokens: Stake your GMT tokens in the designated pool for 60 days.
3. Cast Votes: Participate in the voting process to decide on the burn.
4. Earn Rewards: After the lock period, claim your share of the 100M GMT reward pool.
Conclusion
The BURNGMT Initiative is a game-changing opportunity for GMT holders to shape the token's future while benefiting from a fair and transparent process. By participating, users contribute to the ecosystem's growth, enhance token value, and engage in decentralized governance. STEPN's innovative approach continues to set a benchmark for Web3 platforms.
