【 GMT DAO Destruction Plan: Let Your Earnings 'Play' 】
1. What is the GMT DAO Destruction Plan?
600 million GMT Buyback: FSL has repurchased 600 million GMT that was supposed to be unlocked in the next 10 months from investors and advisors.
DAO Takeover: The fate of these tokens will be determined by the newly established GMT DAO.
First Proposal: Full Destruction: The community proposed to destroy all 600 million tokens, reducing approximately 10% of the total token supply, thus completely addressing potential sell-off pressure.
Benefits for Holders: After the token destruction, GMT will be seen as almost fully circulating, providing huge benefits for investors, traders, and holders.
2. Opportunities for Holders
By participating in DAO voting, GMT holders can benefit in the following two ways:
(1) Individual Rewards: Lock GMT and vote to share from a 100 million GMT reward pool. Current APR is extremely high.
(2) Collective Rewards: If the community locks a total of 900 million GMT, the DAO will destroy all 600 million GMT, thereby reducing supply and driving up the GMT price. Combining both, it can increase individual tokens and enhance overall value, making it a 'win-win'.
3. Gamification Mechanism
FSL is known for incorporating gamification mechanisms in Web3 products, and this destruction activity is no exception:
(1) Individual Reward Details:
· Participation Time: From November 21, 2024, to January 20, 2025, a total of 60 days.
· Reward Mechanism: Rewards are distributed based on the proportion of locked amounts to the total locked amount, with approximately 1.66 million GMT distributed daily.
· Lock Early, Earn More: Early locking can earn rewards for the full 60 days; fewer early participants mean a higher share of rewards.
Example:
Locking 10,000 GMT on Day 2: Total locked amount is 115 million GMT, daily earnings are about 145 GMT, with an APR of up to 530%. On Day 31, dilution occurs: if the total locked amount increases to 500 million GMT, daily earnings drop to 33 GMT, with an APR of about 120%.
Insight: The earlier you participate, the higher the earnings.
4. Collective Rewards
Destruction Milestones:
🔥 Lock 100 million GMT ➡️ Destroy 60 million GMT
🔥 Lock 500 million GMT ➡️ Destroy 230 million GMT
🔥 Lock 900 million GMT ➡️ Destroy 600 million GMT
Achieving the goal of 900 million locked will reduce the total token supply by over 10%, completely eliminating sell-off pressure and bringing long-term benefits to GMT holders.
