The benefits of multiple accounts are here; one account can only vote once.
Even if we divide 100 million by a voting scale of 1 million people, each person can still receive 100 GMT, currently valued at 21 US dollars.
Users vote on whether to burn 600 million GNT and will share 100 million GMT as a reward during the voting process! Now let's analyze this GMT voting gameplay.
Analysis of BURNGMT voting gameplay
1. What is the time limit?
BURNGMT voting events usually have a fixed time window during which users can participate in voting. The time limit may be weekly, monthly, or for a specific activity cycle. Missing the time window requires waiting for the next round. This design enhances the urgency of participation and can also focus the community's attention.
2. Whose tokens are being burned?
In BURNGMT voting, the $GMT tokens that users hold are burned. Users 'burn' tokens (i.e., destroy them from circulation) to support specific options or achieve certain goals. This mechanism encourages users to participate actively while reducing market circulation, thereby increasing the scarcity and potential value of $GMT.
3. What is the mechanism that triggers the burn?
The burn mechanism is triggered by users' voting behavior. When users vote for a certain option, a corresponding number of $GMT will be submitted to the burn pool and destroyed after the activity ends. The number of tokens destroyed is determined by the amount submitted by users during voting. This mechanism not only strengthens community consensus but also indirectly supports market prices by reducing token supply.
4. What is the voting lock-up mechanism?
During the voting process, users' $GMT tokens need to be locked in a specific smart contract, with the lock-up period generally consistent with the activity cycle (e.g., unlocking after the voting ends). The lock-up mechanism ensures that users cannot withdraw tokens midway through the voting period, thus maintaining the fairness of the voting and the effectiveness of the activity. Additionally, the lock-up also reduces market selling pressure to some extent.
5. What is the return rate?
The return rate varies depending on specific activity rules and usually includes the following forms:
Token rewards: Depending on the amount of $GMT destroyed by users, the platform may return a certain proportion of other reward tokens, creating direct benefits.
Community governance rights: Through voting, users can influence the platform's development direction, thus indirectly enjoying long-term benefits.
Increased token scarcity: The burn mechanism reduces the total supply of $GMT, which may increase the market price of the token and provide appreciation opportunities for holders.
Special rights: Some activities may offer exclusive NFTs or other ecological privileges as additional incentives.
Overall, the BURNGMT voting gameplay is centered around the burn mechanism, which not only motivates user participation but also indirectly enhances the market value of the tokens by reducing circulation and empowering the community. Users need to weigh whether to participate based on their personal holdings and judgment on future returns.
