100 million GMT airdrop is coming!!
Binance Launchpad has launched $GMT (GoMining Token), which has not only attracted significant community attention but also opened up a unique user participation mechanism — dividing 100 million GMT through voting.
Project Background
Popular projects launched on Binance Launchpad☞ @GMT DAO
$GMT It is a token closely related to the STEPN project, which is a decentralized application (dApp) that combines sports and cryptocurrency. Users can earn $GST (Green Satoshi Token) by running in NFT sneakers, while $GMT is the governance token of this ecosystem, with more functions and uses, including voting rights and decision-making power in the ecosystem.
Voting mechanism and division of GMT
Recently, the FSL team (the company behind the $GMT project) took an important action: they repurchased all $GMT held by investors and advisors and transferred these tokens entirely to GMT DAO (Decentralized Autonomous Organization). This move is not only a significant step for community governance but also provides users with an opportunity to participate in decision-making.
To allow the community to participate more deeply in the future planning of $GMT, GMT DAO has established an innovative participation method:
Locking $GMT: Users need to lock their $GMT until January 20, 2025. This act represents a commitment to the long-term development of the project.
Voting determines the fate of the tokens: On the Polygon network, users can vote to decide the use of these 600 million $GMT. Options include but are not limited to burning these tokens or using them for other project development or community rewards.
Lock 100 million $GMT, can burn 60 million $GMT.
Lock 500 million $GMT, can burn 230 million $GMT.
Lock 900 million $GMT, can burn 600 million $GMT.
This mechanism not only encourages users to hold $GMT long-term but also gives community members direct control over token supply through voting, reflecting the core principle of decentralized finance (DeFi) — community autonomy.
Analysis of GMT voting gameplay
1. What is the time limit
The voting time for GMT is usually set by the platform as a fixed period, such as opening a voting window weekly or monthly. Users must participate within this timeframe; otherwise, they will have to wait for the next round.
2. Burning mechanism
The voting mechanism burns the $GMT tokens held by users themselves. Users need to actively submit tokens to the burn pool as a way to express support for specific options or projects.
3. The burning mechanism
The burning mechanism is triggered by users' voting behavior. After the voting ends, the system will destroy the corresponding amount of $GMT from the circulating market based on the number of votes. This mechanism aims to reduce the token supply and increase scarcity.
4. What is the voting lock-up mechanism
When users participate in voting, they need to lock GMT into a specific contract, and the lock-up period usually ends after the voting period. The lock-up mechanism ensures that users do not withdraw tokens during the voting period and guarantees the validity of the voting behavior.
5. Participate to receive an NFT: Staking wallets will receive a red hat #MGGA NFT, suitable for multiple accounts participation.
6. What is the GMT DAO burn plan?
600 million GMT repurchase: FSL 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 decided by the newly established GMT DAO.
