Witnessing history!

① On-chain liquidity has basically been drained by the BURNGMT activity! The on-chain SWIP price has exceeded the exchange price by 1-5%! The GMT withdrawal functions on multiple trading platforms may show that services are suspended!

② Staking data for BURNGMT on November 26: 170 million GMT has been staked (almost 32 million USD!)

③ On November 26, the staking GMT yield rate is 350.27%! The calculation process is as follows:

It is known that today 170 million GMT has been staked and 1.63 million GMT has been shared. Assuming the amount of GMT shared daily is the same, then:

Average daily GMT earned = 1.63 million tokens

Annual yield rate = (Average daily GMT earned * 365) / Staked amount
= (1,630,000 * 365) / 170,000,000
≈ 350.27%

Brothers! Let's all rush together! Below are the detailed rules of the BurnGMT activity:

I. Activity background and purpose

  • Background: The GMTDAO ecological fund launched a new voting platform, BurnGMT, aimed at promoting community participation and driving up the price of GMT tokens.

  • Purpose: To allow users to participate in voting by locking GMT tokens to decide whether to destroy the 600 million GMT repurchased by the team, while encouraging community participation, enhancing the sense of belonging to the community, and potentially triggering a full circulation state of GMT tokens, attracting new buyers and increasing market heat.

II. Activity time

  • Activity start date: November 21, 2024

  • Activity end date: January 20, 2025

III. Participation method

  • Locking GMT: Users need to lock GMT tokens on the Polygon chain, and the amount and duration of the locked GMT will directly affect the user's voting power and the final token rewards.

  • Voting decision: The voting rights obtained through locking can participate in deciding whether to destroy the 600 million GMT repurchased by the team.

IV. Reward mechanism

  • Total reward amount: 10 million GMT

  • Reward distribution: Users participating in the voting will receive corresponding rewards based on the amount and duration of the locked GMT. The larger the locked amount and the longer the locking time, the more corresponding token rewards will be received. Meanwhile, the less the total amount of GMT locked daily, the more GMT token rewards each individual user will share. Rewards will be airdropped and distributed after the 60-day locking period ends.

V. Special instructions

  • The source of destroyed GMT: All destroyed GMT comes from the official team's previous buyback of 600 million GMT, which are mainly from the unblocked shares of early investors and advisors.

  • Community governance voting: After this voting event ends, the GMT DAO will continue to operate, initiating more community governance votes to facilitate community members in submitting proposals and participating in project development governance.

  • Liquidity impact: Large-scale locking directly reduces the amount of GMT circulating in the market, which may lead to liquidity being gradually drained. The GMT withdrawal functions on multiple trading platforms may show that services are suspended.

On November 21, 2024, the GMTDAO ecological fund launched a new voting platform, BurnGMT, aimed at promoting community participation through a voting mechanism to drive up the price of GMT tokens. This initiative is launched against a backdrop of a generally positive cryptocurrency market, especially significant in the context of Bitcoin's price hitting new highs continuously.

The core function of the BurnGMT website is to allow users to vote on whether to destroy the 600 million GMT repurchased by the team by locking GMT tokens on the Polygon chain between November 21, 2024, and January 20, 2025. Meanwhile, users participating in the voting can also receive an additional total of 10 million GMT tokens as rewards to encourage community participation.

This is another strategic layout by STEPN and its team following STEPNGO and the GGT token. According to the official Townhall event on November 19, GMT team founder Yawn detailed the situation of this token buyback, emphasizing that the 600 million GMT mainly comes from the unblocked tokens of early investors and advisors. This high proportion of destruction proposal can effectively reduce the circulating tokens in the market while strengthening the confidence of token holders.
#GMT投票燃烧计划 @GMT DAO $GMT