A historic moment is coming!
Due to the impact of the BURNGMT event, on-chain liquidity has significantly decreased. Currently, the price of SWIP on-chain is 1-5% higher than on exchanges, and the GMT withdrawal service on several trading platforms may be temporarily unavailable. As of November 26, approximately 170 million GMT have been locked (equivalent to about $32 million).
GMT launches a $120 million burn plan, with an expected staking amount of $180 million!
On the same day, the annualized yield for staking GMT reached an astonishing 350.27%. Calculation -- Assuming the same amount of GMT is distributed to participants daily, the average daily gain is 1.63 million tokens. Thus, annualized yield = (Average daily GMT gained * 365) / Total staked amount = (1,630,000 * 365) / 170,000,000 ≈ 350.27%
Here are the details of the BurnGMT event:
Event Background and Purpose
Background: The GMTDAO Ecological Fund has launched a new voting platform - BurnGMT, aimed at increasing user participation through a community voting mechanism and driving up the price of GMT.
Goal: Encourage users to participate in the decision-making process by locking GMT tokens to decide whether to burn 600 million GMT worth $600 million bought back by the team. This not only enhances community cohesion but may also attract more buyers into the market.
Event Time
Start Date: November 21, 2024 -- End Date: January 20, 2025
How to Participate
Locking Requirement: Participants must lock a certain amount of GMT on the Polygon network. Based on the quantity and duration of the locked tokens, each participant will receive a corresponding proportion of voting rights and final rewards.
Voting Process: Use the voting rights mentioned above to decide whether to permanently remove those 600 million GMT.
Reward Scheme
Total Prize Pool: $100 million worth of GMT will be distributed as additional incentives to eligible participants.
Distribution Principle: The specific distribution amount is determined based on individual voting weight and the overall locking scale of the project; lower daily locking amounts mean a single account can receive more returns.
Distribution Timing: All rewards will be distributed in a lump sum after the 60-day lock-in period ends.
Description
Source of Destruction: All GMT proposed to be burned comes from the official buyback of some tokens from investors.
Continuous Governance: Even after this event concludes, GMT DAO will continue to operate, providing more opportunities for members to participate in broader project development.
Liquidity Impact Warning: Large-scale token locking may lead to a tightening of the available GMT supply in the market, which could affect the support status of this asset by major exchanges.
Starting from November 21, 2024, the new initiative called BurnGMT was officially launched, hoping to stimulate more interest and promote the growth of the entire ecosystem. Especially in the current globally optimistic cryptocurrency market, particularly when Bitcoin prices are hitting new highs, such an attempt is particularly crucial.
