What kind of token is GMT?
STEPN is a motion application that allows users to earn while moving. Users equipped with NFT sneakers can engage in outdoor activities to earn tokens and NFT rewards. STEPN has a built-in wallet, NFT marketplace, exchange, and a rental system that allows non-crypto users to also use STEPN. STEPN has a dual-token system, a game token - Green Satoshi Token (GST) and a governance token - Green Metaverse Token (GMT).
Analysis of BURNGMT voting gameplay
BURNGMT voting is an innovative mechanism launched by GMT DAO, aimed at driving the destruction and management of GMT tokens through community governance. Users holding GMT can lock their tokens and vote on whether to burn a certain number of GMT tokens to enhance the token's scarcity.
What is the time limit?
The time limit for voting activities is 60 days, and participants need to complete locking and voting within this period.
Whose coins are being burned?
This voting mechanism involves the GMT token, and the results of participants' votes will determine whether to burn up to 600 million GMT tokens, aimed at enhancing the token's value.
What is the mechanism that triggers burning?
The activation of the burning mechanism depends on the voting results. Token burning will only be executed after reaching a certain voting threshold and number of participants.
What is the voting locking mechanism?
Users need to lock their GMT tokens on the designated platform to gain voting eligibility. During the locking period, tokens cannot be traded to ensure users' voting weight.
What is the rate of return?
Users participating in the voting will receive a total of 100 million GMT rewards after the voting ends, based on their level of participation and milestones achieved, with the specific return rate depending on the voting participation situation.
The impact of GMT token locking and burning on the market
The locking and burning mechanism will reduce the circulating supply in the market, potentially leading to an increase in the price of GMT tokens. At the same time, it enhances community participation in token management and improves user stickiness.
How much liquidity has been removed in the lockup?
During the voting locking period, the number of GMT locked by users will directly reduce the liquidity in the market, with the specific reduction depending on the number of users participating in the vote and the total amount of locked GMT.
How is the daily locked-up dividend calculated?
The daily locked-up dividend will be proportionally distributed based on the amount of GMT locked by users and the total locked amount. The specific dividend calculation formula will be announced by the GMT DAO before the voting starts.
How should general users operate?
General users need to first register on the GMT DAO platform, obtain GMT tokens, and follow the instructions to lock and vote to participate in the BURNGMT voting mechanism.
The unlocking and distribution of GMT tokens
The quantity and distribution of unlocked GMT tokens will be determined based on the voting results. Unlocked tokens will be released according to a specific timeline to ensure market stability.
Burned and unburned coins
After the voting ends, the number of burned GMT tokens will be recorded and announced, while unburned tokens will continue to circulate for subsequent voting or market trading.
The quantity and distribution of unlocked coins
The quantity and distribution of unlocked GMT tokens will be transparently recorded on the blockchain, ensuring that every user can access relevant information.
Distribution of unlocked coins
Unlocked GMT tokens will be distributed based on users' locking situations, and specific distribution information will be announced after the voting ends.
Background and strength of the GMT team
The GMT team consists of experienced blockchain developers and market experts, dedicated to promoting the sustainable development of the GMT ecosystem and community governance.
Introduction to STEPN
STEPN is an application that combines exercise with blockchain technology, allowing users to earn GMT tokens through physical activity, aiming to raise health awareness and exercise motivation.
Community activities, airdrops, and business collaborations
GMT DAO regularly holds community activities and airdrops to enhance user participation, while actively seeking business cooperation to expand GMT's application scenarios and market influence.