On November 21, the voting platform BurnGMT developed by the GMT DAO ecological fund officially went live. Users can vote on whether to destroy the 600 million GMT tokens repurchased by the team by locking GMT tokens on the Polygon chain from November 21, 2024, to January 20, 2025. According to a message revealed by Yawn, co-founder of the GMT team, during the official Townhall event on November 19, the 600 million GMT primarily comes from the unlocked shares of early investors and advisors, as well as some team allocations. At that time, participating voters will also receive a total of 100 million additional GMT tokens as a reward for participating in the community voting event.
In the market context where BTC has continuously broken new highs, as the absolute leading project in the GameFi sector, combined with the actions of the team behind STEPN and GMT, such as the large-scale injection of liquidity into the GMT token pool and the massive airdrop of a total of 200 million GMT tokens to the community in three rounds, it can be seen that after this move, GMT will enter a nearly fully circulating state (excluding about 2.5% of the Move2Earn reward share and the foundation share unlocking each year). This may also highlight the team's ambition in the new round of the bull market—to seek greater development space through better token market performance while giving back to the community and exploring new growth points for the project.
The GMT DAO destruction plan is undoubtedly a positive for the token market.
Firstly, the burning plan launched by GMT DAO is an innovative attempt aimed at deciding whether to destroy the GMT tokens repurchased by the team through community voting. This action not only reflects GMT DAO's emphasis on community participation but also demonstrates its determination to promote the increase in GMT token prices through on-chain governance.
Secondly, the implementation mechanism of the burning plan is designed quite cleverly. Users can participate in voting by locking GMT tokens, which not only directly affects the voting results but also allows them to earn additional GMT rewards. This mechanism not only encourages users to actively participate in voting but also enhances community cohesion. At the same time, by destroying the repurchased GMT tokens, the number of circulating tokens in the market can be effectively reduced, which may enhance the value of GMT tokens.
In addition, GMT DAO has fully considered the interests of users in the burning plan. Participating voters not only receive additional GMT rewards but can also profit after the token price rises. This dual benefit mechanism further stimulates users' enthusiasm for participation and injects new vitality into the market performance of GMT tokens.
About Stepn
Stepn is the first sports app built on Solana that combines blockchain token incentives. By introducing the innovative concept of 'Move to Earn', it has pioneered an empowerment attempt for sports apps through blockchain. In Stepn, users can earn token rewards by purchasing sneakers in the trading market and walking/jogging/running daily. Unlike traditional sports apps, besides token incentives, it also adds game elements such as treasure chests that can randomly drop during walking, and the ability to upgrade and adjust the attributes of the sneakers, allowing users to enjoy a triple experience of playing, earning, and exercising.
About the Team
The Stepn team has a strong background; the founder not only has experience in crypto, gaming, and serial entrepreneurship, but the advisors also cover venture capital in both traditional and crypto industries. Stepn launched its public beta version just three months after participating in the hackathon and has been continuously updating and optimizing since its launch, demonstrating a fast project advancement speed and strong team delivery capability.
What we can see is that the ambition of STEPN and its team behind the launch of the BurnGMT destruction plan is not limited to short-term fluctuations in coin prices but aims to carve out a unique development path through innovative gameplay.#GMT投票燃烧计划
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