The voting burning plan for GMT virtual currency has recently attracted widespread attention, with continuous news reports emerging. According to Odaily Planet Daily on November 21, the voting platform BurnGMT developed by the GMT DAO ecological fund officially launched, allowing users to vote on whether to burn the 600 million GMT tokens repurchased by the team by locking their GMT tokens on the Polygon chain from November 21, 2024, to January 20, 2025.
According to Yawn, co-founder of the GMT team, during the official Townhall event on November 19, these 600 million GMT tokens mainly come from the unblocked shares of early investors and consultants, as well as part of the team allocation. Users participating in the voting will also receive an additional reward of a total of 100 million GMT tokens as a return for participating in the community voting event. This reward distribution is not only related to the amount of GMT locked by users but also critically depends on the duration of the lock. The larger the locked amount of GMT and the longer the lock duration, the more corresponding token rewards will be granted. Additionally, the smaller the total daily locked amount of GMT, the more GMT token rewards a single user can divide among themselves, with the final rewards to be airdropped after the 60-day lock-up period ends.
From the perspective of activity mechanism design, the end date of the GMT burning event coincides with the day Trump officially takes office as president, which to some extent adds the attribute of a "Trump Concept Token" to the GMT token. Moreover, the UI interface of the website during the warming period included updates of iconic elements such as Trump's red hat symbol and related campaign slogan elements like "Make GMT Great Again", maximizing its Meme attributes. From the perspective of reward distribution rhythm, up to 100 million GMT voting rewards will be distributed evenly over 60 days. When the initial number of participants is relatively low, users will receive relatively more rewards, encouraging community members to participate early. However, after the voting shares meet the threshold of 100 million, 500 million, and 900 million locked amounts, it will trigger the team to burn all the allocations for consultants, team members, and investors over the next 10 months to alleviate the release pressure on the GMT token.
This plan effectively reduces market circulation by burning a portion of GMT virtual coins, enhancing the scarcity of GMT, and potentially having a positive impact on the coin price, bringing potential appreciation opportunities for holders. At the same time, the burning plan reflects GMT DAO's emphasis on community governance, enhances community cohesion and sense of participation, and tightens the connection between the community and project development. Moreover, it helps optimize the economic model of GMT, balancing supply and demand, laying the foundation for its long-term stable development.
However, there is uncertainty in the virtual currency market, and the effectiveness of the burning plan requires time to verify, as market responses may also vary. Overall, the GMT burning plan demonstrates the innovative spirit of GMT DAO, providing new ideas and possibilities for the development of the virtual currency market. In the future, we look forward to GMT DAO launching more initiatives beneficial to project development and community growth based on the burning plan, promoting the GMT virtual currency towards a more prosperous future.
