GMT, as a star project that once shone on Binance Launchpad, saw its price increase by up to 400 times after launch, becoming a representative of the 'Move to Earn' model and hailed as a pioneer of GameFi 2.0. GMT combines fitness with blockchain to create a new model where users earn tokens by running and exercising, creating an innovative example of the integration of on-chain and real-world.
Currently, the GMT team has launched a community voting burn plan, aimed at promoting its full circulation state by reducing the token supply. This plan not only provides holders with the opportunity to participate in governance but also comes with substantial airdrop rewards. Below are the detailed descriptions of this plan:
1. Overview of the GMT Voting Burn Plan
Repurchase and Donation
The development team of GMT, FSL (Find Satoshi Lab), has repurchased 600 million GMT tokens for $100 million and donated them to GMT DAO. Community members can vote on how to dispose of these tokens, with the first proposal being whether to burn these 600 million tokens.Burn Quantity Determination Mechanism
The burn amount depends on the number of GMT locked and participating in voting. The more tokens locked by the community, the greater the final amount burned.Reward Mechanism
To encourage user participation in governance, GMT DAO has allocated 100 million GMT from the ecological fund as rewards, which will be airdropped proportionally based on the number of locked tokens. The more locked, the richer the rewards.
2. How to Participate in the GMT Voting Burn Plan?
Participation Conditions
Hold GMT Tokens: The prerequisite for participating in governance and voting is to hold a certain amount of GMT tokens.
Lock Tokens: Users must lock their GMT holdings to participate in voting and governance.
Voting Time
Event Duration: November 21, 2024, to January 20, 2025
Users must complete locking and voting operations through official channels.
Locking Process and Rewards
Visit Official Website: Go to the BURNGMT official website to complete locking and voting operations.
Locking Period: Must lock for 60 days in one go, with daily rewards distributed at a fixed rate during the period.
Reward Distribution: The total reward pool is 100 million GMT, with 1.67 million GMT distributed daily. The earlier the lock, the more earnings.
3. Voting and Burning Mechanism
Burn Trigger Rules
Lock 100 million GMT: Burn 60 million GMT;
Lock 500 million GMT: Burn 230 million GMT;
Lock 900 million GMT: Burn all 600 million tokens.
Participation Threshold
The minimum participation amount is 100 GMT, and voting will take place on the Polygon network.NFT Rewards
Users participating in locked voting will receive an NFT staking certificate as proof of governance participation, with potential for appreciation.
