Today I finally understood
Why there are so many people in the square showing account screenshots with hundreds of thousands U, even millions U.
Do you think they are making money from trading coins? That's rare, as far as I know many are just taking advantage of the situation. I didn't believe it at first until I met a big player who got rewards of over 500 U daily from GMT staking votes, completely overturning my worldview!
I spent half an hour understanding this GMT staking voting mechanism, and now I want to share it with everyone.
Participation Method: Users participate in voting by locking up GMT tokens. Each vote will lock a certain amount of GMT, and rewards from the pool of GMT will be distributed based on the voting ratio and contribution level.
Reward Distribution: The final distributed GMT rewards are based on the user's voting proportion. The more votes cast and the higher the proportion, the more GMT rewards received.
2. What is the time limit?
Each round of voting has a strict time limit. The start and end times for voting are announced in advance by the project team.
Users need to complete the locking and voting operations within the specified time window; votes cast outside the time window are invalid.
3. Whose coins are being burned?
The burned GMT comes from the portion actively locked by users.
The GMT locked during voting may be partially or fully burned by the smart contract, which means voters need to bear a certain risk of token consumption.
4. What is the mechanism that triggers burning?
The total number of votes reaches a certain value;
The number of votes for a particular option exceeds the set threshold;
At the end of the time window, the system triggers burning based on the voting results.
5. What is the voting locking mechanism?
Locking Requirements: Users must lock a certain number of GMT tokens when participating in voting. The locked tokens cannot be transferred or traded until the event is over.
Locking Period: The specific locking period is set by the project team and may last from a few days to the completion of reward distribution.
6. What is the return rate?
Individual Voting Proportion: The larger the total voting amount, the smaller the individual user's voting proportion, and the rewards received will correspondingly decrease.
Total Locking and Burning: If more GMT is burned, the value of remaining GMT may increase, thus indirectly raising the return rate.
