The voting period for BURNGMT is from November 21, 2024, to January 20, 2025.
What is being burned are the 600 million GMT tokens previously repurchased by the official GMT team. These tokens mainly come from the unlocked shares of early investors and advisors and part of the team allocation.
When the voting share meets the thresholds of 100 million, 500 million, and 900 million locked amounts, it will trigger the team to destroy all quotas for advisors, team members, and investors for the next 10 months. The unlocked GMT tokens will be sent to a black hole address for destruction, accompanied by on-chain records.
Users obtain voting shares by locking GMT tokens on the Polygon chain. The lock is solely for the distribution of voting shares, and this lock is a hard lock, meaning it cannot be unlocked during the voting period. It will only be unlocked after the 60-day lock period ends.
Users participating in the voting can share a total of 100 million GMT in additional rewards. The reward distribution is related to the amount of GMT locked and the duration of the lock. The larger the amount of GMT locked and the longer the lock duration, the more corresponding token rewards. Meanwhile, the less total GMT locked per day, the more GMT token rewards a single user can share.
Daily locked dividend calculation
The 100 million GMT rewards from this voting will be evenly distributed over 60 days, which means 1.67 million GMT will be allocated daily. The final reward for a single user will also depend on their locked amount, lock duration, and the total locked GMT on that day. The calculation formula is: Daily reward for a single user = (User locked amount × Lock time weight) / Total locked GMT on that day × 1.67 million.
The GMT team has diverse background strengths:
In terms of technical strength: The GMT project serves as an infrastructure project for Bitcoin mining, possessing its own data centers and continuously updated computing equipment to support mining, reflecting its deep accumulation and professional capabilities in the field of blockchain technology.
In terms of operational capability: The team has conducted three rounds of large-scale airdrops totaling 200 million GMT tokens, and has hosted various community activities such as the 'Guinness World Record Running Challenge', as well as rewarding competitions like crew3 sprint rewards, with prizes including NFTs and GMT tokens, showcasing strong operational planning and execution capabilities.
