STEPN (Move-to-Earn) pioneer, combining blockchain technology with fitness activities, has rapidly attracted global users since its launch in 2021, boasting nearly 8 million registered players and becoming a leader in this field. It has also collaborated with several international brands and well-known IPs, such as Asics,
Adidas, Casio, Ghost in the Shell+, Steve Aoki, and Snoopy + Dog. This further expanded its brand influence.
The numerous ecological products under StenN are also a reason for the strong GNT price, including cross-chain Dex, NFT market and launch platform, move2earn, blockchain games, meme coins, etc.
600 million GNT voting destruction mechanism
STEPN repurchased 600 million GMT with 100 million USD, and users can vote on whether to destroy the 600 million GMT tokens repurchased by the team by locking Polygon chain GMT tokens through BUrnGNT from November 21, 2024, to January 20, 2025. Users participating in the vote will also receive a total of 100 million GMT as an additional reward for participating in the community voting activity. The economic model of GMT has always been a deflationary mechanism; the team has repurchased 800 million in the past, currently circulating 3 billion, and stepN is still repurchasing and destroying through various mechanisms. This voting destruction lock-up + 900 million means that 600 million GT will be completely destroyed. With the reward of 100 million, there will only be 1.6 billion in circulation in the market, which is half of the original amount, and the price has the potential to double. After the destruction, it means that the selling pressure from the VC unlocking every month is gone, GMT is almost fully circulating, with only move to earn and foundation releases (less than 5% annual circulation), having a minimal impact on future selling pressure. GNT becomes the first Binance Launchpad token to achieve full circulation.
The impact of GMT's lock-up and burning on the market
Positive impact: Reducing the token supply is expected to increase the price of GMT, attracting market attention and potential buyers, bringing new market vitality to GMT; the voting activity can also stimulate community participation enthusiasm and boost the confidence of token holders.
Negative impact: A large amount of token lock-up may lead to a decrease in the circulating supply of GMT in the market, which can affect its liquidity to some extent. If the demand for GMT suddenly increases, there may be a supply shortage, which in turn affects the activity level of market transactions.
