Analysis of the gameplay of BURNGMT voting
The gameplay of this BURNGMT voting is cleverly and novelly designed. Users need to obtain voting shares by locking GMT tokens on the Polygon chain between November 21, 2024 and January 20, 2025, so as to decide whether to destroy the 600 million GMT tokens repurchased by the team1.
The voting rewards are generous and the distribution mechanism is reasonable. Users who participate in the voting can not only share a total of 100 million GMT additional rewards, but also receive limited edition NFTs. The reward distribution is related to the user's GMT lock-up amount and lock-up time. The larger the lock-up amount and the longer the time, the more corresponding token rewards.
Limited time
The voting period for the Burning Plan is 60 days from November 21, 2024 to January 20, 2025. This period not only gives community members enough time to participate in voting decisions, but also closely integrates with market dynamics and project development plans1.
Whose coins are being burned?
The 600 million GMT tokens to be burned this time mainly come from the unlocked shares of early investors and consultants and some team allocations, not the tokens in the hands of ordinary users. This method of reducing the supply of tokens from the source is expected to have a positive impact on the market value of GMT1.
What is the mechanism that triggers combustion?
When the voting shares meet the locked-up thresholds of 100 million, 500 million, and 900 million, the team will be triggered to destroy all the quotas of consultants, teams, and investors in the next 10 months, and send the unlocked $GMT tokens to the black hole address for destruction. At the same time, there will be corresponding on-chain records. In this way, the release pressure of GMT tokens will be gradually relieved, providing strong support for the market performance of GMT.
What is the voting lock mechanism?
This vote uses a lock-up mechanism. The GMT locked by users is only used for voting share allocation and cannot be used at will during the lock-up period. After the 60-day lock-up period, if the vote decides to destroy the tokens, the corresponding 600 million GMT will be destroyed; if the vote is not to destroy, the locked GMT will be unlocked and returned to the user.
The impact of GMT coin lock-up and burning on the market
Supply and demand relationship: The lock-up and burn mechanism directly reduces the market supply of GMT. With 600 million GMT facing destruction and some tokens in a locked state, the number of GMTs available for circulation in the market has been greatly reduced, while the demand side is relatively stable or has increased against the background of the continuous development of the project ecosystem and the continuous expansion of the user group, which will help to increase the scarcity and market value of GMT, thereby attracting more investors' attention and participation.
Boosting market confidence: This plan conveys to the market the project team's emphasis on and confidence in the value of GMT, as well as its determination to optimize the token economic model and enhance the long-term value of the project. Investors will see the team's positive actions and are expected to increase their confidence in holding GMT, reduce unstable factors such as panic selling, and create favorable conditions for market stability and price increases.
Ecological development promotion: Through the burning plan, the value of GMT is enhanced, which will further promote its use and circulation in various application scenarios, such as its application on platforms such as STEPN, MOOAR, and DOOAR, promoting the prosperity and development of the entire ecosystem and forming a virtuous circle.
How should general users operate
If general users want to participate in this burning plan, they first need to own GMT tokens on the Polygon chain, and then go to the BurnGMT voting platform between November 21, 2024 and January 20, 2025, and follow the platform's instructions to lock a certain amount of GMT to obtain voting shares, so as to participate in the voting decision on whether to destroy 600 million GMTs, and are expected to receive corresponding GMT rewards and limited edition NFT1.
Unlocking and distribution of GMT coins
The number and distribution of unlocked coins: It is clear that GMT is used in large quantities in products such as STEPN and 800 million coins have been burned. As for the specific distribution of unlocked coins, the article does not clearly mention detailed data, but it is known that it is involved in different application scenarios such as STEPN, MOOAR, DOOAR, etc., and is also used as a user registration tool in other GameFi products through FSL ID. The use and consumption in these application scenarios constitute part of the distribution of unlocked coins1.
Distribution of unlocked coins: According to the plan, only 27% of move2earn and ecological funds will be unlocked in the next six years. Most of the remaining unlocked coins are mainly concentrated in these two aspects. The release of tokens under the move2earn mechanism will be carried out year by year according to certain rules, while the part of the ecological fund will be reasonably allocated and unlocked according to the development and operation needs of the project.
GMT Team Background and Strength
As a popular project that was launched on Binance Launchpad, GMT has a strong team background. Judging from the STEPN and related products it has created, the team has rich experience and innovation capabilities in combining blockchain with games and life applications. It has successfully launched GameFi products STEPN and STEPN GO with more than 6 million users, and has established long-term cooperative relationships with well-known companies such as Casio, ASICS sneakers, and Adidas sneakers, demonstrating strong market expansion and resource integration capabilities, laying a solid foundation for the ecological development of GMT1.
About STEPN
STEPN is a web3-based lifestyle application with built-in game-fi and social-fi elements, built around people's daily travel activities. It is one of the first projects to put the concept of mobility and earning into practice, and ranked fourth among more than 500 projects in the 2021 Solana Ignition Hackathon.
Users can obtain game currency by equipping NFTs in the form of sports shoes during activities such as walking, jogging or outdoor running. These currencies can be used in the game or cashed in for profit. Its goal is to promote millions of people to a healthier lifestyle. At the same time, it relies on social-fi functions to establish a lasting social platform, promote user-generated web3.0 content, and has a large user base and active community ecology, which provides important support for the wide application and value realization of GMT1.
Community activities, airdrops and business cooperation
Community activities: STEPN recently launched community activities such as "Guinness World Records 1 hour & 24 hours, the largest number of people and 1 mile running challenge". Such activities can not only stimulate the enthusiasm of community members to participate and enhance community cohesion, but also attract new traffic and market attention for the project, further expanding the project's influence and user base1.
Airdrop: The GMT team has previously conducted three rounds of large-scale airdrops to the community, totaling 200 million GMT tokens. This positive behavior of giving back to the community helps to improve the loyalty and participation of community members, and also creates favorable conditions for the circulation and application scenario expansion of GMT tokens1.
Business cooperation: STEPN's long-term cooperation with well-known companies such as Casio, ASICS, and Adidas has provided strong support for the expansion of GMT's application scenarios and brand promotion. Through cooperation with these well-known brands, GMT can better integrate into the mainstream market, attract more attention and participation from users in non-encrypted fields, and further enhance its market value and ecological influence.
