A few days ago, Binance Square and GMT launched an essay contest with the theme: #GMT投票燃烧计划 . So let's talk about why we should participate in the BURNGMT project?
There are several important reasons to participate in the BURNGMT program in the first place:
1. Increased token value: By destroying some GMT tokens, the circulation in the market can be effectively reduced. According to the principle of supply and demand, when demand remains unchanged or increases, the scarcity of tokens increases, which may drive up their value.
2. Enhanced community participation: BURNGMT plans to give decision-making power to community members, and decide whether to destroy tokens through a voting mechanism. This will not only enhance the confidence of token holders, but also enhance their sense of participation and belonging.
3. Additional reward opportunities: Users who participate in the voting have the opportunity to receive up to 100 million GMT additional rewards. The distribution of rewards is related to the number of GMT locked by the user and the length of time the user locks up, which provides users with additional profit opportunities.
4. Improved project ecosystem activity: Voting activities can stimulate community participation, increase the activity of the GMT ecosystem, and help form a good community atmosphere and consensus, thus promoting the healthy development of the GMT ecosystem.
Then many friends will ask, how to participate in the BURNGMT plan?
The steps to participate in the BURNGMT program are as follows:
1. Understand the rules: First, you need to understand the detailed rules of the BURNGMT plan, including voting time, lock-up mechanism, reward distribution, etc.
2. Lock GMT: During the designated voting period (e.g. November 21, 2024 to January 20, 2025), you need to lock GMT tokens on the Polygon chain. The more GMT you lock and the longer you lock it, the more voting shares you will get.
3. Participate in voting: After locking up, you will get a corresponding voting share to decide whether to destroy the 600 million GMT repurchased by the team. The voting result will directly affect the number of tokens destroyed.
4. Waiting for the results and rewards: After the voting is over, you will have the opportunity to receive additional GMT rewards based on the voting results and the lock-up status. The rewards will be distributed through airdrops after the 60-day lock-up period.
How to build BURNGMT
The gameplay of building BURNGMT is actually more about participating in its voting and lock-up mechanism. The following is a simplified teaching process:
1. Prepare GMT: Make sure you have enough GMT tokens for staking and voting.
2. Visit the BURNGMT platform: Access the voting interface through the official BURNGMT platform or related links.
3. Locking operation: Select the lock option on the platform and enter the amount of GMT you want to lock and the lock time. After confirmation, your GMT will be locked on the Polygon chain.
4. Voting: After the lock-up is successful, you will get voting shares. Use these shares to vote on whether to destroy the tokens.
5. Follow the results and rewards: After the voting is over, pay attention to the official announcement to learn about the voting results and reward distribution.
So do you know the historical GMT destruction records?
According to public information, the GMT team proposed to destroy 600 million GMT tokens through the BURNGMT plan. These tokens mainly come from the unlocked shares of early investors and consultants and some team allocations. However, the specific destruction records (such as the actual number of tokens destroyed, time, etc.) may need to refer to the official on-chain records or related announcements for detailed information.
In general, participating in the BURNGMT program is a good opportunity to both increase the value of tokens and enhance community participation. At the same time, by understanding the historical destruction records and participating in the gameplay tutorials, you can better grasp this opportunity and make wise decisions.