In Crypto, "burning" is a commonplace topic, and it is not new to many old players. In fact, when many projects are stuck in a development bottleneck, the most frequently raised question by the community about the unlocked parts of Tokenomics is "Wen Burn?" This is easy to understand. Under the background of high inflation where investors, teams, consultants and ecosystems are constantly unlocking, the pressure on the community Hodl is huge, which indirectly promotes the current industry to fully embrace MEME and set off a wave of anti-"VC coin".
Speaking of GMT, this blue chip project that was very popular in the last round of Gamefi bull market was launched on Binance Launchpad and once rose hundreds of times. After a round of bull and bear, even though the team continued to build ecological products such as <STEPN GO>, <MOOAR>, <DOOAR> and <Gas Hero>, and maintained long-term cooperative relationships with well-known companies such as Casio, ASICS sneakers, Adidas sneakers, etc., it could not get rid of the consensus of the Crypto community that "GMT is a VC coin."
I think this is what the team has been worried about, and the BURNGMT event was born out of this. The GMT team bought back the 600 million unlocked GMTs (worth $120 million at the current price of $0.2) from investors and consultants and donated them all to the GMT DAO. Note that this is not a transfer from one hand to the other. The GMT DAO is an independent entity created by and for GMT token holders. It manages the GMT Ecosystem Fund through on-chain voting to ensure that all decisions follow the collective will of the community. The GMT DAO operates completely independently and has no affiliation with FSL and all its related brands (including STEPN, STEPN GO, MOOAR, DOOAR, and Gas Hero).
Back to the BURNGMT event itself, this is a voting event initiated by GMT DAO. During the 60-day lock-up voting period from November 21, 2024 to January 20, 2025 (when Trump officially takes office as president), users can decide whether to destroy 600m GMT tokens. The event is divided into three stages: when the number of locked GMT reaches 100m, 60m GMT will be destroyed; when it reaches 500m, 230m GMT will be destroyed; when it reaches 900m, all 600m GMT will be destroyed. At the same time, users who participate in the vote will share 100 million GMT as a reward. This is undoubtedly the largest event launched by Stepn in the past two years.
It can be seen that the official move is basically a clear sign of the banker, and the destruction of these 600m GMT is imperative. Comprehensive calculation shows that in the next six years, only 27% of move2earn and the ecological fund will not be unlocked and released, reaching the full circulation state. With the support of BURNGMT voting + burning double Buf, I believe that in the near future, GMT will take off the hat of "VC coin" and officially enter the era of full circulation!
Easter eggs!!!
All users who participate in voting and staking (starting from 100 GMT) will be eligible to mint a "Make GMT Great Again" NFT red hat certificate for free. Referring to the usual style of the Stepn team, holding this NFT may bring unexpected gains in the future.
