GMT (Green Metaverse Token) was once a star project on Binance Launchpad, reaching a maximum increase of 400 times after its launch, quickly becoming a popular 'Move to Earn' project and is hailed as a representative of GameFi 2.0. The core concept of GMT combines fitness with blockchain, allowing users to earn tokens through running and exercising, creating a unique innovative model that combines reality and blockchain.
Currently, the GMT team is conducting a voting burn plan aimed at reducing the future circulation of GMT and promoting the full circulation state of the tokens. This plan not only provides GMT holders with an opportunity to participate in governance but also offers users rich airdrop rewards. Here are the detailed instructions on how to participate in this plan.
Overview of the GMT Voting Burn Plan
Repurchase and Donation: FSL (Find Satoshi Lab) repurchased 600 million GMT tokens for 100 million USD, which were then donated to GMT DAO. Through DAO governance, the community will have the opportunity to decide how to handle these tokens, with the first proposal being to vote on whether to burn these tokens.
Burn Amount Decision: GMT DAO will determine the amount of tokens to be burned based on the number of GMT tokens locked by the community. The final burn amount is closely related to the number of GMT tokens locked and the participation in voting.
Reward Mechanism: To encourage user participation, GMT DAO will allocate 100 million GMT from the ecological fund as rewards, distributed proportionally based on the number of GMT tokens locked. This means that the more tokens locked, the more rewards will be earned in the future.
How to participate in the GMT voting burn plan?To participate in the GMT voting burn plan, users need to meet the following conditions:
Holding GMT Tokens: First, users need to possess a certain amount of GMT tokens in order to participate in governance and voting.
Locking GMT Tokens: The prerequisite for participating in the voting burn plan is to lock GMT tokens. Users can participate in the governance of GMT DAO and burning proposals by locking their tokens.
Voting Period: The voting activity will take place between November 21, 2024, and January 20, 2025.
During this period, users need to lock their GMT tokens and vote through the official path provided.
How to lock and earn rewards?
Visit the official website: Users need to visit the BURNGMT official website to participate in the locked voting.
Locking Period: Participants must lock GMT tokens for 60 days at once. After locking, users will receive corresponding rewards, which can be claimed after 60 days.
Daily Rewards: Based on the number of GMT tokens locked, rewards will be distributed at a fixed daily rate. As of now, the total reward pool for the BURNGMT plan is 100 million GMT, with an estimated daily distribution of 1.67 million GMT as rewards.
Reward Priority: The earlier a participant votes and the more tokens they lock, the more rewards they will receive. Therefore, early participants will be able to accumulate more GMT rewards faster.
Voting and Burning Mechanism
In this voting plan, once the number of GMT tokens locked by a user reaches a certain amount, the burning mechanism will be triggered. The specific burning rules are as follows:
Lock 100 million GMT: Burn 60 million GMT;
Lock 500 million GMT: Burn 230 million GMT;
Lock 900 million GMT: Burn all 600 million GMT tokens (the repurchased tokens).
As of now, the amount locked in the GMT voting burn plan has exceeded 180 million GMT, and the number of users participating in voting continues to increase. Voting will take place on the Polygon network, with a minimum participation threshold of 100 GMT tokens.
To incentivize participants, users will receive an NFT staking certificate when they participate in voting, proving their participation in voting and locking of GMT. This is not only a reward for participation but also a symbol of potential future rights.
The GMT voting burn plan is a community-driven governance activity that helps reduce future circulation by repurchasing and burning tokens, accelerating the full circulation state of the tokens. For GMT token holders, this is not only an opportunity to participate in governance but also a great chance to earn rewards through locked voting. By participating in the BURNGMT plan, users can contribute to the future development of GMT, enjoy airdrop rewards, and obtain NFT staking certificates.
#GMT投票燃烧计划