STEPN has released another big move – How does the BurnGMT website drive up the price of GMT?

मूल | ओडेली प्लैनेट डेली ( @ओडेलीचाइना )

लेखक: वेन्सर ( @वेन्सर 2010 )

On November 21, BurnGMT, a voting platform developed by the GMT DAO Ecological Fund, was officially launched. Users can vote on whether to destroy the 600 million GMT tokens repurchased by the team by locking GMT tokens on the P loygon chain from November 21, 2024 to January 20, 2025. According to the information revealed by Yawn, co-founder of the GMT team at the official Townhall event on November 19 , the 600 million GMTs mainly come from the unlocked shares of early investors and consultants and part of the team allocation. At that time, users who participate in the voting will also receive a total of 100 million GMTs as an additional reward as a reward for participating in the community voting activity.

In the market context of BTC breaking new highs, as the absolute leading project in the GameFi track, combined with the fact that the team behind STEPN and GMT had previously injected large-scale liquidity into the GMT token pool and conducted three rounds of large-scale airdrops to the community totaling 200 million GMT tokens, after this move, GMT will enter a state of near full circulation (excluding the approximately 2.5% annual Move2Earn reward share and foundation share unlocking), which may also highlight the teams ambition in the new round of bull market – to seek greater development space with better token market performance, and to open up new growth points for the project while giving back to the community.

Odaily Planet Daily will interpret and analyze the actions of BurnGMT and its team in this article for readers reference. (Note: The following content is only for project observation and analysis and does not constitute investment advice.)

BurnGMT.com website is launched: GameFis leading project has another big move

As the leading project of GameFi in the last cycle of 2021-2023, STEPN is well-known to everyone, and the launch of the BurnGMT website can be regarded as another big move after STEPN GO and GGT tokens.

According to the official Townhall AMA event on November 19, the sole purpose of the BurnGMT website is for community members to vote on whether to destroy the GMT official teams repurchased token shares, and the way to participate is to lock up GMT to obtain voting shares. At the same time, community members who participate in the voting can obtain limited edition NFTs and share the staking rewards of a total of 100 million GMT corresponding to the voting rights.

It is worth noting that the reward distribution is not only related to the number of GMT locked by the user, but also the length of the lock-up period : the larger the number of GMT locked, the longer the lock-up period, and the more corresponding token rewards. At the same time, the smaller the total daily lock-up of GMT, the more GMT token rewards a single user will share, and the final rewards will be distributed together after the 60-day lock-up period. Most importantly, this lock-up is only used for voting share allocation, and all the GMT tokens destroyed come from the 600 million GMT tokens previously repurchased by the official team. Combined with the voting lock-up mechanism, it can be said that the official is just short of writing the four big words I want to pull the market on the forehead. After all, combined with the 800 million GMT data consumed by users in STEPN in the past two years, GMT is expected to become the first Binance Launchpad token to achieve full circulation, which will bring a new wave of market attention and potential buying to GMT.

GMT टोकन Economic Model (including planned burning and destruction)

Not only that, after the GMT destruction voting activity ends, that is, after January 20, 2025, GMT DAO will continue to operate and initiate more community governance votes to facilitate community members to submit proposals and participate in project development governance. According to the official team: Future voting activities may be conducted on a dedicated website, possibly on a quarterly basis. At that time, the GMT lock corresponding to the voting share of community members will be soft lock, which can be unlocked at any time.

In the near future, STEPN will also launch another challenging and potentially popular community event – Guinness World Records 1 Hour 24 Hours Most People and 1 Mile Run Challenge. According to the community AMA information, community participants need to open STEPN or Stepn Go APP to record a 1 mile or longer run or walk activity between 5pm and 6pm on November 23rd (Beijing time) or 8am on November 23rd to 8am on November 24th (Note: No sneaker props or energy consumption are required). The theme of this event is Run together and make history. If enough people participate in the end, it may ignite the enthusiasm of the P2E GameFi track again, prompting STEPN to attract a new wave of traffic and market attention.

The participation rewards for this Guinness Challenge also include exclusive commemorative badges, a raffle for limited edition StepN OG sneakers (printed with the Guinness World Records logo, which will be drawn on the NFT market MOOAR platform from November 14 to 22) , a record package reward, as well as a 3x increase in GST revenue और a doubling of GGT revenue . For details, please see the official announcement.

It can be seen that in the new market environment, STEPN and the GMT team did not stand still, but tried to stimulate community participation through the gamified voting and destruction gameplay, so as to boost the confidence of token holders and seek win-win results for all parties. The purpose behind this is not small.

BTC continues to hit new highs, Meme coins become the main line of the cycle, and GMT is expected to become a sports meme coin

After Trump won the new US presidential election in early November, the market finally emerged from the Monkey बाज़ार Shock Period that lasted for several months and entered the Rising Breakthrough Period of rapid growth. The price of BTC also broke through from around US$73,000, repeatedly setting new highs. The Trump Effect has injected new energy into the क्रिप्टोcurrency industry. Similarly, after the industry development entered the deep water zone, Meme coins with relatively low thresholds, higher risk odds, and more speculative value have also become the main line of the industry. On the one hand, this provides a broader market space for the emergence and development of emerging projects; on the other hand, it also puts forward new requirements for past mature projects and the teams behind them – they must maintain iteration and continuous evolution in order to win their own place in the ever-changing crypto market.

Considering the above factors, the BurnGMT destruction activity launched by STEPN and the GMT team is full of heart and keeps up with current events.

From the perspective of the activity mechanism design, the end date of the GMT destruction activity is the day when Trump officially takes office as president (January 20, 2025), which to some extent adds the attribute of Trump concept token to the GMT token;

Judging from the website UI design interface, the website UI interface during the warm-up period included Trump’s iconic red hat symbol elements and an updated version of Trump’s well-known campaign slogan “Make America Great Again”, “Make GMT Great Again”. It looks quite interesting and has full Meme attributes.

Official website warm-up interface

From the perspective of the reward distribution rhythm, the voting reward of up to 100 million GMT will be evenly divided into 1.67 million GMT/day within 60 days. In other words, when the number of participants is small in the early stage, users will receive relatively more rewards, encouraging community users to participate as soon as possible; and after the voting share meets the lock-up thresholds of 100 million, 500 million and 900 million, it will trigger the team to destroy all the quotas of consultants, teams and investors in the next 10 months (according to the official caliber, the specific operation process is that the unlocked GMT tokens will be sent to the black hole address for destruction, and there are corresponding on-chain records) , so as to relieve the release pressure of GMT tokens. In any case, users can actively vote to earn rewards, and passively enjoy the rise of tokens after the selling pressure disappears, which can be called killing two birds with one stone.

On the whole, GMT may become a double meme coin in GameFi sports product track in the future.

Interpreting the conspiracy of STEPN and GMT team: using real money to boost GMT market performance

Looking closely at the real intentions behind this move by the STEPN and GMT teams, I personally think that it can be seen from the following three aspects:

First of all, from the perspective of the originality of the industrys gameplay, this move can be described as a conspiracy with a clear purpose and straightforwardness – in a word, the official behind GMT wants to use real money to drive the price of GMT tokens. In the past, there was always a game of wills among multiple representatives in the market, including 1) the game between the on-site and off-site markets, that is, the competition between holders of token lock-ups, token spot and token futures; 2) the game between players and project parties, that is, one party wants higher returns but cannot unilaterally decide the amount of token supply destruction; the other party has lower direct returns at the token level but has stronger decision-making power over the amount of token supply destruction; 3) the game between short-term DeFi mining income and believing in the project and the team behind it and adhering to long-termism. The formers operation is more inclined to the style of earning and running and selling and earning forever; the latter is laying the line for the long term and fishing for big fish, using time to exchange space. The gameplay of directly repurchasing tokens and transferring decision-making power to community users perfectly solves the prisoners dilemma in various games – the project party uses real money to reduce the supply of tokens and boost the price of tokens, and the community only needs to choose Yes/No.

Secondly, from the perspective of the projects industry status, as the undisputed GameFi King at the end of the 2022 bull market, the market performance of STEPN and GMT is obvious to all, and the projects व्यापार ability has also been fully verified by the market. The grand occasion of a pair of high-level prop shoes is hard to come by is still very exciting. It can be said that STEPN has been the top trend-setter of the Mass Adoption wave called by countless industry professionals. Now, inspired by such an unprecedented bull market, STEPN and the GMT team are doing things openly. It is obvious that they are not limited to the limited chips in the hands of retail investors in the market, but want to further expand the plate to further increase the imagination space of the story and the market dream rate. After all, STEPNs products have nearly 8 million real-person registered players, and the nearly 30 global offline gatherings per month that have never stopped since 2022 are natural fans of GMT. With such a solid foundation, not to mention the current Meme coin projects flying everywhere, even in the past few cycles, the market is rare. The opportunity to get on board is a once-in-a-lifetime opportunity. The 600 million GMT tokens to be destroyed and the 100 million GMT rewards are the best proof.

Finally, from the perspective of past project returns, the team behind STEPN and GMT can be called a money-giving professional – before that, STEPN officials had given back to community users many times, not only giving away running shoes for free at the beginning of the project, but also users in the early stage of the product could get GMT tokens in return by consuming energy, and this alone had spent tens of millions of GMT tokens. The annual GMT token airdrop is also a feast for wealth creation – it is understood that this year STEPN officials have accumulated nearly $30 million worth of GMT airdrops. Regardless of bull or bear markets, community users have received real and direct economic returns, and even many people have fallen in love with the sport of running and have persisted to this day (there are many such friends around me). In addition, thanks to the past powerful return performance, the team behind STEPN and GMT has also gathered a large number of loyal community users with the blockchain co-construction, co-governance and sharing spirit, which has also laid a good mass foundation for the development of the project.

Staking Rewards NFT Interface

From a market perspective, compared with other teams that launched coins and then gave up or even disappeared, the team behind STEPN and GMT launched the BurnGMT website to destroy part of the GMT token supply, which is a thankless task. However, the more this is done, the more it highlights their firm determination, decisive operation, and confidence in not caring about short-term gains and losses but caring about the development of the project over a longer period of time.

BurnGMT Action Guide: How can GMT holders maximize their returns?

Adhering to the principle of decentralized decision-making, whether this GMT destruction voting activity can ultimately reduce the total supply of GMT and increase the price of GMT tokens depends on the participation of community users. If you want to take the market price performance of GMT to a higher level and obtain the corresponding rewards of this voting activity, users can directly follow the steps below:

• Open https://burngmt.com/ and link your wallet.

• Lock up your GMT and get voting shares;

• Vote to support the official destruction of repurchased GMT tokens.

Lock GMT to vote. The more you lock, the more GMT will be burned.

• The amount of GMT locked reaches 100 million: the GMT of the consultant’s share is destroyed.

• The amount of GMT locked increased by 500 million (the cumulative amount of locked is 600 million): the GMT of the team’s share was destroyed.

• The amount of GMT locked increased by 300 million GMT (the cumulative amount of locked GMT reached 900 million): all repurchased GMT tokens were destroyed, totaling 600 million.

Official website lock-up progress display interface

After voting, users will receive a limited edition hat NFT (Make GMT Great Again, MGGA), which is similar to the red hat on the official website interface. On the one hand, the NFT will serve as a commemoration of participating in the vote; on the other hand, the NFT also records the amount of GMT locked and the corresponding number of rewards. Once again, the earlier you participate in the lock-up, the more 100 million GMT rewards prepared by the official will be allocated, that is, the higher the rate of return. At the same time, the event also provides profit space for spot players and futures players. The former can enjoy rising returns, while the latter can make profits through market games.

In addition, after the supply chain of GMT tokens is further reduced and the price rises further, the imagination space of the ecological landscape behind GMT tokens will be further opened : in terms of products, GameFi products including STEPN and STEPN GO are still running stably; the multi-chain NFT market MOOAR also provides convenience for secondary market transactions; cross-chain DEX DOOAR, small game MORCHI, strategy game GAS HERO, ecological wallet FSL ID and other multi-field products provide users with sufficient choices. In addition, according to official disclosures, it will launch 3 new products in 2025, which is worth looking forward to in the future. In addition, the slogan BurnGMT itself is also very meme-like, and combined with the field of sports and health, it has gradually attracted more and more attention in the crypto industry. GMT can also be expanded horizontally to healthy meme, sports meme and even the recently popular Desci track meme coin and other directions.

In terms of breaking the circle externally, the team behind GMT has also been working hard: STEPN and other products not only have a strong user appeal in Japan, but the relevant participating teams have also won the fourth place in the team in the Japanese National Power Marathon ; sponsoring the Taipei Marathon, the Lindesay brothers crossing the Great Wall of China reported by the BBC, and veteran Nels crossing the American continent in 46 days and other related activities have also caused widespread discussion and have always been a hot topic. Relevant cooperation has been reached with world-class brands, well-known stars and IPs such as Asic, Adidas, Casio, Ghost in the Shell, Steve Aoki, Snoop Dogg, etc., which also provides a good foundation for the volume of STEPN and GMT. Teams that do things are common, but teams that have been doing things and can make some achievements are among them. The team behind STEPN and GMT is one of them.

Therefore, compared with its peak market value of US$2.3 billion, GMT, which is currently valued at only US$490 million, is undoubtedly undervalued by the market and presents certain asymmetric opportunities.

Conclusion: The only constant is change, and the same is true for crypto projects

As the price of BTC has broken through $93,000 again in recent days, there is no doubt that the crypto bull market is still continuing. For various players in such a market with volatile risks, they not only need to seize short-term risk arbitrage opportunities, but also need to deeply understand the value of long-termism. Only in this way can they ensure that they do not leave the table and will not lose everything in one wrong move.

In this regard, we can see that the ambitions of STEPN and the team behind it, which launched the BurnGMT destruction plan, are not limited to the short-term gains from the slight fluctuations in the price of coins, but they want to find their own development path through original gameplay and explore a broader future with countless community members in the Meme cycle. As Trump is about to take office, the GMT trinity of GameFi+Meme coin+ecological development is expected to usher in a new wave of outbreaks.

This article is sourced from the internet: STEPN has released another big move – How does the BurnGMT website drive up the price of GMT?

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