Original | Odaily Planet Daily (@OdailyChina)
Author | Wenser (@wenser2010)
On November 21, the voting platform BurnGMT developed by the GMT DAO ecological fund officially launched. From November 21, 2024, to January 20, 2025, users can vote on whether to burn 600 million GMT tokens repurchased by the team by locking GMT tokens on the Polygon chain. According to information revealed by GMT co-founder Yawn during the official Townhall event on November 19, the 600 million GMT mainly comes from the unallocated shares of early investors and advisors, as well as part of the team allocation. At that time, participating voters will also receive a total of 100 million GMT as an additional reward for participating in the community voting activity.
Against the backdrop of BTC breaking new highs, as an absolute leader in the GameFi sector, combined with the previous large-scale liquidity injections into the GMT token pool by the STEPN and GMT teams, as well as the three rounds of airdrops totaling 200 million GMT tokens to the community, this move will bring GMT closer to a fully circulating state (excluding about 2.5% of the Move2Earn reward share and foundation share unlocks each year). This may also highlight the team's ambitions in the new bull market—to seek greater development space through better token market performance while giving back to the community and exploring new growth points for the project.
Odaily Planet Daily will analyze and interpret the actions related to BurnGMT and its underlying team in this article for readers' reference. (Note: The following content is for project observation and analysis only and does not constitute investment advice.)
BurnGMT.com Launch: GameFi Leader Project Unleashes Another Move
As the leading GameFi project of the 2021-2023 cycle, STEPN is well-known, and the launch of the BurnGMT website can be seen as its "another big move" following STEPN GO and the GGT token.
According to information revealed during the official Townhall AMA on November 19, the sole purpose of the BurnGMT website is to allow community members to vote on "whether to burn the GMT tokens repurchased by the official team," and the way to participate is to lock GMT to obtain voting shares. At the same time, community members participating in the vote can receive limited edition NFTs and share in a total of 100 million GMT staking rewards corresponding to their voting rights.
It is worth noting that this reward distribution is not only related to the amount of GMT locked by users, but the duration of the lock is also crucial: the larger the amount of GMT locked and the longer the lock duration, the more corresponding token rewards. Additionally, the less total GMT locked daily, the more GMT token rewards each individual user can share. The final rewards will be airdropped after the 60-day lock period ends. Most importantly, this lock is only for voting share distribution, and the burned GMT tokens will all come from the 600 million GMT tokens previously repurchased by the official team. Coupled with the voting lock mechanism, it can be said that the official team is almost writing "I want to pump" on their foreheads. After all, based on the data of 800 million GMT consumed by users within STEPN over the past two years, GMT is expected to become the "first fully circulating Binance Launchpad token," which will bring a new wave of market attention and potential buying pressure for GMT.
GMT Token Economic Model (Including Planned Burn and Destruction Parts)
Moreover, after the GMT destruction voting activity ends on January 20, 2025, the GMT DAO will continue to operate and initiate more community governance votes, facilitating community members to submit proposals and participate in project development governance. According to the official team, future voting activities may take place on a dedicated website and could occur quarterly. At that time, the voting shares corresponding to community members' GMT locks will be soft locks, allowing them to unlock at any time.
Recently, STEPN will also launch another challenging and potentially viral community activity—"Guinness World Record Challenge for Most Participants Running 1 Mile in 1 Hour & 24 Hours." According to community AMA information, participants need to open the STEPN or Stepn Go APP between 5 PM to 6 PM on November 23 or from 8 AM on November 23 to 8 AM on November 24 to record a run or walk of 1 mile or longer (note: no need for Sneaker props or energy consumption). The theme of this event is "Run Together, Make History." If the number of participants is sufficient, it may reignite enthusiasm for participation in the P2E GameFi sector, 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 limited edition StepN OG sneaker lottery _ (featuring the Guinness World Record logo, which will be drawn on the NFT market MOOAR platform, open from November 14 to 22) _, "record packages," and GST income tripled, GGT income doubled, etc. For detailed information, please refer to the official announcement.
It is evident that in the new market environment, the STEPN and GMT teams are not standing still but are striving to stimulate community participation through "gamified voting destruction" gameplay, thereby boosting the confidence of token holders and seeking a win-win situation for all parties involved.
BTC Continues to Break New Highs, Meme Coins Become the Main Line of the Cycle, GMT Expected to Become "Sports Meme Coin"
After Trump won the new U.S. presidential election in early November, the market finally emerged from the previous months of "monkey market volatility" and entered a rapid "upward breakout period." BTC prices have broken through from around $73,000, repeatedly setting new highs, with the "Trump effect" injecting new energy into the cryptocurrency industry. Similarly, as the industry develops into deeper waters, meme coins, which have relatively low entry barriers, higher risk-reward ratios, and greater speculative value, have also become the main line of the industry. On one hand, this provides a broader market space for the emergence and development of new projects; on the other hand, it also places new demands on past mature projects and their underlying teams—they must maintain iteration and continuous evolution to secure their place in the ever-changing cryptocurrency market.
Considering the above factors, the BurnGMT destruction activity launched by the STEPN and GMT teams can be seen as a thoughtful move that keeps up with current events—
From the perspective of activity mechanism design, the end date of the GMT destruction activity coincides with the day Trump officially takes office (January 20, 2025), which adds a certain "Trump concept token" attribute to the GMT token;
From the website UI design perspective, the preheating period's website UI includes elements of Trump's iconic red hat symbol and an updated version of his famous campaign slogan "Make America Great Again," now "Make GMT Great Again," which looks quite interesting and maximizes the meme attributes.
Official Preheating Interface
From the perspective of reward distribution rhythm, the voting rewards of up to 100 million GMT will be distributed evenly at 1.67 million GMT per day over 60 days. In other words, if the initial number of participants is relatively small, users will receive relatively more rewards, encouraging community users to participate early. Once the voting shares meet the locked amounts of 100 million, 500 million, and 900 million, it will trigger the team to destroy all allocations for advisors, team members, and investors over the next 10 months _ (according to official sources, the specific operation process involves unlocking GMT tokens to be sent to a black hole address for destruction, with corresponding on-chain records) _, thereby alleviating the release pressure on GMT tokens. In any case, users can actively vote to earn rewards while passively enjoying the token price increase after the release pressure disappears, achieving "killing two birds with one stone."
Overall, GMT may become a "dual meme coin in the GameFi and sports product sectors."
Interpreting the STEPN and GMT Team's Intentions: Using Real Money to Boost GMT Market Performance
Delving into the true intentions behind the STEPN and GMT team's actions, I personally believe it can be viewed from the following three aspects:
First, from the perspective of industry gameplay originality, this move can be described as a clear and straightforward "阳谋" (open strategy)—in summary, the official behind GMT aims to use real money to drive up the price of GMT tokens. In the past market, there has always been a struggle of wills among multiple representatives, including 1) the struggle between on-market and off-market, i.e., the competition among holders regarding token locking, spot tokens, and futures; 2) the struggle between players and project parties, where one side wants higher returns but cannot unilaterally decide the amount of token supply to be destroyed, while the other side has lower direct returns but possesses stronger decision-making power over the token supply destruction; 3) the struggle between short-term DeFi mining returns and believing in the project and its underlying team, adhering to long-termism, where the former leans towards "earning and running" or "selling to earn forever," while the latter is "fishing with a long line to catch big fish," using time to exchange for space. The gameplay of directly repurchasing tokens and transferring decision-making power to community users perfectly resolves the "prisoner's dilemma" among various struggles—project parties use real money to reduce token supply and boost token prices, while the community only needs to choose "Yes/No."
Secondly, from the perspective of the project's industry position, as the undisputed "GameFi king" at the end of the 2022 bull market, the market performance of STEPN and GMT is evident, and the operational capabilities of the project team have been fully validated by the market. The once "hard-to-get high-level prop shoes" phenomenon is still exhilarating to recall. It can be said that STEPN has already been a top player in the wave of Mass Adoption that countless industry insiders have called for. Now, under the unprecedented encouragement of this bull market, the STEPN and GMT teams are clearly not limited to the limited chips in the hands of retail investors but are looking to further "expand the market" and elevate the imaginative space of the story and "market dream rate." After all, STEPN's products have nearly 8 million real registered players, and the nearly 30 global offline gatherings held monthly since 2022 are GMT's "natural fans." With such a solid foundation, it is rare to see a project like this, not only in the current meme coin-dominated market but even in previous market cycles. The opportunity to get on board is truly a once-in-a-lifetime chance. The 600 million GMT tokens to be destroyed and the 100 million GMT rewards are the best proof of this.
Finally, from the perspective of the project's past return performance, the STEPN and GMT teams can be considered "money-giving professionals"—previously, the STEPN official team has repeatedly given back to community users, not only by initially providing free running shoe props but also by allowing users to earn GMT token rewards simply by consuming energy in the early stages of the product, which alone accounted for tens of millions of GMT tokens. The annual GMT token airdrops have also been a wealth creation feast—reportedly, this year, the STEPN official team has airdropped GMT worth nearly $30 million. Regardless of bull or bear markets, community users have received real and direct economic returns, and many have even fallen in love with running as a sport and have continued to do so (I have many friends like this). In addition, thanks to the strong past return performance, the STEPN and GMT teams have gathered a large number of loyal community users who embody the "blockchain co-construction, co-governance, and sharing spirit," laying a solid foundation for the project's ongoing development.
Staking Reward NFT Interface
From a market perspective, compared to other teams that "issue tokens and then go silent," the STEPN and GMT teams' launch of the BurnGMT website to destroy part of the GMT token supply is indeed a "thankless task." However, the more challenging it is, the more it highlights their unwavering determination, decisive actions, and confidence in "not caring about short-term gains and losses but focusing on the long-term development of the project."
BurnGMT Action Guide: How Can GMT Holders Maximize Their Returns?
Adhering to the principle of "decentralized decision-making," whether the GMT destruction voting activity can ultimately reduce the total supply of GMT while increasing the price of GMT tokens relies on community user participation. If users want to elevate the market price of GMT while obtaining rewards corresponding to this voting activity, they can directly follow these steps:
Open https://burngmt.com/ and connect your wallet;
Lock your held GMT to obtain voting shares;
Vote to support the official destruction of the repurchased GMT tokens.
Locking GMT to vote. The more you lock, the more GMT will be destroyed.
When the locked amount of GMT reaches 100 million: destroy the GMT belonging to the advisors.
When the locked amount increases by 500 million (total locked amount reaches 600 million): destroy the GMT belonging to the team.
When the locked amount increases by 300 million GMT (total locked amount reaches 900 million): destroy all repurchased GMT tokens, totaling 600 million.
Official Locking Progress Display Interface
After voting, users will receive a limited edition hat NFT (Make GMT Great Again, MGGA), similar to the red hat on the official website interface. On one hand, this NFT will serve as a memento for participating in the vote; on the other hand, it will also record the amount of GMT locked and the corresponding reward quantity. To emphasize again: the earlier you participate in locking, the more of the 100 million GMT reward allocation prepared by the official will be available, meaning a higher return rate. At the same time, this activity also provides profit opportunities for spot traders and futures traders; the former can enjoy rising profits, while the latter can earn profits through market speculation.
In addition, as the GMT token supply chain further decreases and prices rise, the ecological landscape behind the GMT token will also open up further imaginative space: in terms of products, GameFi products including STEPN and STEPN GO continue to operate steadily; the multi-chain NFT market MOOAR also facilitates secondary market trading; a series of multi-domain products such as cross-chain DEX DOOAR, mini-games MORCHI, strategy game GAS HERO, and ecological wallet FSL ID provide users with ample choices. Furthermore, according to official sources, they will launch three new products in 2025, which is worth looking forward to. Additionally, the slogan "BurnGMT" itself is highly meme-worthy, and combined with the growing attention in the health and fitness sector within the crypto industry, GMT can also horizontally expand into directions such as "health memes," "sports memes," or even the recently popular "Desci track meme coins."
Moreover, in terms of external outreach, the GMT team has been consistently active: products like STEPN not only have strong user appeal in Japan, but the participating team has also achieved "fourth place in the team category" at the Japan National Power Marathon; sponsoring the Taipei Marathon and the Lindesay brothers' cross-China Great Wall event, as well as veteran Nels's 46-day cross-country trek, have sparked widespread discussion and maintained a high level of topicality. Collaborations with top international brands, well-known celebrities, and IPs such as Asic, Adidas, Casio, Ghost in the Shell, Steve Aoki, and Snoopy have also provided a solid foundation for the visibility of STEPN and GMT. While many teams are active, few can consistently deliver results, and the STEPN and GMT teams are among them.
Therefore, compared to a market cap of $2.3 billion at its peak, the current market cap of $490 million for GMT is undoubtedly undervalued, presenting certain asymmetrical opportunities.
Conclusion: The Only Constant is Change, and So Are Crypto Projects
With BTC prices recently breaking through $93,000 again, there is no doubt that the crypto bull market continues. For various player roles in such a volatile market, it is essential not only to seize short-term risk arbitrage opportunities but also to deeply recognize the value of long-termism. Only in this way can one ensure they do not leave the table and avoid "losing everything due to a single misstep."
In this regard, we can see that the ambitions of the STEPN team and its underlying team, which launched the BurnGMT destruction plan, are not limited to short-term price fluctuations. Instead, they aim to carve out a unique development path through innovative gameplay, exploring a broader future alongside countless community members in the meme cycle. As Trump is about to take office, the integration of "GameFi + meme coins + ecological development" positions GMT for a potential new explosion.
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