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GMT DAO just launched a massive token burn event, and here's why it matters.
The team is burning 600M GMT tokens (worth ~$140M at current prices) and rewarding early participants. Here's the breakdown:
**The Numbers:**
- 600M GMT tokens locked for burning
- 100M GMT reward pool distributed to participants
- Event runs until Jan 20, 2025
- Already 100M+ GMT locked as of now
**How It Works:**
- Lock your GMT on Polygon network
- Get an exclusive "Make GMT Great Again" NFT
- Earn a share of 100M GMT rewards based on your locked amount
- Receive your tokens back after the event
**Token Economics:**
- 50% of supply currently in circulation
- 13% already burned historically
- 10% slated for future burns
- This burn could eliminate ~10% of total supply
Stepn's move-to-earn model is still one of crypto's most interesting use cases. If the community locks 900M+ GMT, the full burn happens. This could be a significant deflationary event for holders.
Worth tracking if you're into Stepn or governance token mechanics.