GMT DAO Launches Groundbreaking Burn Initiative with a Target of Up to 600 Million GMT

[PRESS RELEASE – Sydney, Australia, November 21st, 2024]

The GMT DAO, an independent community organization of GMT holders, is excited to announce the launch of the GMT Burn Initiative—an event designed to place the future of GMT firmly in the hands of its community. Through this initiative, GMT holders will vote on the decision to burn up to 600 million GMT, equivalent to 100 million USD, marking this as one of the most ambitious token burns in the web3 ecosystem.

The GMT Burn Initiative reflects the GMT DAO’s commitment to transparency, governance, and sustainable token management. This community-driven approach aligns with the DAO’s goal to shape GMT’s future responsibly and collaboratively.

How It Works:

1. Lock and Vote: GMT holders can participate by visiting burngmt.com, where they can lock their tokens and cast their vote on various proposals, including the first of its kind “GMT Burn Initiative”. Participants will receive an exclusive soulbound ‘Make GMT Great Again’ Red Hat NFT as a token of acknowledgement for their involvement. This NFT will record metadata detailing the claimed and eligible airdrops, as well as the votes cast.
2. Earn Rewards: A total of 100 million GMT will be distributed at the end of the 60-day voting period as rewards to participants, contingent on achieving milestones.
3. On-Chain Transparency: The voting process is recorded on the blockchain, allowing anyone to verify results and ensuring the integrity and transparency of each decision.
4. Regular Voting Cycles: This burn initiative is just the beginning. Moving forward, GMT DAO will introduce new proposals and voting cycles every quarter, giving holders regular opportunities to shape the future of GMT via gmtdao.com.

This initiative showcases a proactive effort to ensure GMT’s sustainable future, emphasizing innovation and community engagement. The GMT DAO remains committed to true decentralization, empowering GMT holders to shape its direction. By enabling votes on key proposals, including a potential major token burn, the DAO highlights the power of collective input and its dedication to building a strong, thriving ecosystem.

The GMT Burn Initiative marks a new chapter in GMT’s journey, giving every holder a voice. Voting, which starts at 100 GMT, is now open at burngmt.com, inviting all GMT holders to help shape the token’s future.

About GMT DAO

The GMT DAO is an independent organization of GMT holders dedicated to overseeing GMT’s future through transparent and community-led governance. The DAO’s formation represents a commitment to empowering GMT holders with a voice in key decisions, from token management to ecosystem development.

For more information on the GMT Burn Initiative and to participate, users can visit burngmt.com.

About GMT 

GMT sits at the heart of the FSL ecosystem. Exclusively earned through STEPN, this token plays a crucial role across all FSL products. GMT operates on four blockchains—Solana, BNB Chain, Ethereum, and Polygon—and is pivotal in Gas Hero, where it’s used to trade items and burn for NFT level-ups. On MOOAR, all items can be traded using GMT, and it’s also central to primary sale raffle mints with key partners and is used in the newly launched STEPN GO to buy Sneakers and perform various in app functions.