History of GMT coin, or Green Metaverse Token
The GMT coin, or Green Metaverse
Token, is an important part of the STEPN ecosystem and the broader Find
Satoshi Labs (FSL) ecosystem. Here is a summary of its history and purpose: Origins and Launch
Founding: The FSL development studio was established in August 2021
by Australian blockchain entrepreneur Yawn Rong and game developer Jerry
Huang. STEPN's Start: The team developed STEPN, a Web3
"move-to-earn" (M2E) lifestyle application. STEPN won the Gaming
Track of the Solana Ignition Hackathon in 2021. Seed Funding: The
project secured a significant $5 million seed round from major crypto
venture capital firms.Launch: The GMT token was officially launched in March
2022 through the Binance Launchpad. Purpose and Ecosystem
GMT is the governance token and primary value store for the STEPN app
and the entire FSL ecosystem, which operates on the Solana blockchain
(with versions also on BNB Chain and Ethereum) Governance GMT holders
can stake their tokens to participate in decentralized governance by
voting on proposals that affect the STEPN ecosystem (e.g., development,
tokenomic adjustments). Premium Utility & Burning GMT is primarily
used (and burned to reduce its supply) to access premium features and content
within the STEPN app: Minting high-quality NFT Sneakers. Upgrading
high-quality Gems. Leveling up Sneaker NFTs to level 30.Unlocking other
in-game perks. Earning Mechanism GMT can be earned by users in
the STEPN app who participate in "move-to-earn" activities (walking,
jogging, or running outdoors) while wearing their NFT Sneakers, especially once
they reach a high-enough level (Level 30). Tokenomics Total Supply: GMT has a fixed, deflationary supply
of 6 billion tokens. Dual-Token Model: STEPN operates on a
dual-token system: GST (Green Satoshi Token): The utility token with an
unlimited supply, earned for basic movement and used for in-app consumables
(repairs, low-level minting). GMT (Green Metaverse Token): The
governance token with a limited supply, used for high-level upgrades,
governance, and value accrual.
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