STEPN WHITEPAPER
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GMT (Part A)
Supply
The GMT is minted at the Token Generation Event (TGE), with a total of 6,000,000,000 minted on 9th Mar 2022. Following is the contract address of GMT:
https://explorer.solana.com/address/7i5KKsX2weiTkry7jA4ZwSuXGhs5eJBEjY8vVxR4pfRx
GMT Vesting Mechanics
30% of total GMT will be distributed to users through move&earn and Governance participation. To ensure the longevity of the STEPN project, the total release of GMT will halve every three years. For more about GMT token distribution and vesting schedule, please visit https://stepn.com/litePaper
GMT Earning Starting Date
Stage
Prerequisite
Event
Stage 1
Infrastructure prerequisite
GMT Swap/Trade function opened
Stage 2
Utility prerequisite
GMT use case incrementally implemented
Stage 3
Burning prerequisite
GMT burning progress bar installed
Stage 4
GMT Earning Event
GMT earning kick off once the progress bar hit 100%
GMT Earning Mechanics
Level requirement
GMT earning is only available to Sneakers that reaches to Level 30.
Rule of Three Requirement
It is a mandatory requirement to have AT LEAST three Energy in order to start earning GMT.
Halving Mechanics
Each day, a set number of GMT will be unlocked to earn. The daily release of GMT follows exponential decay pattern, on the first day of the 3rd year, the daily GMT unlocked is exactly halved compared to the 1st day of GMT been available to earn.
Einstein Mechanics
“God tirelessly plays dice under laws which he has himself prescribed”
The system constantly adds randomness to Users’ GMT earning, which makes earning unpredictable. To avoid any extrapolation on earnings, the settlement of GMT will be done in every several mins.
Bitcoin Mechanic
The GMT earning per person are pro rata based just like the difficulty bomb in Bitcoin and Ethereum design but settles instantly. The more users earning GMT at a given time, the less GMT earning will be available per person. Vice Versa.
Comfort Mechanics
The more Comfort, the higher the earning. GMT earning formula will be released once the earning is enabled in the app.
GMT Burning Mechanics (Destroying)
NFT
- 1.Burn GMT to reach level 5/10/20/29/30
- 2.Burn GMT to upgrade Level 4+ Gems
- 3.Burn GMT to mint ALL Sneaker qualities
- 4.Burn GMT to re-distribute Attribute points
Enhance In-app Mechanics
- 1.Burn GMT to permanently increase GST Daily Earning Cap
- 2.Burn GMT to permanently improve success rate of ALL Gem upgrade
- 3.Burn GMT to permanently improve the chance to receive a higher quality Sneaker from opening Shoebox
- 4.Burn GMT to permanently improve the chance to receive TWO Sneaker from Shoe-Minting
Schadenfreude Pools
‘Schadenfreude is the experience of joy that comes from learning of the failures of another.’
Schadenfreude Pools are the pools that users can subscribe to, in order to burn GMT and permanently earn GST return from other players’ misfortune moments, such as:
- 1.Receiving a lower quality Sneaker from higher quality Shoebox
- 2.Unsuccessful upgrade Gems.
Please note:
- 1.GST return comes from taking a small % tax from all users’ GST burning from Shoe-Minting or Gem upgrades.
- 2.The Schadenfreude Pools will have different varieties. Each variety of pools will correspond to a sneaker quality — hence five varieties of pools correspond to Common, Uncommon, Rare, Epic and Legendary sneaker qualities. Each variety of pool will share the same % tax.
- 3.The smaller the size of the pool, the lesser GMT it takes to fill the pool. Once the lower sized pools are filled, the higher sized pool will be opened to subscribe.
GMT Staking Rules
Coming Soon.
Last modified 19d ago