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It has not been yet confirmed by the team, but it has become known that GMT Token is planning changes within the project in 2022. Moreover, to unveil a wide range of crypto mining operations in the market, the GMT token team will bring miners’ equipment from other market players directly into their mining ecosystem.
It is expected that GMT will provide a suitable place for miners to place their equipment in the data center through this simplified initiative. As mentioned, the company will supercharge this with a monumental effort under concrete supervision using its mining capacity in the crypto world. In return, miners will be offered GMT tokens in an amount proportional to the token supply capacity.
It is important to note that a portion of the incentivized tokens are expected to be burned after the distribution. Right after this, the freed capacity will be distributed to all the existing tokens that are already in circulation. Thus, the supply capacity of each token and its mining potential will grow exponentially over time.
Moreover, through a third-party mining participant, the GMT token will be an augural crypto project to unite the GMT mining members. All things being equal, the supply capacity and the value of GMT token is expected to increase to $1.5 in the next 12 months with this new strategy.
This will help the company achieve its objective of eventually accounting for 20% of global Bitcoin mining. To successfully reach this target, other industry mining players in the market will support GMT. However, by utilizing the 20% from the BTC mining hashrate, GMT will be a pioneer contributor to the world’s geographical hashrate.
This is the reason why the GMT token company didn’t instantly migrate to the Binance exchange in the beginning of the project’s existence. More importantly, the company mentioned that they are eagerly working to appear on the world’s top-ranking exchange. GMT will make sure to meet all the necessary criteria to be on Binance. It hopes to achieve this developmental milestone in the digital finance space soon.
Read below to learn more about the criteria to get listed on Binance.
How a crypto project can get on Binance
It takes a few simple steps for a project to get listed on the Binance exchange. For a token to get listed on Binance, the token should first be listed on Binance Chain. After this, submit an on-chain proposal request following a list of the token’s transactions, etc.
Reason for Token Burning in the Crypto Space
Fintech companies hold token burning in high esteem in the digital asset industry, especially the GMT token team. They literally deploy token burning to reduce the overall supply to increase the underlying currency’s price to benefit traders and investors. For instance, the world’s top-ranking exchange Binance recently destroyed its BNB issued limit supply with a common sense of increasing the demand of the asset and value.
How GMT Burns Tokens
Besides, when it comes to token burning, GMT has its own approach which has already become a tradition. The burning of GMT moved hand in hand with the purchase of new mining equipment. After buying equipment, the team practically issues a new token into the system. Right after this, the released power of burned tokens is redistributed among the already existing tokens in circulation, resulting in an increase in the daily mining reward that the holder receives. This represents a brand-new burning approach that GMT has adopted.
What to expect
At the moment, the team has not yet confirmed the updates described above (regarding the introduction of equipment from other participants in the mining market to their ecosystem, etc), but it is probably worth waiting for official statements and press releases from the company. In any case, such fundamental changes will potentially affect not only price performance and mining income, but also the overall perception of the project in the blockchain market.