Today we present our sixth proposal to our community: Gamium DAO’s GIP-6: More utility for $GMM.
The Gamium DAO is Gamium’s decentralized organization that aims to collect quality ideas & feedback from the community and make decisions in the most effective way possible that benefits Gamium’s ecosystem.
Gamium DAO’s GIP-6 has already been posted on Gamium’s official Snapshot profile. This means that Gamium DAO members can vote and decide!
Below, we share the proposal so you can study it calmly before voting.
GAMIUM DAO’S GIP-6: MORE UTILITY FOR $GMM
INDEX
- ABSTRACT
- MOTIVATION
- DETAILS
- VOTING TOPIC
- STEPS TO IMPLEMENT
- TIMELINE
- OVERALL COST
ABSTRACT
This proposal aims to enhance the value of the $GMM token by implementing the following key changes:
- Conduct 3 $GMM monthly token burns over the next 3 months, corresponding to a 10:1 $MST/$GMM ratio, starting on August 15. This means that for every 10 $MST tokens generated through $GMM Staking, 1 $GMM token will be converted and burned from $GMM’s circulating supply. The total amount of $GMM tokens that will be burned will be 360M.
- Replace the $MST for $GMM as the utility token for Genesis.
MOTIVATION
Since day one, we have dedicated ourselves to creating the most robust Tokenomics for $GMM, and our commitment will soon culminate in a transition to a Tokenomics 2.0 version. On the one hand, conducting 3 monthly token burns over the next 3 months will enhance $GMM’s long-term value by reducing its circulating supply and increasing scarcity.
On the other hand, our decision to provide more utility to $GMM rather than introducing a new utility token ($MST) stems from our shared vision of benefiting our holders; $GMM will become more valuable as a governance token for Gamium and a utility token for Genesis. We also believe this will improve Genesis’ user experience for the Gamium community.
Together, we will create the best possible future for $GMM!
DETAILS
To achieve the objectives outlined in this proposal, the following actions will be taken:
- Replace $MST with $GMM. This means that for every 10 $MST tokens generated through $GMM Staking, 1 $GMM token will be converted and burned from $GMM’s circulating supply.
- Token Burns: 3 token burns will be executed, each involving the same quantity of $GMM tokens. 3 burns will be performed on the following schedule:
- 1st Token Burn: August 15, 2023–120M $GMM tokens.
- 2nd Token Burn: September 15, 2023–120M $GMM tokens.
- 3rd Token Burn: October 15, 2023–120M $GMM tokens.
- The total amount of $GMM tokens that will be burned will be 360M.
VOTING TOPIC
The Gamium Team proposes the following question to its community:
“Do you approve the execution of 3 $GMM monthly token burns over the next 3 months (a total of 360M of $GMM tokens), starting in August, based on the replacement of $MST for $GMM?”
The community can decide by voting on one of the following options:
- Option 1) Yes
- Option 2) No
STEPS TO IMPLEMENT
Burn 120M $GMM tokens from the Treasury Address on the specified dates.
TIMELINE
The estimated timeline for implementing this proposal is as follows:
- July 2023: Replacement of $MST with $GMM at a 10:1 ratio.
- 1st Token Burn: August 15, 2023–120M $GMM tokens.
- 2nd Token Burn: September 15, 2023–120M $GMM tokens.
- 3rd Token Burn: October 15, 2023–120M $GMM tokens.
OVERALL COST
The overall cost of implementing this proposal is estimated to be around $100.
If you wish to participate in the voting, please read the proposal calmly and carefully to make the best decision. Before making a decision, we recommend you read this article, where we explain how the Gamium DAO works and its benefits for Gamium’s ecosystem.
VOTE NOW ON SNAPSHOT:
About Gamium
Gamium is a technology company that creates digital identity and metaverse solutions for individuals, businesses, and developers.
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About Genesis
Genesis is a social platform that allows users to create and live immersive virtual experiences with limitless possibilities.
