We are excited to announce an upcoming update to the GET tokenomics, that paves the way for GET to reflect its true value as related to adoption and success of the protocol. It will also make things easier for holders and traders to hold and trade GET. Let’s take a look.
How have things been so far?
We’ve learned a lot from the past few years. One of the things we’ve learned is that having a fundamentally strong project with tons of real-world traction does not guarantee a steady growth in token value and project recognition.
Although we know we are one of the limited amount of projects out there with actual adoption and substantial development, until now the price discovery on the open market has been lacking. This, coinciding with the lack of substantial liquidity, has made it difficult for new traders to join the project and for current holders to comfortably speculate on the value of GET.
We are at least partly to blame here, partly for not fully playing the crypto hype-game and partly for making our token economics somewhat complex, with certain unclear variables and cycles.
The current economic model has lead us to the point where the value of GET does not reflect the true value of the protocol. That is going to change.
What’s going to happen?
In the upcoming period, we will be releasing a new and improved token economics model, which will contain some significant changes. We believe these will benefit both traders of the GET token as well as the protocol itself.
The exact figures and calculations will be provided before long, but there are already two things that we can share:
-> There is going to be significant increase in the burning of GET
For every ticket sold using the Protocol, GET is going to be burned. This will lead to substantial burning and will make GET much more scarce. In fact:
Before the end of 2022, at least 50% of the total supply of GET is going to be burned and will disappear from the face of the earth.
It will also lead to a situation where ticketing companies will have to buy their GET directly from the open market. More about the timing, process and potential value as connected to this new scarcity will be provided in full at a later point.
-> Liquidity will happen
Not only does liquidity facilitate a more comfortable position for traders (as it decreases the chance of slippage when buying or selling significant amounts of GET), it is also an essential component of our business plan. The process of creating and sustaining more liquidity will be rolled out in steps over the upcoming period.
That will have to be all for now- but rest assured that all of this will be fleshed out further upon the release of the updated tokenomics. We can’t wait to bring it to you in all its glory, along with the relevant tools for (potential) traders to make their own calculations and projections on the future of GET.
More about the GET Protocol
Any questions or want to know more about what we do? Join our active Telegram community for any questions you might have, read our whitepaper, visit the website, join the discussion on the GET Protocol Reddit. Or get yourself a smart event ticket in our sandbox environment. Download the GUTS Tickets app on iOS or Android.