We know it’s been a while. Time runs at a different, much faster rate in the crypto space, but that’s fine - we’re so much more than a crypto project.
As many of you know, GMD is a deflationary coin. 25% of the profits generated by Geoma DAO Coop will be used to buy back GMD and the coins will then be deleted. With each new node created and marked by the community, 100,000 GMDs are burned.
There are, at the moment, 30 active nodes (besides the internal ones), which means a burning of 3M GMD. On top of that, we’re burning another 1M to increase the economical power of the currency in this bearish trend of the market. That’s 4M GMD turned to ashes.
The increase in the number of nodes operating on the network is vital for ensuring its security and stability, so we always encourage our community to participate by running full nodes with open APIs. With over 170 forgers and 30 active nodes in our community at the moment, The Coop Network is getting stronger and much less vulnerable to attacks!
Hence, it seems like the right time to burn yet another 35M GMD from Safety Wallets, which is aligned with the deflationary nature of GMD.
The burn was completed in 3 steps. Burning details:
Taking into consideration our last burn and the latest updates from CoinMarketCap regarding the calculation of circulating supply (which most of the projects in the crypto space are guiding after), we came to the conclusion that a much realistic number for the circulating supply is 220.7M GMD. This can be easily calculated by subtracting the Safety Wallets and the project’s wallets (“Liquidity, Exchanges and Listings”, “Airdrops and Rewards”, “Marketing”, “Bridge”, “Development Team”) from the Total Supply (926M GMD after last burn).
An important thing to take into account is that 430M GMD out of the total supply are locked forever in Safety Wallets, as a measure against 51% attacks. We’ll transparently share all this data with CMC, so that our project can get the “(Verified/Rankable) Circulating Supply and Market Cap” status.
MEGA BURN ANNOUNCEMENT! Just completed a burn of 4M $GMD out of the 10M buyback + 35M from Safety wallets!