GMC is migrating to the BSC with an increased supply of 5 Billion from 50 Million & all GMC holders received 100x GMC - Congrats! 💰
October 30, 2021 - GokuMarket is expanding the ecosystem exponentially from a single & centralized E-commerce & Trading platform to multiple Centralized & Decentralized platforms as part of the ongoing and upcoming geographical & regulatory partnerships. The GMC migration to the Binance Smart Chain (BSC) and the increase of the liquidity are required in order to support the GMC community demand, funding, and acquisitions of various partners with a revised total fixed token supply raised from 50 Million to 5 Billion GMC, i.e. 100x times, without influencing and affecting the price of GMC.
🤔 What will happen to the Current GMC❓
📍 Based on the increase in total fixed supply from 50 Million to 5 Billion GMC, there are 4.95 Billion additional GMC minted.
📍 The current 3.155 Million GMC supply at the time of GMC Migration will be raised 100x times to 315.5 Million.
To protect the price of GMC and prevent any dumping and price fluctuations the below GMC Unlock Schedule will be followed.
📣 GMC Unlock Program 🔥
👉 Day Zero
On day zero, each GMC holder on GokuMarket.com will immediately be distributed with an additional 10% of GMC into their Rewards Wallet based on their existing holdings in all their GokuMarket Wallets (Main, Trading, Staking & Rewards Wallets). The unlocked GMC can be used to pay for trading fees, trade, shop, HODL, and earn staking rewards by simply adding to your GMC Vault. The rest of the GMC balances will be distributed in the following manner shown here below.
1. Trading Fees
On day zero, 40% (approximately 125 million) of the remaining Locked GMC tokens are immediately made available for paying trading fees. These GMC tokens can be accessed by enabling “Pay Exchange Fees in GMC” on GokuMarket in your settings and they do not qualify for Affiliate Rewards. These GMC tokens will be burned if they are not used for trading fees at a rate of 10% per quarter.
2. Trading Volume Unlock
An additional 60% of the Locked GMC tokens will be released based on your daily trading activities.
For every $10,000 worth of non-GMC and non-stable-stable/fiat pairs* trading, 1 GMC will be unlocked into your Rewards Wallet, following the daily variable unlocking limit. The daily variable Volume Unlock limit is around 100 GMC per user, 20 GMC per trading pair, and 10 GMC per transaction, but there is no time limit forcing the users to trade or lose it daily as it keeps rolling forward. Read more.
*Excluded trading pairs: GMC/USDT, GMC/ETH, GMC/BTC, TUSD/USDT, USDC/USDT, USDP/USDT, & USDT/EUR.
All GMC HODLers on GokuMarket.com before the migration are eligible for the distribution. GMC Unlock Program statistics and the progress can be checked from either on the web or the mobile super app and learn more in the FAQs.
Why didn’t GokuMarket Distribute all GMC on the Day 1?
Distributing all GMCs to our community on Day-1 would have made our development team happy, as it would have saved them from hours of hard work they have put in to come up with the Unlock Program Schedule. However, a successful token is a function of its tokenomics.
Releasing the complete GMC would have not only disrupted the tokenomics of GMC, but would have also disrupted the GMC price.
Why has some portion been reserved exclusively for fees?
The number 1 use case of GMC is trading fee discount. GokuMarket is a crypto exchange where all of the community members trade.
Keeping these conditions in mind, we wanted to ensure that a portion of GMC is used exclusively for trading fees. This also ensures that we are building the right community of traders and crypto enthusiasts, and not just turning this into a game of acquiring GMC. Time and again we’ve informed our users that the primary aim of GMC is to build a community and provide trading fee discounts to those who own it. With this release schedule, we’re staying true to our commitment towards GMC.
Why do I need to trade again to unlock my GMC?
GokuMarket has traveled a long journey in the past 2 years and we want to continue the journey of growth. For this, we will have to work as a community. We cannot do it without our community helping us out. This is one of the biggest reasons why we’ve carved out a portion of GMC to be unlocked through trading. The good thing is that you’ll be able to use your existing GMC that has been reserved for fees to pay the trading fees. Then on a daily basis you will earn additional GMC being unlocked based on your daily trading volume achieved - happy trading!
How much GMC can I unlock with Trading Volume on a daily basis?
The daily variable Volume Unlock limit is around 100 GMC per user.
Each user will have a maximum daily unlocking limit of around 100 GMC per day and this amount will be flexible and evaluated and adjusted from time to time based on the supply and demand of GMC in the open market. For example, the more GMC we collectively stake in the GMC Vault and HODL, then less circulating supply and the greater the opportunity for GMC to set new all time highs over and over again as we continue to share the benefits and build our community bigger and stronger together.
Does the daily GMC Trading Volume Unlock rollover to the next day?
Yes, for the Trading Volume Unlock there is no time limit forcing the users to trade or lose it daily as it keeps rolling forward.
Can a third-party or APIs be used to achieve GMC Trading Volume Unlock?
Third-party access to your GokuMarket account or letting anyone else trade on your behalf is strictly prohibited and if uncovered, such account(s) will be immediately disqualified from the GMC Unlock Program altogether.
Use of any APIs to trade for the purpose of generating the GMC Trading Volume Unlock is also prohibited and will result in the account(s) being disqualified from the GMC Unlock Program altogether. Users should perform all trades personally by being logged in to their own GokuMarket account.
The GMC Unlock Program is intended to inspire and motivate more people to learn about and educate themselves about the potential benefits of cryptocurrency trading.
Are there any limits on the amount of GMC that can be unlocked in the GMC Volume Unlocking Program during trading?
First, each individual trade can maximum unlock 10 GMC per transaction.
For example, if a user has made a successful trade of $100,000 USDT worth of buying BTC, then the GMC Unlocking Volume 1 GMC per $10,000 trading value, so $100,000 equals 10 GMC (100,000/10,000) in volume unlocking. Any single trade above $100,000 worth will only unlock 10 GMC per trade.
Second, each trading pair that is part of the unlocking program can maximum unlock 20 GMC per day.
For example, if a user has made a successful trade of $10,000 USDT worth of buying BTC, then it equals to 10 GMC in volume unlocking. If a user makes a second trade the total is 20 GMC in volume unlock on this USDT/BTC pair and the next trade on this same pair will not unlock any more new GMC. Instead the user can switch to trade on another pair such as USDT with ETH for example to also unlock up to 20 GMC per day.
Third, there is a daily variable Volume Unlock limit of around 100 GMC per user and this amount will be flexible and evaluated and adjusted from time to time based on the supply and demand of GMC in the open market.
For example, a user can unlock up to 20 GMC per each trading pair (USDT/BTC, USDT/ETH, etc.) and once the user has unlocked 100 GMC per day, any additional trades will simply not unlock any more new GMC until the next day comes along. Please note that the 100 GMC is a daily variable Volume Unlock limit.
Overall, for example, if a user has a personal total GMC Unlocking Volume limit of 500 GMC, then they can choose to start with trading on the BTC/USDT trading pair until they reach the daily limit of unlocking 20 GMC. Anytime, they can switch to trade and learn more about other cryptos and projects by trading them as well. The user may during any given day unlock for example 20 GMC trading BTC/USDT and 20 GMC trading ETH/USDT, and 20 GMC trading TRX/USDT, until reaching their total daily limit of 100 GMC. After trading and unlocking 100 GMC per day for 5 days, the total 500 GMC limit has been fully unlocked.
GMC 100X Explained with example
User is holding: 100 GMC (includes GMC Vault Staking)
Then as GMC total supply is now 5 Billion instead of 50 Million. Then this user should have 100 GMC x 100 => 10 000 GMC (includes initial 100 GMC)
Therefore the distribution is,
- Untouched initial holding = 100GMC
- Day Zero 10% of initial holding immediately distributed = 10 GMC
- Locked GMC = 10 000 - 100 - 10 => 9890 GMC
C1. 40% of locked GMC is for trading fees = 3956 GMC
C2. 60% of locked GMC is for volume unlock by trading (100$ trade volume unlocks 1 GMC) = 5934 GMC
GokuMarket is a European-licensed crypto wallet, exchange, and marketplace provider, known as the one marketplace for the blockchain economy. The platform operates globally, with its primary markets being Poland, Czech Republic, France, Scandinavia, United Kingdom, Nigeria, Thailand, Vietnam, Japan, Ecuador & Colombia.
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Unlock & Enjoy 100x GMC! ⚡
rev. [2021-11-15], [2021-12-08], [2021-12-12], [2021-12-23], [2022-01-06]
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