Announcements Announcement on the On-chain Burning of Gate Token (GT) in the Second Quarter of 2023

Announcement on the On-chain Burning of Gate Token (GT) in the Second Quarter of 2023

2023-08-02 08:12:02 UTC 25676 Read

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As the utility token and gas token on GateChain, Gate Token (GT) supports the underlying transfer system of GateChain. Since the launch of GateChain in 2019, GT has been constantly burned, the total supply has been cut by approximately 50%, from the initial 300 million to the current 150 million, and it continues to decrease. In 2023, we will continue to implement GT burning policy in a legal and compliant manner. We will regularly transfer it to the burning address until its actual circulation drops below 100 million. In this round, a total of 1651331.6113899 GT will be transferred to the burning address for burning. 
The on-chain burning address is: https://etherscan.io/tx/0x9ac07e26b0a63bb455797d52dee018be79747d5ddb5e509e23024f5a1620730b
So far, a total of 162.6 million GT tokens have been burned, with approximately 107 million GT tokens remaining in circulation.

On the underlying protocol, in 2023, we will change the gas token adjustment mechanism on the chain. We will dynamically adjust the on-chain gas fee based on the level of activity on the chain, and introduce an on-chain auto-burn mechanism for Gatechain. As the transfer business on the chain increases, more GT tokens that support the underlying Gas token will be burned. In 2024, we intend to bring GateChain under the support of Layer 2 protocol and a more general cross-chain. With a more secure mechanism, the speed of asset flow and usability across different chains will surely be enhanced, thus laying an underlying protocol foundation for the GateChain Web3 ecology.

Regarding application-layer developments, the Gate.io Web3 platform has been launched, which will effectively take advantage of GateChain’s efficiency, low cost, and high throughput, thus allowing users to enjoy its multiple features, such as decentralized perpetual contracts on Web 3, cross-chain swap, NFTs, and DApps. Meanwhile, the Gate Wallet within the GateChain ecosystem has also been launched and is rapidly evolving. Apart from supporting GateChain, it will also make the usage of hundreds of blockchains, tens of thousands of tokens and thousands of DApp applications possible. Designed to be a Web3 portal for Web3 users, the Gate Wallet aims to provide users with one-stop access to the wonderful Web3 ecology in an easy way.

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Gate.io Team
August 2nd, 2023

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Announcement on the On-chain Burning of Gate Token (GT) in the Second Quarter of 2023

Announcement on the On-chain Burning of Gate Token (GT) in the Second Quarter of 2023

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