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    Gate.io Upgrades GT to Exchange Token and Updates POINTs Expiration Date

    Create Time:2020-03-02 12:41:30 UTCRead:190205

    Since its launch, GT has received massive attention and support from our users. Whether GT is considered an exchange based token, its inflation model and buy-back scheme are some of the most discussed topics in our communities. We have received many valuable suggestions and feedback regarding these aspects, after a series of discussions, we have decided to upgrade GT to an exchange based token and apply the deflation model.
    In the future, GT will no longer be generated or issued through PoS or other methods. In the meantime, GC token will be launched as the mainnet token when the GateChain mainnet is live, it will be generated through PoS mechanism to serve as incentives in the GateChain Ecos ystem. On the other hand, GT will still remain an important part of the GateChain Eco. It will be upgraded to the GateChain mainnet when it is live and under its protection. Only 50 million of the unissued GT will be used for mainnet development, marketing and ecos ystem construction. This part of GT will be purchased with the profit of the platform, and will not circulate in the market. Also, Gate.io will start buying back GT from the market after Gate POINTs are expired.

    Exchange Token GT & Mainnet Token GC

    1. As the current native token of GateChain, GT is now upgraded to an exchange based token. While GateChain Mainnet will launch GC as its new native token to incentivize and protect the network.
    2. The issuance of GC is divided into two parts - the Genesis issuance and the PoS issuance. The GC will be distributed to GT based on certain ratio. The details of the distribution and lock-up will be revealed when GateChain mainnet goes live.

    GT Token Burn

    1. As an exchange based token, there will be no further release of GT. We will apply deflation model and start the buy-back on GT.
    2. The 200 million GT allocated for PoS mining will be burned.
    3. The 500 million GT allocated for development, marketing and eco will be divided into two parts: 450 million will be burned, and the rest of the 50 million will be purchased with the profit from the platform and will not be released to the market.
    4. The 50 million GT allocated for GT Safety and Law Funds will be decreased to 30 million GT. Currently we have purchased 40 million GT from the open market for the funds, and the average purchase price is 0.67USDT/GT (note: the GT received from the Startup Discount Offers were not included); 10 miilion GT will be burned accordingly.
    5. The original max supply of GT is 1 billion, the initial issuance is 300 million GT. Until March 1st, 99,854,189 GT have been burned, with 200,145,800 GT left. After this upgrade, the total supply of GT will decreased to 240,145,800 GT, within which 50,000,000 (50M) GT is used for development, marketing and eco and does not circulate in the market, and 30,000,000 (30M) GT is locked as GT Safety and Law Funds. Thus, the circulation supply of GT will be 160,145,800 GT.

    Gate POINTs Expiration Date

    Gate POINT was first introduced on April 8th, 2019, and has been used for fee deduction for multiple trading services on the platform. Up till now, the percentage of the POINTs consume over the past 9 months is 56.38%. It is estimated the percentage of consumption will reach 90% after 6 months. Since POINTs offer lower discounts, currently, POINTs are the mostly used method for fee deduction.

    In order to ex ecute the GT buy-back scheme (details below) earlier, we will close the official POINTs purchase service immediately. From UTC 16:00, August 31st, 2020, POINTs will no longer support handling fee deduction in regular Markets, Margin Trading, and Contract Trading; POINTs will support handling fee deduction in Fiat Trading, we will also enable fee deduction with POINTs in other services such as margin lending and borrowing until all the POINTs are consumed. After that GT will be used for handling fee deduction in most cases. Also, the GT buy-back scheme will start from September 1st using the profit from Regular Markets, Margin Trading and Contract Trading.

    GT Buy-back Scheme

    1. From September 1st, 2020, Gate.io will use 20% of the profit from the handling fees in Regular Markets, Margin Trading and Contract Trading (and other major products on the platform) to buy back and burn GTs.
    2. In the buy back, 5% of the GTs will be used for development, marketing and eco, and will not circulate in the market.
    3. in the buy back, 15% of the GTs will be burned publicly.
    4. The buy-back ratio will be adjusted based on the market performance and the industry development (the buy-back ratio shall remain stable in most cases).
    5. After the buy-back scheme starts, the Startup Special Offer with Mainstream Currencies for GT burns will no longer be available. For festivals and special celebrations, we will still offer mainstream currencies at a discount, but the funds we receive will be included as the profit for the buy-back instead.
    6. Before the buy-back scheme starts, the Startup Special Offer with Mainstream Currencies for GT burns continues.
    7. Currently, GT is already under the deflation model.

    Benefits of Holding GT as an Exchange Token

    1. Gain interest with the new GT buy-back schemes
    2. Obtain VIP levels
    3. Use GT to pay for handling fees
    4. Participate in Startup Sales
    5. Participate in Listing Vote (click here to check out the Votes )
    6. GT Safety and Law Fund
    7. Participate in Gate.io HODL & Earn
    8. GateChain Vault Account(after Mainnet launch)
    9. Decentralized trading (after Mainnet launch)
    More benefits are coming, please stay tuned!

    Announcements for previous GT Burn Record

    GT Safety and Law Fund Holdings and GT Purchase Records Overview

    GT Safety and Law Fund has Purchased 40 Million GT
    GT buy-back and burn results

    March 2rd, 2019

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