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Gate.io GT Buyback & Burn Results for the Second Quarter of 2021

2021-07-31 15:00:26Read:2597376

Since September 1st, 2020, Gate.io has set aside 20% of platform profits to buy back and burn GT. Among the total GT that were burned, 75% were bought from the open market and 25% from the eco-market. GT buyback & burn data alongside burn transaction IDs will be published quarterly.

Benefited from the booming of the whole blockchain industry, Gate.io witnessed a highest number of users and volume of transactions in 8 years, destroying a total of 4,873,866.2716761 GT (GT average price 4.471143956044, total value 21791757.723171 USDT).

The detailed information is summarized as follows:
  1. Gate.io ranked 6th among the best crypto exchanges for Q2 of 2021 according to Forbes Advisor (click here to know more)
  2. The blockchain industry reached the peak of the bull market in Q2 of 2021, and the platform ran smoothly during the most dramatic fluctuations, ensuring no downtime and smooth top-ups and withdrawals, as well as providing users with an excellent experience.
  3. Thanks to the prosperous industry and the stable operation of the platform, the Q2 of 2021 has witnessed a sharp increase in the number of users and trading volume as well as profits.
  4. In Q2 of 2021, many top global market makers settled in Gate.io. On the one hand, The platform brings considerable revenue to the quantitative team with friendly Maker rates and rich retail trading. At the same time, it also brings liquidity to the platform. Regardless of the market, although the declining average cost of user expenses will affect the short-term profit of the platform, it will be more conducive to improve users’ experience and maintain long-term competitive advantage.
  5. In Q2 of 2021, the new fee rate structure for perpetual contracts had its own advantage and made Gate.io one of the platforms with the lowest perpetual contract rates in the world. Also, the transaction volume has risen sharply, with the highest daily trading volume exceeding $5 billion. Under the circumstances, the overall revenue has increased significantly, becoming one of the main revenues of the platform;
  6. In Q2 of 2021, Startup activities and voting activities will be converted to free airdrops, and the contribution to GT repurchase is relatively low. All income will be included in the destruction of GT repurchase in the last quarter of the year;
  7. In Q2 of 2021, the total number of burnt GT was 4,873,866.2716761 GT, the average price of GT is 4.471143956044 and the total value is 21,791,757.723171 USDT
  8. In the case of a substantial increase in revenue, the number of GT burns decreased compared with Q1 in 2021. The reason is that the average price of GT in Q2 has increased by 4.0352 times compared with Q1;
  9. Burn transaction record: https://block.info/explorer/eth/txs/0xc6a3cd4b80f75acac0d5a603027c734a8ba56c75f3eab8f375eab56df0dc448d
  10. The initial supply was 300 million GT, and 139,172,923.76216168 GT have been burnt till now. Click the link to check: https://block.info/explorer/eth/address/0x2b8f8d19f5ba3bec5b44deded3818a427895f308?page=1&tag=holdToken
  11. The eco-market has 20 million GT, which will not flow to the market until they are burnt.
  12. After this burn, the current GT circulating supply is 130,827,076.2378383 GateTokens (GT circulation - frozen quantity) (excluding the legal fund and mining output allocations).
  13. The production speed of the network PoS is much lower than the burn rate, and GT is considered to be in a state of net deflation.
  14. Based on the actual amount of GT in circulation and the amount burnt in Q2, the deflation rate is estimated at 3.725%.

In Q2 of 2021, Gate.io was selected as one of the world’s best crypto exchanges according to Forbes Advisor. According to CER, it is also one of the safest platforms in the world, an authoritative third-party organization. Under the background of the rapid development of the blockchain industry, it has gained more attention from mainstream media and institutions and more trust from users.

Gate.io is rapidly advancing the process of global compliance and we are delighted to welcome more partners with experience in compliance operations. Join us to build a world-leading secure and compliant trading platform.

Thank you for your trust and support!

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Gate.io Team

August 3, 2021

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