gt_caidan
  • Preference Settings
    From- To time of the change range
    Theme
    Bright
    Classic black
    Pitch black
  • Exchange Rate Switch
    Language
    • 简体中文
    • English
    • Tiếng Việt
    • 繁体中文
    • Español
    • Русский язык
    • Français
    • Deutsch
    • Italiano
    • Português
    • ภาษาไทย
    • Indonesia
    • Türkçe
    • 日本語
    Exchange Rate Switch
    • CNY
    • USD
    • KRW
    • VND
    • EUR
    • GBP
    • HKD
    • JPY
    • RUB
    • TRY
    • INR
Coin Price 24h %
Back To

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

2021-11-18 10:28:43 UTCRead:104581

Since September 1st, 2020, Gate.io has set aside 20% of its 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.

In the third quarter of 2021 (Q3), affected by the tightening of regulatory policies in the Asian market and other factors, Bitcoin’s price fell rapidly from the historical high of US $60,000 and once fell below US $30,000. Since then, in the whole third quarter of 2021 (Q3), bitcoin price fluctuated around US $30,000 to 40,000, and the market was much less volatile than that in the second quarter of 2021 (Q2). The concept of DeFi was not the focus of the market in this quarter, whereas the concepts of NFT and metauniverse were gradually popular. The number of registered users of the platform continued to rise, the spot trading volume contracted significantly affected by the market, and the contract business continued to grow. A total of 3,672,687.9318833 GT was destroyed in this quarter (the GT repurchase cost was 4.0210804347826, and the total value was approximately 23,137,933.97086479 USDT based on the current GT price of USD 6.3).

The detailed information is summarized as follows:
1. The number of users of Gate.io continues to grow, with the number of global users exceeding 6 million(Data as of the end of the third quarter);
2. In the third quarter of 2021 (Q3), the industry was affected by the tightening of regulatory policies and other adverse factors, and the total market value of cryptocurrency shrank rapidly, with a decrease of more than 50% compared with the peak. Correspondingly, the spot revenue of the platform decreased by 58%;
3. Affected by the depression of the spot market and the reduction of market volatility, the contract demand increased significantly, and the revenue of the platform contract business increased by 263%;
4. The Gate.io NFT magic box was launched, and the number of NFT works created by users exceeded 50,000. The product scale grew rapidly, and the on-chain activity on the Gatechain increased significantly, but no positive revenue has been generated yet.
5. The total number of GT destroyed in the third quarter of 2021 (Q3) is 3,672,687.9318833 GT, the average repurchase cost of GT is 4.0210804347826, and the total value is approximately 23,137,933.97086479 USDT based on the current GT price of USD 6.3;
6. The number of GT destroyed in this quarter decreased by 24.64% compared with Q2 in 2021, because the total market value of Q3 encryption industry shrank sharply and the market was relatively flat, affecting the spot revenue;
7. Burn transaction record:https://etherscan.io/tx/0xdc31508ed828a422fa0a510859de48b5fed1cafb256f8b27bef98b477bbbcf21
8. The initial supply was 300 million GT, and 142,845,611.69404498 GT have been burnt till now. Click the link to check: https://etherscan.io/token/0xe66747a101bff2dba3697199dcce5b743b454759?a=0x2b8f8d19f5ba3bec5b44deded3818a427895f308
9. The uncirculated supply has 20 million GT, which will not flow to the market until they are burnt.
10. After this burn, the current GT circulating supply is 127,154,388.30595502 GateTokens (GT circulation - frozen quantity) (excluding the legal fund and mining output allocations).
11. 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.
12. Based on the actual amount of GT in circulation and the amount burnt in Q3, the deflation rate is estimated at 2.88836%.


As of today, Gate.io has launched more than 1,000 trading coins. It is the largest trading variety in products of virtual currencies in the world. It can meet the trading needs of advanced traders for various new tokens. It is rated as "the dream of altcoin hunter" by the third-party organization Coin Clarity. Meanwhile, we are also one of the most secure platforms in the world assessed by the authoritative third-party organization CER.

Gate.io is rapidly promoting the process of globalization and compliance. It is believed that through scientific, intelligent and leading blockchain applications, it can promote world economic and social development and the progress of people's lives. We welcome blockchain talents from all over the world to join Gate.io to jointly bring secure and innovative blockchain services to customers and partners around the world. Thank you for your trust and support!


Gate.io | Your Gateway to the Blockchain Universe


Sign up to enter the crypto gateway and get 40% commission from referrals
Download iOS/Android App right now.

Reach out to us!
Twitter: https://twitter.com/gate_io
Telegram: https://t.me/gateio_copytrading_global
Instagram:https://www.instagram.com/gateioglobal
Medium:https://medium.com/@gateio
Podcast: https://gateio.buzzsprout.com/?ch=buzzs

Gate.io Team
November 18

Share to: