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    Gate.io GT Buyback & Burn Results for the Second Quarter of 2022

    Create Time:2022-07-13 04:09:25 UTCRead:9834

    Since September 1st, 2020, Gate.io has been setting aside 20% of its platform profits to buy back and burn GT. Among the total GT that were burnt, 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 second quarter of 2022 (Q2), the blockchain industry experienced huge fluctuations. This created huge trading opportunities for users. As such, both the trading volume and the number of Gate.io users reached a historical high. And a total of 3137551.9545226 GT was burnt in this quarter (the average price of GT was 5.6455087912088, the total value was approximately 17713077.142132 USDT based on the GT average repurchase cost of 5.6455087912088).

    The detailed information is summarized as follows:
    1. After the platform achieved more than 10 million users worldwide in 2022 Q1, users continued to grow and the platform ranked among the top ten cryptocurrency exchanges in the world;
    2. In 2022 Q2, the blockchain industry fluctuated significantly, UST was heavily depegged, and LUNA fell by more than 95% in a single day. The platform has withstood the test of sharp market fluctuations, and has always maintained stable operation, with smooth deposit and withdrawal, so as to ensure that users do not miss key market opportunities;
    3. In 2022 Q2, due to the market, spot retail investors were greatly affected, and institutions increased significantly. In addition, compared with spot, the proportion of futures increased;
    4. In 2022 Q2, the trading volume of perpetual contracts maintained a momentum, with an average biweekly trading volume of more than $40 billion, making it one of the world's largest contract trading platforms;
    5. In 2022 Q2, Startup airdrops millions of dollars worth of benefits for users around the world free of charge, which is the largest platform in the world to provide users with airdrop benefits;
    6. The total number of GT burnt in the second quarter of 2022 (Q2) is 3137551.9545226 GT, the average price of GT was 5.6455087912088, the total value was approximately 17713077.142132 USDT based on the GT average repurchase cost of 5.6455087912088;
    7. Burn transaction record: https://etherscan.io/tx/0x3145330a405075fcae98cc8e781f4293d2295fbe7ca82d06b6b47fb27348f469
    8. The initial supply was 300 million GT, and 154622183.31993818 GT have been burnt till now. Click the link to check:
    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 115,377,816.68006182 (excluding the legal fund and mining output allocations);
    11. The GT PoS generation rate is much lower than the burn rate, so GT is in a state of net deflation.
    12. Based on the actual amount of GT in circulation and the amount burnt in Q2, the burnt amount is about 2.71937% of the circulation amount.

    Gate.io was selected as one of the world's best exchanges by Forbes Advisor in 2021, and we are also one of the most secure platforms in the world assessed by the authoritative third-party organization, CER. The website traffic reached a new high in 2022, becoming the choice of 10 million users worldwide. Gate.io kicked off its ninth anniversary celebration in May. The Gate.io brand logo, color, slogan and the main website page were fully updated, and working with each user to promote the progress and take-off of the cryptocurrency world.

    Gate.io is launching the second 100% margin third-party audit, and is the only trading platform in the world that provides 100% margin certificates. Meanwhile, we quickly promote the process of globalization and compliance, and we welcome blockchain talents from all over the world to join Gate.io to bring secure and innovative blockchain services to customers and partners around the world. Thank you for your trust and support!

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    Reach out to us!
    Twitter: https://twitter.com/gate_io
    Telegram: https://t.me/gateio
    Podcast: https://gateio.buzzsprout.com/?ch=buzzs

    Gate.io Team
    July 13

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