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

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

2023-04-24 06:54:24 UTC 16238 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, reducing its total supply by approximately 50%, from the initial 300 million to the current 150 million, with further reductions ongoing. 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 1954153.476137 GT will be transferred to the burning address for burning. The on-chain burning address is:
https://etherscan.io/tx/0x66cdd2239ffcc021875232bb605f8176c0b0f4dbf665cdbebeb2b5122538236f

So far, a total of 160.98 million GT tokens have been burned, with approximately 110 million GT tokens remaining in circulation.

In terms of the underlying protocol, in 2023, we will draw on the experience of Ethereum's on-chain burning mechanism and implement an on-chain auto-burn mechanism for GateChain.

As on-chain transfers grow increasingly active, the underlying GT tokens, which are used to cover gas fees, will be burned at an increased rate. The on-chain burning mechanism of GateChain has been developed and is currently undergoing internal testing. Once the testing is completed, the mechanism will first be deployed on the Testnet for public testing before being implemented on the mainnet to initiate the on-chain auto-burn mechanism for GT.

Regarding application layer developments, the upcoming Web3 platform will effectively utilize GateChain's efficient, low-cost, and high-throughput underlying architecture advantages, thus providing users with multiple features, such as decentralized perpetual contracts on Web 3, cross-chain swap, NFTs, and DApps. Just stay tuned!

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Gate.io Team
April 24th, 2022

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