Announcement of on-chain burning of gate Token (GT) in the fourth quarter of 2024

gate Token（GT）on-chain burning for the fourth quarter of 2024 has been completed, with 2,904,885.4321514 GT transferred to the burning address, worth over $63.9 million. The on-chain burning link is: https://etherscan.io/tx/0x755aa66914bcc821225c715c67d9910a2fa5ab297918898668f6abbc5da1d6a

As the Utility Token and Gas Fee payment token on gateChain, GT supports the underlying transfer system of gateChain. Since the launch of gateChain in 2019, GT has been continuously destroyed, with the total supply reduced by about 60% from the initial 3 billion. The cumulative amount of GT destroyed is 177,089,412.23, with a destruction value of approximately 408,270,578 US dollars. Despite the changes in the market environment during this period, the destruction policy of GT still maintains a stable execution force, which not only reflects our commitment and persistence to the deflation of GT but also provides strong support for the long-term value of GT.

As of now, a total of 177 million GT have been destroyed. In 2025, we will continue to strictly implement the deflation strategy in accordance with the destruction plan, legally and compliantly continue to destroy GT.

This quarter, the gate Web3 ecosystem has significantly deepened its multi-chain support capabilities through continuous iterations, now expanded to 199 public chains, with over 54 million new addresses added. At the same time, the MemeBox section has introduced an AI-driven coin recommendation feature, with coin recommendation strategies centered around cutting-edge algorithms to significantly optimize Web3 asset allocation efficiency. These technological innovations further consolidate gate Web3's leading position in the multi-chain interaction and intelligent investment fields, enhancing the overall competitiveness of the ecosystem and providing global users with more in-depth on-chain financial services.

The v1.1.6 mainnet upgrade completed in August 2024 laid a solid foundation for the stable operation of gateChain in the fourth quarter, and the new Gas mechanism and burning strategy promoted the smooth development of the ecosystem. This quarter, user transactions remained efficient, with a transparent and reasonable fee structure, and on-chain activities continued to be active. At the same time, the Gas burning mechanism further reduced the total supply of GT tokens, enhancing the scarcity and value potential of GT. gateChain's stable performance not only provides users with an efficient and reliable trading environment, but also lays the foundation for future technological innovation and ecosystem expansion.

In the future, gateChain will continue to upgrade core functions including DA, ensuring the network's efficiency and security, and expanding the Web3 ecosystem of wallets, trading, finance, NFT, Meme, etc., to enhance user experience. With more applications and public links joining, GT will play a greater empowering role. We will firmly implement the GT destruction plan, while promoting the encryption industry towards a more standardized, safe, and efficient direction, providing global users with richer blockchain services, and jointly building a prosperous Web3 ecosystem.

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gate.io March 6, 2025