Announcements Announcement: 2024 Q1 GT (Gate Token) Burn

Announcement: 2024 Q1 GT (Gate Token) Burn

2024-05-07 01:03:46 UTC 22173 Read

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As the Utility Token and Gas Fee payment certificate on GateChain, GT (Gate Token) supports the underlying transfer system of GateChain. Since the launch of GateChain, GT has been continuously burned, with the total amount reduced by approximately 56.54% from the initial 300 million to about 130 million, and it is still decreasing. In 2024, we will continue to execute the GT on-chain burning policy in a legal and compliant manner.

This time, 3,229,202.4459567 GT will be sent to the burn address for destruction. The on-chain burning link is:
https://etherscan.io/tx/0x93b09b5d531809adeb7a255a56e94ff4b8f3111e9077aab1934c3d64d2a57948
Until today, **a total of 169.6 million GT has been burned, with approximately 100.3 million GT in circulation.**

After this burn, we will achieve the initial goal of reducing the actual circulating supply to within 100 million GT. Meanwhile, the deflationary strategy of GT will continue to be implemented. We will continue to burn GT holdings in the GT insurance fund and introduce an on-chain automatic burning mechanism for GT tokens used as the underlying Gas fee to burn and destroy them. In adherence to the deflationary strategy of GT, we will propose a new total reduction target for GT and continue to implement it in a legal and compliant manner according to the new target. (Details: [Further Burn Plan Announcement for Gate Token (GT)](https://www.gate.io/article/34407 "Further Burn Plan Announcement for Gate Token (GT)"))

During this quarter, we continue to explore Layer 2 scaling solutions such as EVM-Compatible ZK Rollups and Optimistic Rollups. We have also planned the integration of technologies like parallel EVMs into GateChain, aiming to provide the GateChain ecosystem with superior performance and a smoother user experience.

The Gate Wallet, under the GateChain ecosystem, continues to update and iterate. This quarter, it has expanded support for the Rune Protocol and has increased support for the Solana and Base ecosystems in its Web3 product module. In addition, we have upgraded the Task Square to offer a wider variety of tasks and an optimized user interface. We have also launched a hot coin tracking feature to help users better track the market movements of popular cryptocurrencies. The Gate Web3 platform is committed to becoming a Web3 portal, assisting users in exploring the better knowledge of Web3 through deep integration of CEX and Web3.

<sp>
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Gate.io Team
May 7th, 2024

Announcement: 2024 Q1 GT (Gate Token) Burn

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