Announcements Announcement: 2023 Q3 GT (Gate Token) Burn

Announcement: 2023 Q3 GT (Gate Token) Burn

2023-10-17 10:02:01 UTC 179344 Read

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As the utility and gas token of GateChain, Gate Token (GT) underpins the fundamental transfer system of GateChain. Since the launch of GateChain in 2019, the regular burning of GT has reduced its initial total supply by approx. 53%, from 300 million to the current 140 million, which continues to decrease. In 2023, we will continue to implement the GT burning mechanism in a legal and compliant manner. We will regularly transfer the amount of GT to be burnt to the burning address until GT's actual circulation drops below 100 million.

In this round, a total of **1,135,276.844014** GT will be transferred to the on-chain burning address: https://etherscan.io/tx/0x9356179c8bd8ddf1fe3cc3c200a19301148907aafd7007d9e921f34cc978c543

As of now, a total of **163.7 million** GT tokens have been burned, with approximately** 106 million** GT tokens remaining in circulation.

During the third quarter, Gate Wallet, the wallet for the GateChain ecosystem, has undergone rapid updates and iterations. In addition to GateChain, it currently supports over 40 networks and various Web3 protocols, with an exponential increase in users and addresses. In the future, we will support more tokens, the Gate official hardware wallet, and add MPC and other state-of-the-art security features to the wallet, making it a comprehensive gateway to the Web3 eco. In the meantime, we are continuing to explore ways to integrate the recent developments in Layer2 and Zero-Knowledge Proof into the GateChain ecosystem, in order to provide optimal scaling and cross-chain solutions for the Web3 space.

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Gate.io Team
October 17th, 2023

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Announcement: 2023 Q3 GT (Gate Token) Burn

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