Announcements Announcement: 2023 Q4 GT (Gate Token) Burn

Announcement: 2023 Q4 GT (Gate Token) Burn

2024-02-02 13:29:15 UTC 174811 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 approximately 55%, from 300 million to the current 133 million, with the trend continuing downward. In 2023, we will continue to execute the GT burning mechanism in full compliance with legal standards. We will regularly transfer the designated amount of GT for burning to the specified address until GT’s circulating supply falls below 100 million.

In this round, a total of **2,643,816.7186813** GT will be transferred to the burning address, which is an increase of** 132.87%** over the last quarter. The transaction details can be accessed through the burning address: https://etherscan.io/tx/0x6487bb7621874ef423f2dac7bad92805b187616de0ba5d1b347ce42f82d783e1

**Up to now, a total of  166.4 million GT has been burned, leaving approximately 103 million GT in circulation.** In 2023, 7,384,578.6502 GT were burned, accounting for roughly 7% of the year’s actual circulating volume.
<center><img src=https://gimg2.gateimg.com/image/article/1706879868eee.jpg width=60% /></center>

This quarter, we have actively explored the integration of high-quality Layer 2 scaling solutions, including EVM-Compatible ZK Rollups and Optimistic Rollups, into GateChain’s infrastructure. At the same time, we are keeping up with the forefront of technology by developing customized chains based on Layer 3 and introducing the latest achievements in decentralized technology into GateChain’s infrastructure. We aim to provide high-performance technical support for the mass adoption of future Web3 ecosystems through the development of scaling solutions.

Further expanding our ecosystem, Gate.io has integrated Web3 technology into our newly launched inscription platform to deliver a comprehensive one-stop service for users. Beyond the powerful inscription trading market offered by Gate.io’s centralized platform, the wallet of the GateChain ecosystem, Gate Wallet, now sets the standard by supporting an array of popular inscription-related services, such as storage, receipt, and trading for widely recognized formats including BRC-20, ETHS, among others. Furthermore, we’ve introduced the Inscription Launchpad and Inscription Navigation tools, providing a user-friendly interface for exploring new inscriptions and a streamlined navigation throughout the inscription industry. By integrating CEX with Web3, Gate.io aims to deliver cutting-edge asset management technologies, reduce costs for our users, and provide an unparalleled Web3 experience.

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Gate.io Team
February 2nd, 2024

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