Announcements Gate Token (GT) On-Chain Burn for Q2 2024

Gate Token (GT) On-Chain Burn for Q2 2024

2024-09-11 15:10:24 UTC 174028 Read

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As the utility and gas fee token for GateChain, GT supports the platform's underlying transfer system. Since the launch of GateChain in 2019, we've been constantly burning GT, reducing its total supply by approximately **57.31%,** from the initial 300 million to **128 million,** with further reductions ongoing. In 2024, we will continue to execute the GT burn policy in a fully compliant and legal manner.

In this round, a total of **2,299,260.3845055** GT tokens will be transferred to the burn address. You can track the transaction on the blockchain here: [https://etherscan.io/tx/0xd36d9141601431af04dd2e69cfe74f94e31f6f9f01177d3164f7530426484d88](https://etherscan.io/tx/0xd36d9141601431af04dd2e69cfe74f94e31f6f9f01177d3164f7530426484d88)

To date, we have burned **171.9 ** million GT tokens, leaving approximately **98 million** GT tokens in circulation. After this recent burn, we've reached our initial goal of reducing the circulating supply to under 100 million GT. We'll keep up with our strict deflationary strategy for GT. (For more details, see the [announcement](https://www.gate.io/zh-tw/announcements/article/34407) on the next steps in the Gate Token (GT) burn plan.)

<center>![](https://gimg2.gateimg.com/image/article/1726049328en.png)</center>

GateChain recently rolled out an on-chain gas burn feature and completed the v1.1.6 mainnet upgrade between August 19 and 26, 2024. This upgrade brought in a new fee structure based on the EIP1559 proposal, revamping the gas system and burn strategy on GateChain. The changes aim to boost network efficiency, cut unnecessary gas costs for users, and reduce the total supply of GT tokens through gas burns, enhancing their scarcity. (For more details, see the announcement [GateChain v1.1.6 Upgrade: Adopted New Fee Mechanism in the EIP1559](https://www.gate.io/announcements/article/38646).)

Looking ahead, GateChain will concentrate on boosting the scalability and usability of DApps to deliver an exceptional user interface and experience. We're making significant upgrades to our product lineup, including the Gate Web3 wallet, to enhance usability and ensure more efficient and secure asset management and trading.

Recently, we’ve also launched **GT Staking**, tailor-made for GT holders. It provides a convenient and secure staking option to help you easily earn on-chain rewards. The estimated APR over the past 30 days is about 15%. Explore GT Staking here: [https://www.gate.io/gt-staking](https://www.gate.io/gt-staking)

GateChain is dedicated to driving blockchain innovation and development, and expanding its adoption. We’ll continue to build and refine our ecosystem, expanding into more practical applications and supporting more projects. Thanks to all our users for their ongoing support and involvement.

<sp>
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Gate.io Team
September 11th, 2024

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