Announcements Gate Token (GT) On-Chain Burn for Q3 2024

Gate Token (GT) On-Chain Burn for Q3 2024

2024-11-21 15:29:58 UTC 279422 Read

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![](https://gimg2.gateimg.com/image/article/1732201538en.png)

As the utility and gas 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 **58.06%** from the initial 300 million.  To date, a total of 174,184,527 GT, valued at approximately $322,680,803, has been permanently removed from circulation. Despite fluctuations in market conditions, the GT burn policy has been consistently and rigorously upheld. This unwavering approach reaffirms our commitment to the deflationary model and boosts GT's long-term value. In 2024, we will continue to implement the GT on-chain burn policy in full alignment with legal and regulatory requirements.

![](https://gimg2.gateimg.com/image/article/1732202481twitter_en-2.png)

![](https://gimg2.gateimg.com/image/article/1732202495twitter_en-1.png)

In this round, **2,244,543.9745556 GT** tokens will be transferred to the burn address. You can track the transaction on the blockchain here: https://etherscan.io/tx/0xab927b57971cd4cdb8c898839fc89c6b3e8f53acd3c4a01adae30065eb072365

As of now, a total of 174.1  million GT tokens have been burned, with approximately 96 million GT tokens remaining in circulation. Following this burn, we've reached our preliminary goal of reducing the circulating supply to under 100 million GT. The deflationary strategy for GT will continue to be strictly enforced. (For more details, see the [announcement](https://www.gate.io/article/34407) on the next steps in the GT burn plan.)

![](https://gimg2.gateimg.com/image/article/1732202512twitter_en.png)

In August, GateChain smoothly completed the v1.1.6 mainnet upgrade, introducing a new Gas fee mechanism that has generated broader ecological effects throughout this quarter. Following the upgrade, we observed a marked reduction in the average transaction confirmation time, enhanced transparency in the fee structure, and a substantial increase in on-chain activity. The upgrade solution optimizes network efficiency while substantially lowering user transaction costs. Additionally, the ongoing gas-burning mechanism continues to decrease the total supply of GT tokens, further enhancing their scarcity.

This quarter, the Gate Web3 ecosystem has seen a series of key updates for fully optimizing the trading experience, resulting in a more seamless user interface and enhanced on-chain services for greater efficiency. The team has maintained its focus on advancing the functionality of Gate Wallet and strengthening its data infrastructure, with comprehensive upgrades across both underlying technologies and user interfaces. These enhancements further strengthened support for Web3 applications, offering a more intuitive experience for users interacting with Web3 wallets. Through multiple version iterations, the ecosystem now supports over 100 major public blockchains, including GateChain, and has onboarded 1.117 million new users, solidifying its position as a central gateway to the Web3 space.

Looking forward, GateChain will continue to drive technological innovation at its core, expediting the growth and refinement of its ecosystem. By extending the scope and deepening the impact of its application scenarios, GateChain is committed to delivering a more secure and efficient blockchain infrastructure for global users and developers.

**GT Staking Now Available**: Designed specifically for GT holders, this staking solution offers a secure and convenient way to earn on-chain rewards. To stake GT and earn approximately 6.71% APR in real-time, please visit: [https://www.gate.io/gt-staking](https://www.gate.io/gt-staking)

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Gate.io Team
Nov 21st, 2024

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