Announcements Gate Token (GT) On-Chain Burn for Q4 2024

Gate Token (GT) On-Chain Burn for Q4 2024

2025-03-06 08:30:01 UTC 750321 Read

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![](https://gimg2.gateimg.com/image/article/1741247691twi_en.webp)

The Q4 2024 on-chain burn of Gate Token (GT) has been successfully completed, with a total of **2,904,885.4321514 **GT permanently removed from circulation. The total value of this burn exceeds **$63.9 million**. The transaction details can be viewed at: 
<a href="https://etherscan.io/tx/0x755aa66914bcc821225c715c67d9910a2fa5ab297918898668f6abbc5da1d6a8" rel="nofollow noopener noreferrer" target="_blank">https://etherscan.io/tx/0x755aa66914bcc821225c715c67d9910a2fa5ab297918898668f6abbc5da1d6a8</a>

As the utility and gas token for GateChain, GT supports the platform's underlying transfer system. Since the launch of GateChain in 2019, we have consistently burned GT, reducing its total supply by approximately **60%** from the initial 300 million. To date, a total of **177,089,412.23** GT has been permanently removed from circulation, with an estimated burn value of **$408,270,578**. Despite market fluctuations, our commitment to a structured and consistent burn policy remains strong. This ongoing deflationary mechanism not only reinforces GT's long-term value but also reflects our dedication to maintaining a sustainable token economy.

To date, **a total of 177 million GT has been burned. **In 2025, we will strictly follow the burn plan, ensuring the ongoing and compliant burning of GT.

![](https://gimg2.gateimg.com/image/article/1741247742en1.png)

![](https://gimg2.gateimg.com/image/article/1741247762en2.png)

![](https://gimg2.gateimg.com/image/article/1741247721en3.png)

This quarter, the Gate Web3 ecosystem has made significant strides in multi-chain support through continuous iteration, now expanding to 199 public blockchains and adding over 54 million new addresses. At the same time, the MemeBox section has introduced the "AI Intelligently Recommends Trending Coins" feature, leveraging advanced algorithms to enhance Web3 asset allocation efficiency. These innovations further solidify Gate Web3's leadership in multi-chain interoperability and intelligent investment, strengthening the ecosystem's overall competitiveness and providing global users with more advanced on-chain financial services.

The successful completion of the v1.1.6 mainnet upgrade in August 2024 provided a strong foundation for GateChain's stable performance throughout Q4. The introduction of an optimized gas mechanism and enhanced burn strategy has further supported the ecosystem's sustainable growth. Throughout the quarter, transaction efficiency remained high, with a transparent and well-balanced fee structure, while on-chain activity remained consistently strong. Additionally, the gas-burning mechanism continued to reduce the overall GT supply, increasing its scarcity and long-term value potential. GateChain's reliable and stable operation not only ensures a seamless transaction experience for users but also paves the way for future technological advancements and ecosystem expansion.

Looking ahead, GateChain will continue enhancing its core infrastructure, including upgrades to Data Availability (DA), to ensure a secure and high-performance network. At the same time, we will expand the Web3 ecosystem across wallets, trading, financial services, NFTs, and Meme projects, delivering a more seamless and enriched user experience. As the network integrates with more applications and public blockchains, GT will play an increasingly pivotal role in powering the ecosystem. We will continue the GT burn plan while driving the industry toward greater regulatory compliance, security, and efficiency. By providing global users with a more diverse range of blockchain services, we aim to foster a thriving and sustainable Web3 ecosystem.

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Gate.io Team
March 6, 2025

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