GateChain, a security-oriented smart-contract blockchain, is preparing to ramp up the development to prime the chain for Web3. As outlined in a recent 2023 development plan, GateChain will enhance its ecosystem’s Web3 services, targeting wallets, trading, earning, crypto mining, non-fungible tokens, and SocialFi, along with improved performance and reduced costs.
Coupled with its ambitious development plan, GateChain has revealed upcoming changes to the burn mechanism on its native token GateToken (GT). Burning is a method of permanently removing tokens from circulation. This year, GateChain will introduce an automatic on-chain burn mechanism similar to Ethereum, where some tokens are destroyed with each transaction.
Through GateChain’s current burn mechanism, about half of the original supply of 300 million GT has been burned to date. The token has also steadily risen since the start of the year.
GateChain’s innovative traits and ecosystem
Developed by the global crypto exchange Gate.io and launched in 2020, GateChain set out to provide a secure, scalable, and interoperable chain that is both security-oriented, low-cost, and fast. In addition, the chain offers staking through its proof-of-stake consensus mechanism, provides innovative security mechanisms, and EVM compatibility.
A diverse multi-chain ecosystem surrounds GateChain. Its core components include GateBridge, which supports moving assets between other popular chains and even cross-chain liquidity mining, and HipoDefi, which features multi-chain data tracking and cross-dex decentralized trading. In addition, several other projects have launched in the Gatechain ecosystem covering DeFi, NFTs, infrastructure, SocialFi, and more.
Its on-chain security functionality enables users to create vault accounts to recover a wallet in case of lost or stolen private keys. In addition, users can configure time delays on a wallet that provide sufficient time to revoke or cancel unauthorized transactions within the delay period.
Web3 will come when the tech welcomes it
Through its continuous development and high level of security, GateChain has matured into a leading decentralized blockchain that underpins an assorted ecosystem of decentralized technologies and crypto-integrated tools. With its new development plan ready to roll, GateChain is ensuring it’s not left in the dust as Web3 approaches, readying the chain for a more demanding blockchain environment.
In addition, the new auto-burn mechanism will help push GateToken further into deflation, which can add some positive pressure on the price in terms of supply and demand and avoid challenges presented by inflation.
The industry must adapt to meet the increasingly complex needs of an impending decentralized and evolved web. Web3 truly is on the horizon; it’s so close yet still not quite there. However, blockchains like GateChain are signalling that they are ready to move the needle forward.