Gate.io GT Buyback & Burn Results for the First Quarter of 2021 (Happy 8th Anniversary)

1.Our platform witnessed a strong growth in user accumulation and trading volumes in the first quarter of 2021 (hereinafter referred to as: Q1 of 2021) , which also marked a significant overall increase in returns.
2.In Q1 of 2021, to attract professional quantitative teams and market makers, the platform held a number of quantitative competitions and reduced rates, which provided better liquidity resulting in the rapid increase of VIP’s trading volume. At the same time, the average return rate has decreased sharply. Regardless of market conditions, these actions will make an impact on the platform’s short-term revenue but will be more conducive to the platform’s trading experience and maintaining long-term competitive advantage.
3.In Q1 of 2021, in order to reduce Taker fees and improve the user’s experience, a new fee rate was introduced for our perpetual contracts resulting in a significant increase in their trading volume, while the decline in returns affected the contract revenue growth.
4.In Q1 of 2021, discount sales amassed 512,000 USDT~ included in GT buyback and burn.
5.In Q1 of 2021, the total number of burnt GT was 10,237,374.905268 GT (current value is about 40 million USD)
6.Burn records are publicly disclosed:
https://block.info/explorer/eth/txs/0x7194a5194a3910b15c7c71fcad8ad7e1d7c673ff056f85bcabb45ad4e4fe8067

7.The initial supply was 300 million GT, and 134,299,057.4904855 GT have been burnt till now. Click the link to check:
https://block.info/explorer/eth/address/0x2b8f8d19f5ba3bec5b44deded3818a427895f308?page=1&tag=holdToken
8.The eco-market has 20 million GT, of which will not flow to the market until they are burnt.
9.The current GT circulating supply after this burn: 135,700,942.50951442 GateTokens (GT circulation — frozen quantity) (excluding the legal fund and mining output allocations).
10.The network PoS has produced 334,000 GTs in the past 9 months since the launch of the mainnet, which is much lower than the burn rate, and GT is considered to be in a state of net deflation.
11.Based on the actual amount of GT in circulation and the amount burnt in Q1, the deflation rate is estimated at 7.5%.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store