Gate.io Releases Q2 GateToken (GT) Burn Results, Over $40 Million Burned so far in 2022

GT: Utility Deep Dive

GT is the native exchange token of Gate.io’s trading platform and native asset on the GateChain public blockchain. Within the Gate.io platform, the token is used in a tiered discount system alongside rewards, incentives, passive earning, and exclusives. In contrast, the token is the main currency used for gas fees and liquidity on GateChain, which features a thriving Web3 ecosystem consisting of DeFi techs such as NFTs, DEXs, cross-chain solutions, and more.

Q2 Results

Attributed to several factors, including market fluctuation opportunists and continued user growth combined with new trading volume milestones, a significant 2.7% of the circulating supply was burned. A full breakdown of the results and milestones is outlined in a recent announcement by Gate.io.

Brief Summary

  • Active user count continued to grow after Q1, which saw a new milestone of 10 million global users.
  • Gate.io remains one of the largest contracts trading platforms, with Q2 perpetual contracts’ biweekly trading volume averaging over $40 billion.
  • Gate NFT platform growth continues to accelerate, with over 300,000 works released.
  • For 2022 Q2, The total GT destroyed in the buyback and burn topped 3.1 million tokens at an average buy price of $5.6, totalling over $17 million worth.
  • The PoS issuance rate was significantly lower than the burn rate, amounting to a ~2.7% reduction in circulating supply.

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