GateToken (GT) Releases 2023 Q2 Burn Report, Prepares for Ramped-Up Development
GateToken (GT), the native asset of the GateChain blockchain, burned ~1.6 million tokens in Q2 of 2023, permanently removing them from circulation. The total circulating supply has been reduced by around half since manual token burns began. Upcoming updates for GateChain will replace the manual system with an on-chain automated one.
Currently, GT is on a quarterly buyback and burn schedule, where a certain number of tokens are manually purchased and removed from circulation. Over 160 million tokens have been burned through this process since 2019.
Later in 2023, a new auto-burn mechanism will be introduced to GateChain, which will dynamically burn a portion of the gas fees based on the level of on-chain activity. Then, in 2024, GateChain will receive greater Layer 2 support and cross-chain functionality. Together, these enhancements will help make GateToken truly deflationary, increase its decentralization and security, and expand its applicable scenarios and use cases.
Also, GateChain received significant enhancements to its application layer through the launch of Gate Web3, which utilizes GateChain’s efficiency, low cost, and high throughput for decentralized perpetual contracts, cross-chain swaps, NFTs, and various other decentralized applications. Additionally, the new Gate Wallet provides additional support for GateChain users while also providing access to hundreds of other blockchains and thousands of tokens and decentralized apps.
With its exclusive benefits to holders on Gate.io as well as its utilization within Gate Web3, GateToken’s application scenarios are expanding. Its implementation throughout traditional and Web3 platforms makes it a highly versatile asset. Furthermore, with an increased focus on improved mechanisms, expanded Layer 2 and cross-chain support, and greater utilization throughout Gate Web3, GateToken and GateChain’s ecosystem shows huge potential for development.