According to the official announcement, the on-chain burn of GateToken (GT) for Q1 2025 has been officially completed, with a total of 1,542,910.7518074 GT transferred to the burn address, representing a burn value of over $33.84 million.
On-chain transaction details can be found at: https://etherscan.io/tx/0x07d08231fb04140708621348b3e030978c4feedceb4113f214cf085732ce9ec4
As a Utility Token and Gas Fee payment token on GateChain, GT supports the underlying transfer system of GateChain. Since the launch of the GateChain mainnet in 2019, GT has implemented a continuous burn mechanism, reducing the total token supply from the initial 300 million by approximately 59.54%. Despite experiencing multiple rounds of market fluctuations, Gate has consistently adhered to a robust burn strategy, demonstrating a long-term commitment to the deflationary mechanism of GT and laying a solid foundation for its value support.
Key Information on this Burn:
● Number of tokens burned: 1,542,910.7518074 GT
● Value of tokens burned: approximately $33.84 million
● Total tokens burned to date: 178,632,323 GT
● Total value of tokens burned: approximately $3.92 billion (calculated at current prices)
In the future, GateChain will continue to upgrade core functionalities, including DA, to ensure network efficiency and security, while expanding the Web3 ecosystem with wallets, trading, wealth management, NFTs, memes, and more, enhancing user experience. As more applications and public chains are integrated, GT will play a greater empowering role. Additionally, GT holders will enjoy exclusive benefits such as new coin airdrops, new coin mining, and GT mining. Gate will firmly execute the GT burn plan, steadily advancing the deflationary process under legal and compliant conditions, continuously enhancing the scarcity and long-term value of GT, while promoting the cryptocurrency industry towards a more regulated, secure, and efficient direction, providing richer blockchain services for global users, and co-building a prosperous Web3 ecosystem.
Disclaimer:
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