According to the official announcement, the on-chain destruction of GateToken (GT) for the second quarter of 2025 has been officially completed, with a total of 1,922,789.196841 GT transferred to the destruction address, with a destruction value exceeding 39.01 million USD.
On-chain transaction details can be found at: https://etherscan.io/tx/0xd096462709ac0d98e789ca182c610b45ed524339cd01928e4c15a5192c2ee42c
GT (GateToken) is the core platform token of Gate and the native asset of Gate Chain. 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 destruction mechanism, and the total token supply has been significantly reduced by approximately 60.18% from the initial 300 million tokens. Even amidst multiple rounds of market fluctuations, Gate has consistently adhered to a robust destruction strategy, demonstrating a long-term commitment to the deflationary mechanism of GT and laying a solid foundation for its value support.
Key information about this destruction:
Number of tokens destroyed: 1,922,789.196841 GT
Destruction value: approximately 39.01 million USD
Total cumulative destruction: 180,555,112 GT
Total cumulative destruction value: approximately 2.748 billion USD (calculated at current prices)
As on-chain applications continue to diversify, the role of GT within the entire Gate ecosystem is also evolving. In the future, Gate will continue to enhance the underlying capabilities of GateChain, focusing on strengthening key functions such as decentralized accounts, ensuring continuous improvement in network performance and security. At the same time, the platform is accelerating the expansion of various Web3 application scenarios, including wallets, trading, asset management, NFTs, and memes, to promote in-depth ecological development.
Gate will firmly implement the GT destruction plan, steadily advancing the deflationary process under the premise of legality and compliance, continuously enhancing the scarcity and long-term value of GT, while promoting the cryptocurrency industry towards a more regulated, secure, and efficient direction, providing global users with richer blockchain services, and co-building a prosperous Web3 ecosystem.
About Gate
Gate was founded in 2013, with Dr. Han as the founder and CEO, and is one of the world's leading cryptocurrency trading platforms. The platform serves over 31 million users and supports trading of over 3,600 types of crypto assets. As an industry benchmark, Gate was the first to achieve 100% proof of reserves, with an ecosystem that includes diverse services such as Gate Wallet and Gate Ventures, and has established global partnerships with top sports brands like the F1 Red Bull Racing team and the Italian football club Inter Milan.
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Disclaimer:
This content does not constitute any invitation, solicitation, or advice. You should always seek independent professional advice before making any investment decisions. Please note that Gate may restrict or prohibit all or part of its services from restricted areas. Please read the user agreement for more information, link: https://www.gate.com/zh/user-agreement.
Original text: “GateToken (GT) destroyed a total of 1,922,789.196841 tokens in Q2 2025, enhancing scarcity and strengthening value support”
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