Gate Burns 1.99 Million GT in Third-Quarter Supply Reduction
The burn brings GateToken’s cumulative burned total to 191,934,541 GT. Gate Chain’s total supply has fallen 63.98% since its mainnet launched in 2019.
Gate completed an on-chain burn of 1,987,321.2431520 GateToken (GT) in the third quarter, bringing the cumulative amount burned to 191,934,541 GT and further reducing the token’s total supply.
The latest burn was valued at more than $22.35 million. The cumulative value burned exceeded $1.504 billion, calculated using average prices for each quarter.
GT is Gate’s core platform token and the native asset of Gate Chain. It can be used as a utility token and to pay gas fees for basic on-chain functions, including transfers.
Since Gate Chain’s mainnet launched in 2019, GT’s total supply has fallen 63.98% from its original 300 million tokens. Gate will continue its GT burn mechanism.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.