Announcement on the on-chain burn of gate Token (GT) in Q4 2024

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The on-chain burning of gate Token (GT) in Q4 2024 has been completed, with 2,904,885.4321514 GT transferred to the burn address, with a burn value of more than $63.9 million. The on-chain destruction link is: <a href=“https://etherscan.io/tx/0x755aa66914bcc821225c715c67d9910a2fa5ab297918898668f6abbc5da1d6a8” rel=“nofollow noopener noreferrer” target=“_blank”>https://etherscan.io/tx/0x755aa66914bcc821225c715c67d9910a2fa5ab297918898668f6abbc5da1d6a8</a>

As the Utility Token and Gas Fee payment token on gateChain, GT underpins the underlying transfer system of gateChain. Since gateChain went live in 2019, GT has continued to burn, and the total number has been reduced by about 60% from the initial 300 million. The cumulative number of GTs burned is 177,089,412.23, with a burn value of about $408,270,578. Even after changes in the market environment, GT’s burn policy has remained stable and enforced, which not only reflects our commitment and persistence to GT’s deflation, but also provides strong support for GT’s long-term value.

To date, a total of 177 million GTs have been burned. In 2025, we will continue to strictly implement the deflationary strategy in accordance with the <a href=“https://www.gate.io/announcements/article/34407” target=“_blank” > burn plan</a>, and continue to burn GT legally and compliantly.

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During the quarter, the gate Web3 ecosystem continued to iterate and significantly deepen its multi-chain support capabilities, and has now expanded to 199 public chains, adding more than 54 million new addresses. At the same time, the MemeBox sector has introduced an AI-driven AI intelligent coin recommendation function, and the coin recommendation strategy is based on cutting-edge algorithms to significantly optimize the efficiency of Web3 asset allocation. The above technological innovations further consolidate gate Web3’s leading position in the field of multi-chain interaction and intelligent investment, enhance the comprehensive competitiveness of the ecosystem, and provide more in-depth on-chain financial services for global users.

The v1.1.6 mainnet upgrade completed in August 2024 laid a solid foundation for the stable operation of gateChain in the fourth quarter, and the new gas mechanism and combustion strategy promoted the stable development of the ecosystem. During the quarter, users’ transactions remained efficient, the fee structure was transparent and reasonable, and on-chain activity continued to be active. At the same time, the gas burning mechanism further reduces the total amount of GT tokens, increasing the scarcity and value potential of GT. GateChain’s stable performance not only provides users with an efficient and reliable trading environment, but also lays the foundation for future technological innovation and ecological expansion.

In the future, gateChain will continue to upgrade its core functions, including DA, to ensure the efficiency and security of the network, and expand the Web3 ecosystem such as wallets, transactions, wealth management, NFTs, and Memes to improve user experience. As more apps and public links are added, GT will play an even more enabling role. We will firmly implement the GT burn plan, and at the same time promote the development of the crypto industry in a more standardized, secure and efficient direction, provide richer blockchain services for global users, and jointly build a prosperous Web3 ecosystem.

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gate March 6, 2025</sp>