Cryptocurrency exchange Gate.io confirmed the successful completion of its scheduled on-chain burn of GateToken (GT) for the first quarter of 2025. A total of 1,542,910.7518074 GT, valued at over $33.84 million, has been permanently removed from circulation through transfer to a designated burn address.
GT serves as both a utility token and the gas fee token within the GateChain ecosystem, forming a core component of the network’s operational framework. Since the GateChain mainnet became active in 2019, GT has been subject to a deflationary mechanism aimed at gradually decreasing its overall supply. The total number of tokens in circulation has dropped from the initial 300 million, marking a cumulative reduction of around 59.54%. This ongoing process has continued across varying market conditions, with Gate.io maintaining a consistent and transparent token burn approach. The sustained implementation of this strategy underscores an effort to support GT’s long-term value structure through controlled supply reduction.
The latest token burn carried out by Gate.io involved the removal of 1,542,910.7518074 GT from circulation, with the estimated value of this specific burn being approximately $33.8452 million at the time of execution. To date, the cumulative number of GT removed through all previous burns has reached 178,632,323 GT. Based on the prevailing market price, the total value of these combined burns is estimated to be around $3.92 billion.
GateChain Advances Core Infrastructure And Expands Web3 Ecosystem Amid Continued Commitment To GT Deflationary Strategy
Looking ahead, GateChain plans to strengthen its foundational infrastructure, including enhancements in data availability, to support both the efficiency and security of its network operations. In parallel, efforts are underway to broaden the scope of its Web3 ecosystem. This expansion is expected to include a variety of components such as digital wallets, trading platforms, asset management tools, non-fungible tokens (NFTs), internet memes, and additional blockchain-related services.
As additional applications and blockchain networks begin to integrate with GateChain, the functional importance of GT is anticipated to grow. GT will likely continue serving as a central utility asset within the ecosystem. Those who hold GT may access specific platform features, including participation in token launch airdrops, opportunities for staking newly listed assets, and receipt of rewards through GT staking mechanisms. Gate.io maintains its commitment to the structured deflationary strategy applied to GT. Within a compliant and methodical framework, the platform will persist with its token burn activities, aiming to gradually reduce supply and support the asset’s long-term scarcity and value proposition. Through these strategic measures, the platform seeks to contribute to a more secure, efficient, and regulated environment for the broader blockchain industry while facilitating the growth of a diverse and interconnected Web3 landscape.
The post Gate.io Burns 1.54M GT In Q1 2025, Supporting Long-Term Value Strategy appeared first on Metaverse Post.
Source: Mpost.io
0 Comments