Gate.io Releases Q2 GateToken (GT) Burn Results, Over $40 Million Burned So Far in 2022

July 19, 2022 – Majuro, Marshall Islands

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In the second quarter of this yr, GateToken‘s (GT) buyback and burn program reached over $17 million in complete worth burned. Combined with the first-quarter outcomes, your complete provide discount topped practically $40 million price of GT burned up to now this yr.

Since 2020, Gate.io has allotted 20% of platform income to repurchasing GT tokens off the market and completely eradicating them from the circulating provide. These actions, together with the burn charge outpacing token issuance, have set GT in a state of complete deflation.

GT – a sleeping big

GT is the native trade token of Gate.io’s buying and selling platform and native asset on the GateChain public blockchain. Within the Gate.io platform, the token is used in a tiered low cost system alongside rewards, incentives, passive incomes and exclusives.

In distinction, the token is the principle forex used for fuel charges and liquidity on GateChain, which contains a thriving Web 3.0 ecosystem consisting of DeFi techs akin to NFTs, DEXs, cross-chain options and extra.

The deflationary nature of GT and its widespread utilization on Gate.io and the GateChain ecosystem offers a constructive outlook for its future valuation. At round a $1 billion market cap, GT stays a low-profile sleeping big. Developed by Gate.io, its native blockchain is in fixed analysis and improvement.

GateChain boasts the biggest decentralized cross-chain bridge, progressive and distinctive security features and publicity to thousands and thousands of customers on one of many main cryptocurrency exchanges. In addition, GT has weathered the present bear market extra favorably than main property like BTC and ETH, up to now retaining extra of its worth because the begin of 2022.

Q2 outcomes

Attributed to a number of components, together with market fluctuation opportunists and continued consumer progress mixed with new buying and selling quantity milestones, a big 2.7% of the circulating provide was burned. A full breakdown of the outcomes and milestones is printed in a latest announcement by Gate.io.

Brief abstract

• Active consumer depend continued to develop after Q1, which noticed a brand new milestone of 10 million world customers.
• Gate.io stays one of many largest contracts buying and selling platforms, with Q2 perpetual contracts’ biweekly buying and selling quantity averaging over $40 billion.
• Gate NFT platform progress continues to speed up, with over 300,000 works launched.
• For 2022 Q2, the overall GT destroyed in the buyback and burn topped 3.1 million tokens at a mean purchase worth of $5.6, totaling over $17 million price.
• The PoS issuance charge was considerably decrease than the burn charge, amounting to an approximate 2.7% discount in circulating provide.

About Gate.io

Established in 2013, Gate.io is among the oldest main cryptocurrency exchanges. Gate.io presents a lot of the main digital property and has over 10 million registered customers internationally. It is constantly ranked as one of many prime 10 cryptocurrency exchanges based mostly on liquidity and buying and selling quantity on CoinGecko and has been verified by the Blockchain Transparency Institute (BTI).

Additionally, Gate.io has been given a ranking of 4.5 by Forbes Advisor, making it one of many ‘greatest crypto exchanges for 2021.’ Besides the principle trade, Gate.io additionally presents different companies akin to decentralized finance, analysis and analytics, enterprise capital investments, pockets companies and extra.

Contact

Dion Guillaume, head of PR and communication at Gate.io