GateToken incinerates 1,542,910.7518074 tokens throughout Q1 2025, steadily fortifying its long-term worth.
Unleashing the Deflationary Power: Gate.io Burns $33.8million in GateToken
Let's cut to the chase: Gate.io has torched over $33.8 million worth of GateToken (GT), intensifying its deflationary crusade! Already, an astounding 59.54% of the total supply has been axed from circulation. Yep, you heard it right!
On May 14, 2025, Panama, the burning of 1,542,910.7518074 GT tokens was an unforgettable affair, according to the official announcement. You can get the lowdown on the transaction details at etherscan.io/tx/0x07d08231fb04140708621348b3e030978c4feedceb4113f214cf085732ce9ec4
So, what's the meat and potatoes of all this? Well, GT serves as the utility token and gas fee token on GateChain, powering the network's transfer infrastructure like a boss since its mainnet launch in 2019. And, you guessed it, this deflationary engine has been chugging along, slashing away at the total token supply like a hot knife through butter. In fact, the initial 300 million supply has taken a hefty hit, dropping approximately 59.54%!
Here's a morsel of information from this latest burn:
- Burned tokens in this round: 1,542,910.7518074 GT
- Value of this burn: Approximately $33.8452 million
- Total cumulative burnt tokens: 178,632,323 GT
- Total cumulative burn value: Approximately $3.92 billion (based on the current price)
As for the future, GateChain is gearing up to upgrade its core infrastructure and beef up its web3 ecosystem, aiming for smoother user experiences across wallets, trading, asset management, NFTs, and more. With more applications jumping on board, GT is set to play an even bigger role in powering the ecosystem.
What's more, GT holders can snag some cool perks, like token launch airdrops, new token staking, and GT staking rewards! Gate is sticking to its guns, using a compliant and structured framework to continue advancing the token burn process, thereby enhancing GT's scarcity and long-term value.
So, are you ready to ride the deflationary train to a more regulated, secure, and efficient crypto future, building a thriving web3 ecosystem together? Contact Elaine Wang at [email protected] for more detailed info!
But hey, before you embark on this crypto odyssey, don't forget: this article isn't financial advice. Always consult with a pro before making investment decisions. Gate.io may also restrict or prohibit certain services in specific jurisdictions. Peep the User Agreement at https://www.gate.io/user-agreement for details.
Disclosure: The information provided here isn't an endorsement of any product. Users must independently verify all the information before making any related decisions.
Enrichment Data:
- Deflationary Approach: Since its mainnet launch in 2019, GateToken (GT) has followed a deflationary strategy by continuously burning a portion of its tokens. This process intends to decrease the total token supply over time.
- Supply Reduction: The initial supply of 300 million GateTokens has been drastically reduced through consistent burns, such as the recent Q1 2025 burn of 1,542,910.7518074 tokens.
- Cumulative Burn: As of Q1 2025, a whopping 178,632,323 GT tokens have been incinerated, leading to a significant reduction in the circulating supply.
- Gate.io's deflationary strategy, which includes burning GateToken (GT), has seen over $33.8 million worth of GT tokens being eliminated, further increasing the token's scarcity.
- The burning of tokens serves multiple purposes: GT acts as a utility and gas fee token on GateChain, powering the network's transfer infrastructure, and it can be used to secure benefits like token launch airdrops, new token staking, and GT staking rewards.
- The gateway to a more regulated, secure, and efficient crypto future might involve investing in crypto projects like GateChain, but it's crucial to consult a professional before making any investment decisions.
- Tron-based GateChain aims to improve user experiences across various areas, such as wallets, trading, asset management, NFTs, and more, through infrastructure upgrades and enhancing its web3 ecosystem.
- A portion of the total supply of GT tokens is removed from circulation through a structured framework, demonstrating the importance of technology and finance in driving the deflationary process.
- As GateChain evolves, it may also introduce DeFi opportunities, such as staking GT tokens to earn rewards, further bolstering the token's long-term value.
