PANews, November 22 news - According to an official announcement, in the third quarter of 2024, Gate Token (GT) completed an on-chain burn, totaling 2,244,543.9745556 tokens. As of now, the total number of GT burned has reached 174.10 million, with a circulating supply of approximately 96 million, successfully achieving a phased target of reducing the circulating supply to below 100 million. Since the implementation of the GT burn policy in 2019, the total supply has decreased by approximately 58.06%, providing solid support for its long-term value.
In this quarter, GateChain completed the v1.1.6 mainnet upgrade, significantly improving transaction confirmation speed and reducing user costs, while further optimizing the GT token burning strategy. The Gate Web3 ecosystem has also undergone multiple updates in functionality and user experience, currently supporting over 100 public chains and adding 1.12 million new users, becoming an important entry point into Web3.
In addition, a dedicated mining product for GT has been launched, offering a convenient and secure staking solution with an annualized yield of approximately 6.71%. For more details, please refer to GT Staking. In the future, GateChain will continue to focus on technological innovation and improve ecosystem development, providing more efficient blockchain infrastructure support for global users and developers.

PANews reported on November 22 that according to an official announcement, in the third quarter of 2024, Gate Token (GT) completed an on-chain burn, totaling 2,244,543.9745556 tokens. As of now, the cumulative number of GT burned has reached 174.10 million tokens, with a circulating supply of approximately 96 million tokens, successfully achieving the phased goal of reducing the circulating supply to below 100 million tokens. Since the implementation of the GT burn policy in 2019, the total supply has been reduced by about 58.06%, providing solid support for its long-term value.

In this quarter, GateChain completed the v1.1.6 mainnet upgrade, with the new mechanism significantly improving transaction confirmation speed, reducing user costs, and further optimizing the GT token burn strategy. The Gate Web3 ecosystem has also undergone multiple updates in functionality and user experience, currently supporting over 100 public chains and adding 1.12 million new users, making it an important entry point into Web3.

In addition, a dedicated mining product for GT has been launched, offering a convenient and secure staking solution with an annualized yield of approximately 6.71%. For more details, please refer to GT Staking. In the future, GateChain will continue to focus on technological innovation and improve ecosystem development, providing more efficient blockchain infrastructure support for global users and developers.

The Gate Token (GT) on-chain burn for Q3 has been completed, successfully reducing the circulating supply to below 100 million tokens.