Gate.io burned GT worth 40 million USD in the first quarter, accounting for 7.5%

Since the end of 2020, the platform tokens of various exchanges have grown strongly. Regardless of the cyclical rising factors brought about by this bull market, each platform token has formulated a corresponding destruction mechanism according to its own situation. From the perspective of market supply and demand, the destruction of platform tokens has brought about deflation, and it has also led to an increase in the overall value of the platform.

According to Block.info, Gate.io will destroy 10237374.905268 GT in Q1 of 2021, worth about 40 million US dollars, accounting for 7.5% of the current circulation of GT.

In Q1 of 2021, Gate.io will adopt quantification contests and lower fees to attract professional quantification teams and market makers to settle in, providing better liquidity, and the proportion of trading volume of senior VIP users will increase rapidly, which is beneficial to the platform Trading experience and maintaining a long-term competitive advantage.

Gate.io National Day and Mid-Autumn Festival 7 days happy DeFi liquidity mining will open the fourth phase tomorrow: During the National Day and Mid-Autumn Festival holiday, Gate.io will launch four DeFi liquidity mining of BTC, ETH, USDT, GT mining USDG during the National Day Wealth management products are launched on time at 12:00 noon every day. At present, the first three phases of financial welfare products are all sold out.

Gate.io's "Calculation Treasure" will open BTC/ETH/USDT/GT DeFi liquidity mining benefits at the same time at 12 noon on October 4 (the fourth day). The lock-up period is 7 days. Users can go to Gate.io .io Caibao participates, for details, please check the original link [2020/10/4]

Starting from September 1, 2020, Gate.io will use 15% of the profits from platform currency/leverage/contract trading (and subsequent new main trading products) to repurchase circulating GT from the secondary market and publicly burn it. In addition, 5% of the repurchase profit is used for GT R&D, market, and ecological parts, and will no longer flow to the market. The total repurchase ratio is as high as 20%.

Gate.io National Day and Mid-Autumn Festival 7 days happy DeFi liquidity mining will start the third phase tomorrow: According to official news, Gate.io will launch BTC, ETH, USDT, GT mining USDG four DeFi liquidity mining wealth management products during the National Day, Online at 12:00 noon every day. The first two installments are currently sold out. Gate.io "Wealth Management" will open BTC/ETH/USDT/GT DeFi liquidity mining wealth management benefits at the same time at 12 noon on October 3 (the third day). The lock-up period is 7 days. Users can go to Gate.io .io Caibao participated. See the original link for details. [2020/10/2]

As of the first quarter of 2021, Gate.io has recovered a total of 512,000 USDT through discount welfare activities, all of which will be included in the GT repurchase for destruction, and a total of 10237374.905268 USDT will be destroyed. The ecological part of the market has a total of 20 million GTs, which will not flow to the market until they are destroyed. After this destruction, the actual flux of GTs is 135.7 million.

News | Emurgo Releases Cardano Blockchain Data Importer Tangata Manu: Emurgo recently announced the release of Cardano Blockchain Data Importer Tangata Manu, which is the third product after the release of ADA blockchain explorer Seiza. According to the latest news, the new product is intended to replace the Icarus Importer project. (Today's Gazette)[2019/9/12]

In addition, the repurchase ratio of GT increases or decreases every four years according to the market and industry conditions. The current network PoS output speed is far lower than the destruction speed, and the total amount of GT is in a state of net deflation.

Compared with other mainstream exchange platform currency destruction ratios, GT quarterly destruction ratio is higher. According to the current destruction speed and proportion, GT may be completely destroyed within 2-3 years; on the other hand, the current price of GT is around $4, and this destruction may bring a new round of benefits to the price of GT.

Publicity of this destruction record:

https://block.info/explorer/eth/txs/0x7194a5194a3910b15c7c71fcad8ad7e1d7c673ff056f85bcabb45ad4e4fe8067

After the initial issuance of 300 million GTs, 134299057.49048558 GTs (134.299 million GTs) have been publicly destroyed so far. Public address:

https://block.info/explorer/eth/address/0x2b8f8d19f5ba3bec5b44deded3818a427895f308?page=1&tag=holdToken 

About GT

GT is the original mainnet asset of GateChain. At the same time, it was officially upgraded to Gate.io platform currency on March 2, 2020, and officially changed its name to GateToken, which is deeply bound to the development of Gate.io platform. Early GT was obtained for free by purchasing Gate.io trading point cards, and the initial issuance was 1 billion.

Afterwards, 700 million tokens will be destroyed, and the current upper limit of circulation is 300 million tokens. After that, it will enter a complete deflation stage through programs such as repurchase and destruction. GT is an important part of the Gate.io ecosystem, which can enhance the VIP level, deduct handling fees, participate in welfare activities, and more application scenarios. Gate.io will also rely on its own position in the market to gradually empower the application scope of GT and enhance the intrinsic value of GT.

Tags：

Blockchain