PANAMA CITY, May 14, 2025 (GLOBE NEWSWIRE) — According to the official announcement, the on-chain burn of GateToken (GT) for the first quarter of 2025 has been successfully completed. A total of 1,542,910.7518074 GT has been transferred to the burn address, with its value exceeding $33.84 million.
View transaction details on-chain: https://etherscan.io/tx/0x07d08231fb04140708621348b3e030978c4feedceb4113f214cf085732ce9ec4
As the utility token and gas fee token on GateChain, GT plays a fundamental role in powering the network’s core transfer infrastructure. Since the GateChain mainnet launch in 2019, GT has implemented a sustained deflationary mechanism. The total token supply has been significantly reduced from its initial 300 million, with an overall reduction of approximately 59.54%. Even amid multiple market cycles, the platform has consistently executed a prudent and transparent burn strategy, demonstrating its long-term commitment to GT’s deflationary model and providing a solid foundation for sustained value appreciation.
Key Information of This Burn:
- Tokens burned this round: 1,542,910.7518074 GT
- Value of this burn: Approximately $33.8452 million
- Total cumulative tokens burned: 178,632,323 GT
- Total cumulative burn value: Approximately $3.92 billion (based on the current price)
Looking forward, GateChain will continue to enhance its core infrastructure, including data availability (DA), to ensure network efficiency and security. At the same time, it will further expand its Web3 ecosystem to cover wallets, trading, asset management, NFTs, memes, and beyond, enhancing the overall user experience.
As more applications and chains integrate with GateChain, GT is expected to serve an even greater role in powering the ecosystem. Additionally, GT holders are entitled to exclusive benefits such as token launch airdrops, new token staking, and GT staking rewards. Gate remains firmly committed to the long-term deflationary plan for GT. Under a compliant and structured framework, it will steadily advance the token burn process, continually enhancing GT’s scarcity and long-term value. Through this approach, the platform aims to drive the crypto industry toward a more regulated, secure, and efficient future, delivering a richer suite of blockchain services for global users and building a thriving Web3 ecosystem together.
Media Contact:
Elaine Wang at elaine.w@gate.io
Disclaimer:
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