PANews reported on November 22 that according to the official announcement, in the third quarter of 2024, Gate Token (GT) completed on-chain destruction, destroying a total of 2,244,543.9745556 tokens. So far, the cumulative destruction of GT has reached 174.1 million, and the circulation is about 96 million, successfully achieving the interim goal of reducing the circulation to less than 100 million. Since the implementation of the GT destruction policy in 2019, the total supply has been reduced by about 58.06%, providing solid support for its long-term value.
This quarter, GateChain completed the v1.1.6 mainnet upgrade. The new mechanism significantly improved transaction confirmation speed, reduced user costs, and further optimized the GT token burning strategy. The Gate Web3 ecosystem has also undergone multiple updates in terms of functionality and user experience. It currently supports more than 100 public chains and has added 1.117 million new users, becoming an important Web3 portal.
In addition, GT's exclusive mining product is now online, providing a convenient and secure staking solution with an annualized rate of return of approximately 6.71%. For more details, please refer to GT Staking. In the future, GateChain will continue to focus on technological innovation, improve ecological construction, and provide more efficient blockchain infrastructure support for global users and developers.
