PANews reported on November 22 that according to an official announcement, in the third quarter of 2024, Gate Token (GT) completed on-chain burning, with a total of 2,244,543.9745556 tokens burned. As of now, the cumulative number of GT tokens burned has reached 174.1 million, with a circulating supply of approximately 9.6 million tokens, successfully achieving the phased goal of reducing the circulating supply to below 100 million tokens. Since the GT burning policy was implemented in 2019, the total supply has been reduced 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, now supporting over 100 public chains, with 1.117 million new users, becoming an important entry point for Web3.
In addition, the GT exclusive mining product has now launched, providing a convenient and secure staking solution with an annualized return rate of approximately 6.71%. For more details, please refer to GT Staking. In the future, GateChain will continue to focus on technological innovation and ecosystem development, providing more efficient blockchain infrastructure support for global users and developers.