Leading cryptocurrency exchange Gate.io announced that they had burned 3,672,687 GTs worth more than $23.13 million. GT or Gate Token is the native token of the Gate.io crypto ecosystem. The original total supply of GT was around 300 million. Among the total GT that were burned, 75% were bought from the open market and 25% from the eco-market. Gate.io will publish GT buyback & burn data alongside burn transaction IDs quarterly.
GT’s Role In The Ecosystem The amount of GT held is a crucial component when it comes to VIP tier escalation. The higher your VIP tier, the more discount you get. Overall, there are 16 tiers. Tiers 11 and above can enjoy fees exclusive to VIPs with GT debit and maker fees as low as -0.01%. In addition, GT holders will also be eligible for activities launched exclusively for them from time to time. These activities include access to fundraising opportunities in Gate.io’s Startup, discount in popular tokens, locking up various popular tokens and earning yield, and voting on multiple activities such as token airdrops.
“The Gate Token was launched to give our users exclusive access to VIP tier discounts and unique fundraising opportunities. Gate.io aims to empower its loyal users by giving them wealth-building opportunities. Via the quarterly burning, Gate.io can control the circulating supply of GT by bringing in a deflationary tactic that pushes up the value of the underlying asset and increases demand. Gate.io controls GT circulation via many methods such as – buyback, PoS mining lock up, collateral for asset issuance, and gas fees for powering the GateChain,” said Marie Tatibouet, CMO of Gate.io.