GateToken (GT) Announces Q3'23 Token Burn and GateChain Ecosystem Upgrades

Since the token burn mechanism was launched in 2019, it has reduced the circulating supply from 300 million to 140 million, approximately 53%. In 2023, it was announced that a new automated burn mechanism would be introduced in future upgrades. This new method will eliminate the need for manual burn transactions and will be replaced by a feature built into GateToken. This feature will automatically and dynamically burn a portion of gas fees with each transaction.

Holders of GT tokens enjoy several benefits, such as greater access to initial and non-initial airdrops on Gate.io Startup, staking, earning, and borrowing opportunities, and other VIP benefits on the exchange. The benefits of holding GT tokens are continuously expanding through technical improvements and introducing new use case scenarios in the GateChain eco and Gate.io platform.

Moreover, the Gate Web3 Wallet, the non-custodial wallet of the GateChain eco, has been upgraded to support over 40 other chains and a wide range of Web3 protocols. More upgrades are coming, including expanding the list of supported tokens and protocols, adding support for the Gate.io Hardware Wallet, and introducing additional security features for the most security-conscious users.

These upgrades coincide with the development team’s focus on introducing the latest layer2 and zero-knowledge tech solutions. The team aims to broaden the functionality, privacy, and security of the GateChain eco. Future upgrades in this area will also provide greater scalability and unlock more optimal cross-chain solutions.

Author: Global Marketing Aaron
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