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Gate.io Has Burned More Than 3.6M GT Tokens From Circulation -Breaking

by Mike Robinson

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Gate.io has burned more than 3.6M GT tokens from circulation

Gate.io is a major cryptocurrency exchange. They announced that they had sold 3,672,687 GTs valued at more than $23.13million. Gate Token, or GT is the native token for the Gate.io cryptocurrency ecosystem. GT’s original supply was approximately 300 million. The total GT burned was 75% from the open market, and 25% from eco-market. Gate.io will publish GT buyback & burn data alongside burn transaction IDs quarterly.

GT’s Role In The Ecosystem
In order to increase your VIP tier, it is important that you keep track of the GT. You get more discounts the higher you go up in VIP tier. In total, 16 tiers are available. Tiers 11 or above are eligible for fees only accessible to VIPs. GT holders can also receive activities only for them occasionally. 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 wants to give wealth building opportunities to its users. Gate.io uses quarterly burning to control GT’s circulating supply. This is done by using a deflationary strategy that increases the asset’s value and drives up 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,”
Marie Tatibouet is the CMO at Gate.io.

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