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https://www.gate.com/announcements/article/45974
As a utility token and gas for gateChain, GT supports the basic transfer system of the platform. Since the launch of gateChain in 2019, we have been continuously burning GT, reducing its total supply by around
58.06% of the initial 300 million. Up to now, a total of 174,184,527 GT, with a value of approximately $322,680,803, has been permanently removed from circulation. Despite market fluctuations, the GT burning policy has been consistently and strictly adhered to. This steadfast approach strengthens our commitment to the deflationary model and enhances the long-term value of GT. In 2024, we will continue to fully implement the on-chain GT burning policy in accordance with legal and regulatory requirements.