Alyssa Davidson
Posted: December 5, 2024 4:15 AM Updated: December 5, 2024 4:15 AM
Correction and fact check date: December 5, 2024, 4:15 AM
briefly
GT Token hit a new all-time high yesterday, hitting a high of 13.329 USDT, thanks to strong market momentum.
The native token of the GateChain mainnet, a public blockchain developed by Gate.io, a cryptocurrency exchange focused on on-chain asset security and decentralized trading, reached a record high of 13.329 USDT yesterday. This GT price surge occurred amidst strong market momentum, pushing the token to new all-time highs.
GT is designed to power the entire GateChain ecosystem. GT has seen growing demand across a variety of use cases, leveraging its unique cancelable transaction mechanism, strong ecosystem support, and adaptive incentive structure. GT, GateChain’s primary utility and gas bill payment token, underpins the platform’s core trading system. It is also widely used in spot trading, OTC trading, leveraged tokens, futures contracts and derivatives such as leveraged asset management, fiat lending, savings products, etc.
GT differentiates itself from other tokens by focusing on user experience and community engagement. Initiatives such as Startup Investments allow GT holders access to investment opportunities with low barriers to entry. Additionally, GT holders are granted greater decision-making authority, encouraging active participation in platform governance and driving collective development. GT has outperformed many similar tokens since its launch in January, achieving an impressive price increase of 160.87%.
GT holders can enjoy a variety of exclusive benefits, including airdrops for the startup’s new coins. The more GT tokens you hold, the higher the free airdrop rate. There are also dedicated mining pools for new tokens, providing a variety of mining options for a single coin. GT holders can also utilize a secure and user-friendly staking solution to generate passive income. The average return at launch was 8.1%, and the current annual return is 7.15%. Other benefits include improved access to startup subscription shares, discounted spot and contract trading fees, access to exclusive welfare activities, as well as a variety of application scenarios.
GT Token’s burn mechanism drives value growth and market performance
In addition to the wide range of use cases, the continuous burning mechanism has played an important role in increasing the intrinsic value of GT. Since 2019, regular token burns have reduced the total supply of GT by approximately 58.06% from the initial 300 million tokens. Over the past three years, GT has burned a total of 31,338,915.10 tokens per quarter, valued at approximately $189,839,265.347. This strategy has achieved its initial goal by effectively reducing circulating supply to less than 100 million GT, and we plan to continue this burn in the future.
GT’s record price highlights strong market performance and suggests continued innovation and potential value growth within the Gate.io ecosystem. As the GT ecosystem evolves and the burn mechanism continues, GT is positioned to maintain its industry leadership while providing more opportunities for its holders.
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About the author
As MPost’s resident journalist, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
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Alyssa Davidson
As MPost’s resident journalist, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
more articles