According to the official announcement, the on-chain destruction of GateToken (GT) in Q1 2025 has been officially completed. A total of 1,542,910.7518074 GT were transferred to the destruction address, with a destruction value of more than US$ 33.84 million.
The transaction details on the chain can be found at: https://etherscan.io/tx/0x07d08231fb04140708621348b3e030978c4feedceb4113f214cf085732ce9ec4
As the Utility Token and Gas Fee payment token on GateChain, GT supports the underlying transfer system of GateChain. Since the launch of GateChain mainnet in 2019, GT has been implementing a continuous destruction mechanism, and the total amount of tokens has been greatly reduced by about 59.54 % from the initial 300 million. Even after experiencing multiple rounds of market fluctuations, Gate has always insisted on the steady implementation of the destruction strategy, demonstrating its long-term commitment to the GT deflation mechanism and laying a solid foundation for its value support.
Key information of this destruction:
●Amount of GT destroyed this time: 1,542,910.7518074 GT
● The value of this destruction: approximately 33.8452 million US dollars
●Total amount destroyed: 178,632,323 GT
● Total value of tokens destroyed: approximately US$3.92 billion (based on current prices)
In the future, GateChain will continue to upgrade core functions including DA to ensure the efficiency and security of the network, and expand the Web3 ecosystem such as wallets, transactions, financial management, NFT, Meme, etc. to enhance user experience. With the access of more applications and public links, GT will play a greater enabling role. In addition, GT holders can also enjoy exclusive benefits such as new coin airdrops, new coin mining and GT mining. Gate will firmly implement the GT destruction plan, steadily advance the deflation process under the premise of legality and compliance, continue to enhance the scarcity and long-term value of GT, and at the same time promote the crypto industry to develop in a more standardized, secure and efficient direction, provide more abundant blockchain services to global users, and jointly build a prosperous Web3 ecosystem.
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