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Gate.io GT Buyback & Burn Results for the First Quarter of 2021 (Happy 8th Anniversary)

2021-04-14 20:45:30Read:1649843

Since September 1st, 2020, Gate.io has set aside 20% of platform profits to buy back and burn GT. From the total GT that were burned, 75% were bought from the open market and 25% from the eco-market. GT buyback & burn data alongside burn transaction IDs will be published quarterly.

During the first quarter (Q1) of 2021, we saw a strong momentum in users’ and trading volumes’ growth on the platform; the total GT burnt value reached $40 million. Detailed information is as follows:

1.Our platform witnessed a strong growth in user accumulation and trading volumes in the first quarter of 2021 (hereinafter referred to as: Q1 of 2021) , which also marked a significant overall increase in returns.
2.In Q1 of 2021, to attract professional quantitative teams and market makers, the platform held a number of quantitative competitions and reduced rates, which provided better liquidity resulting in the rapid increase of VIP’s trading volume. At the same time, the average return rate has decreased sharply. Regardless of market conditions, these actions will make an impact on the platform’s short-term revenue but will be more conducive to the platform's trading experience and maintaining long-term competitive advantage.
3.In Q1 of 2021, in order to reduce Taker fees and improve the user’s experience, a new fee rate was introduced for our perpetual contracts resulting in a significant increase in their trading volume, while the decline in returns affected the contract revenue growth.
4.In Q1 of 2021, discount sales amassed 512,000 USDT~ included in GT buyback and burn.
5.In Q1 of 2021, the total number of burnt GT was 10,237,374.905268 GT (current value is about 40 million USD)
6.Burn records are publicly disclosed:
https://block.info/explorer/eth/txs/0x7194a5194a3910b15c7c71fcad8ad7e1d7c673ff056f85bcabb45ad4e4fe8067

7.The initial supply was 300 million GT, and 134,299,057.4904855 GT have been burnt till now. Click the link to check:
https://block.info/explorer/eth/address/0x2b8f8d19f5ba3bec5b44deded3818a427895f308?page=1&tag=holdToken
8.The eco-market has 20 million GT, of which will not flow to the market until they are burnt.
9.The current GT circulating supply after this burn: 135,700,942.50951442 GateTokens (GT circulation - frozen quantity) (excluding the legal fund and mining output allocations).
10.The network PoS has produced 334,000 GTs in the past 9 months since the launch of the mainnet, which is much lower than the burn rate, and GT is considered to be in a state of net deflation.
11.Based on the actual amount of GT in circulation and the amount burnt in Q1, the deflation rate is estimated at 7.5%.

Gate.io boasts one of the world’s safest platforms and the top trading platform in terms of global trading volume assessed by CER, a third authoritative party. In the current industry context, we are deeply grateful for the increasing trust of our users and the large inflow of escrow funds we have recently received.

In April 2021, Gate.io will be celebrating its 8th birthday. We will be dedicated to creating a professional and specialized platform in the financial sector, and providing a better trading experience for our users. In addition, we will also and always abide by the laws and regulations of every country around the world and promote a legitimate operation. Last but not the least, thanks for every user’s trust and support!

Gate.io is an established exchange that holds integrity, transparency, and fairness to a very high standard. We charge zero listing fees and only choose quality and promising projects. Our exchange consists only of 100% real trading volume. Thanks to everyone who has joined us in our journey. We always intend to improve and innovate to reward our users for their continuous support.


Gate.io Team
April 14, 2021


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