GateToken (GT) Burn

Per Gate's latest quarterly announcement (Q2 2026, burned 6 Jul 2026), cumulative burn stands at 189,947,219 GT — 63.32% of the 300M original supply, which Gate values at over $1.311B at each quarter's average price — with 63% of supply gone, that amount at market price exceeds the market cap of what remains at almost any point in time. This ledger records total supply as 300M − burned = 110,052,781. CoinGecko lists 118,865,919, an 8.8M gap — not a source error as this ledger once suspected: per Gate Learn, GateChain has paid roughly 8.55M GT in PoS rewards over 5.5 years (~0.99% a year), meaning GT has a small issuance stream that 300M − burned does not capture. The ledger cannot yet read PoS mints on-chain, so it keeps the published arithmetic and states the gap here.

The events table on this page is the six quarterly announcements whose cumulative chain the ledger has audited — each total Gate publishes equals the previous total plus the new round, to the token: Q1 2025 1,542,911 GT ($33.0M, burned 8 Apr), Q2 2025 1,922,789 ($39.0M, 7 Jul), Q3 2025 2,100,414 ($35.3M, 7 Oct), Q4 2025 2,163,900 ($26.9M, 8 Jan 2026), Q1 2026 2,557,729 ($20.7M, 7 Apr), Q2 2026 2,570,063 ($17.75M, 6 Jul). The implied purchase price from the two columns: $21.4 → $20.3 → $16.8 → $12.4 → $8.1 → $6.9 per GT — tracking the market's fall from the $25.38 high of 25 Jan 2025.

Because Gate buys GT with a share of quarterly profit — about 20% per Gate Learn, 15% in some older announcements — the USD column is what reflects the exchange, while the GT column only reflects the price. Read in dollars: buyback spending peaked in Q2 2025 ($39M) and then fell four quarters in a row to $17.75M, −55%. If the ~20% share is right, Gate's implied quarterly profit is ≈ $165–195M in the first half of 2025 and ≈ $90M in Q2 2026 — this ledger's estimate; Gate does not publish profit. Conversely the GT destroyed per quarter rose 67% since Q1 2025 because the price is three times cheaper: a smaller slice of profit buys more tokens. The last four quarters' pace is 9.39M GT, or 8.5% of total supply a year — faster than 2025 (7.73M, 7.0%).

GT was created in 2019 with 1B tokens, 700M destroyed immediately to leave 300M — the base for every percentage. In September 2020 Gate announced its "official GT burning plan" with over 26M already burned and began quarterly profit-funded buybacks. By June 2022 the cumulative burn exceeded 151M — while the quarterly buyback rounds of that era were only 1.5–3.1M GT (Q2 2022: 3.1M, ~$17M, $5.6 average). By this ledger's unpacking, roughly 120–130M of that was unissued or locked GT (unconverted GT points, reserve pools) written off, not tokens bought on the market — which is also why the stated 2023 goal was "bring circulation below 100M", reached in mid-2024 (98M). The ledger has not audited individual rounds before 2025; Gate's published cumulative checkpoints: 162.6M (Q2 2023), 169.6M (May 2024), 171.9M (Q2 2024), 178.6M (Q1 2025).

GT has no team or investor vesting like a project token: circulating supply is 106.6M per CoinGecko, and the few million not circulating are Gate's locked reserves. The only issuance stream is PoS rewards on GateChain, about 1.5M GT a year from the 8.55M/5.5-year figure — one-sixth of the last four quarters' burn (9.39M), so GT is net deflationary at roughly 7% a year at the current pace. GateChain also burns gas EIP-1559-style since v1.1.6 (Aug 2024), a small amount Gate does not report separately.

Price: a high of $25.38 on 25 Jan 2025 — the very quarter Gate spent the most on buybacks — then down to around $8 by early September 2026, −68%; the low was $0.258 on 12 Mar 2020. With 8.5% of supply destroyed a year and the price still down threefold in the 19 months after the peak, GT is a clear case that steady burning is no substitute for the profit stream: the USD column of the events table has fallen four quarters running, and the market prices off that column.

GT is the only ledger on this site that cannot be measured from a single dead wallet: rounds through 2024 were burned as ERC-20 on Ethereum (Gate links Etherscan transactions in its announcements), and since 2025 at GateChain's native layer to a different address each quarter — those addresses show zero EVM balance, so nothing can be summed on-chain. The ledger therefore uses the "audited announcement" model as for BNB: each quarter it takes the burn amount, USD and cumulative total from Gate's announcement, checks that new total = old total + new round, and records it only when it closes to the token. Total supply = 300M − published burn; PoS rewards are not yet added (see the first section). Price, market cap, ATH/ATL, circulating supply: CoinGecko. There is no daily table or revenue column because Gate publishes neither profit nor daily fees; the Q3 2026 round is expected around 6–8 Oct 2026 on the "first week of the month after quarter-end" rhythm of the last six.