Gate.io, one of the oldest exchanges in China with its first domain name Bter.com has been led by CEO Lin Han since 2013 and is said to be the top exchange based on the volume traded daily for many cryptocurrencies such as BTC, ETH, XRP.
Gatecoin (GT) Tokens are native tokens used for multiple purposes on Gate Exchange as well as facilitating liquidity between different currencies through cross-chain atomic swap protocol services. In this article, I'm going to walk you through all of the important features and facts about GateToken.
What is Gate.io?
Gate.io is the latest cryptocurrency exchange to hit China, gaining a foothold in 2017 and taking its spot as an unlicensed platform that has been accused of being part of Gate Technology Incorporated by some but not officially confirmed yet with more than 367 markets on offer including major ones like USDT, BTC, ETH.
In general, the exchange provides almost all the popular crypto-related services in today's market such as trading, liquidity mining, or ETF. Gate Token is a utility token that belongs solely to Gate.io Exchange's platform for use in daily trade operations on their site - or any other partner sites they may form partnerships with down the line.
Gate.io is a popular cryptocurrency exchange that currently sits 10th in the world with nearly 600 million US dollars in trading volume. However, Gate token ranks much lower at 153rd place when only looking at the popularity of coins among traders based on the data from Coinmarketcap on August 22nd, 2021.
GateChain is a blockchain that has been designed to handle abnormal transactions and prevent the theft of assets. With GateChain, the user's Vault Account can be used as an emergency clearing mechanism in case there are any problems with asset safety or private key loss on their end. Besides this new feature, decentralized trading will also be supported by GateChain alongside other core features like cross-chain transfers and more.
After the mainnet launch in Q2, 2020, the project is trying to develop a diversified ecosystem to optimize the use of GateToken as well as provide other services for users. Most recently, Gatechain completed the DeFi ecosystem and also created the GateGrants support program to attract new ideas from developers. This is a positive signal for GateToken because as the ecosystem grows, the usability of the token will also expand.
What is GateToken (GT)?
GateToken (GT) is the unique token of Gate.io exchange and also its own native public chain (GateChain), which provides a high-performance trading experience to users with incredible features such as low fees and fast transactions.
The GATE coin has been developed over the past years, so traders can take advantage of all sorts of benefits like superfast processing times, zero commission rates per transaction fee when using this integral part of Gate.io website services by simply holding it within your account wallet balances at all times during each round you log into.
Detailed information about GT token
GT Key Metrics
- Token Name: GateToken
- Ticker: GT
- Blockchain: Ethereum.
- Token Standard: ERC-20.
- Contract: 0xe66747a101bff2dba3697199dcce5b743b454759.
- Token Type: Utility.
- Total Supply: 76,172,988 GT
- Circulating Supply: 300,000,000 GT
GT Token Use Case
Gatetoken, similar to that of other major exchanges, serves many purposes, the most significant of which is user-oriented, including:
- Trading Fee Discount: Gatetoken holders will be rewarded with discounts for SpotTrading, Future Trading, or Crypto Lending.
- Hold & Earn: Gate.io HODL&Earn provides many ways for users to earn passive income just by holding their assets in the wallet and to earn interest on a monthly basis, including lock-up programs that offer high rates of return with no early withdrawal penalties or fees.
- Listing Vote: GT holders can now participate in the voting program for projects that are not yet listed on Gate.io exchange. Users will have access to all active tokens, and each GT token submitted will correspond to 1 vote.
- Buyback Program: Starting on September 1st, Gate.io set aside 20% of its operating profit for GT buyback & burn. For those tokens to burn, 75% is bought from open markets, and 25% is from the reserve for marketing and eco growth. The GT buyback & burn report, with burn transactions traceable to all users, will be published every 3 months.
- Gas: GateToken will also be used as gas to power GateChain.
How to buy GT
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Uniswap.
Step 3: Choose coins/tokens for trading:
- Search GT.
- If the searches does not come up, you can paste the contract of GT into the search box: 0xe66747a101bff2dba3697199dcce5b743b454759
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
Alternatively, you can apply the same steps for Coin98 Wallet to swap for GT token.
How to mine GT Token
Mining GT is not possible.
How to store GT
You can store GT token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search GT Token.
Step 3: Click on the correct result.
Step 4: Copy the wallet address and send GT to this address.
Roadmaps and Updates
Team, Investors, and Partners
GateToken completed an ICO event with the successful funding of 64 million dollars on April 17th, 2019. The success was largely due to their ability to create blockchain solutions for the financial industry and tokenization, which is used in more than just fundraising through initial coin offerings.
In addition, the project is also funded by 5 Blocks Capital- a private investment firm in blockchain-based digital assets.
Is GT a good investment?
The Gate Token (GT) is similar to other exchange coins like BNB or KCS. With the advantage of being a long-established exchange, Gate.io has been ranked 10th on CoinMarketCap and has some features that could make it an interesting investment. The following information can help you decide whether this token would be right for your portfolio:
- The team is quite up to date with the market trend when releasing their own blockchain. Gatechain has a cross-chain feature that will be launched in Q3 2021, which may help them gain better popularity going forward. With more and more chains emerging lately, how much of an impact could this new feature have on the project?
- Gate.io has no fiat deposits. This is considered a disadvantage compared to other exchanges such as Binance or Coinbase. This can make it difficult for users to choose an exchange as their main place of exchange, and also can affect the popularity of the token.
- One of the most exciting aspects of this project is that they have a buyback and burn program. The number of tokens will decrease over time, but we need to look at other features in order to evaluate whether or not it's worth investing in.
I hope you have gained all of the important information about GT including its features and highlights throughout this topic.
If you have any questions about GT or want to know more about GT, please feel free to leave a comment below and join Coin98 Community for further discussions about Crypto.