What is GateToken (GT)?
GateToken (GT) is the native asset for the GateChain platform. The GateChain ecosystem offers secure and interoperable DeFi services that can be accessed with the utility token. GateChain offers its users asset safety and decentralized trading. The ecosystem includes several DeFi tools, such as wallets, multi-signature, and crypto payments.
Who Founded GateToken?
GateChain was founded by Gate.io, one of the oldest blockchains in the world. The founding team for GateChain includes Wassilios Lytras and Patrick Allemann. Lytras is the COO at GateChain who has extensive experience with shipping and logistics. Alleman has worked with international tax consulting for some of the biggest Swiss enterprises.
The platform was created as a decentralized exchange that’s available on a public blockchain and provides absolute protection for digital assets. Ethereum was the platform chosen for the development. In turn, GateChain is Ethereum Virtual Machine (EVM)-compatible.
The GateToken coin was formally launched in March 2020. At this time, the GT price swayed between $1-$2. The asset has been mildly volatile from its inception, experiencing frequent fluctuations, with some significant rises and declines.
One of the first notable peaks for the asset occurred in May 2021. Then, the GateToken price exceeded $13, marking the peak for the rest of the year. The token has followed some of the general crypto market trends, peaking again in November, days after Bitcoin nearly reached $70,000.
What Are the Features of GateToken?
Initially, GateToken had a supply of 1 billion. However, since then, 700 million tokens have been burned. The current total supply is 300 million tokens. The asset is considered deflationary, and the GT price is expected to rise as more coins are burned and taken out of circulation.
One of the key services provided by GateChain is ironclad asset security. According to the network, the platform offers customizable time-delay recovery features that the user can adjust to their needs which ensure that the assets remain secure even if the private key data is stolen.
GateToken is the utility asset for the platform. It’s used to pay transaction fees for the products and services on GateChain. According to the network, the GateToken price value per transaction is about $0.0001. It also offers transactions that are significantly faster than on Ethereum, handing over 2,700 transactions per second.
The main features available within the ecosystem are:
- HipoDeFi – the network’s DeFi platform covers three key services – a swap that’s compatible with major DEX aggregators, an asset bridge with other EVM-compatible chains, and liquidity farming;
- GateToken transactions – users can transfer their assets or pay for on-chain services. The payments can be made using the GateToken price value or other Ethereum-compatible tokens;
- Asset issuance – developers can create their own tokens which are then used for asset management;
- Multi-signature – a single account can be shared by several users at once, with customizable management features;
- Magic Box NFT Marketplace – users are able to mint and purchase non-fungible tokens (NFTs);
- Asset Safe Storage – users can keep their assets in a secure digital vault that has customizable time-delay security features.
The safe storage offered by GateChain offers a unique security mechanism. Users are able to revoke suspicious transactions. When the vault detects an abnormal transaction request, it activates an alarm that allows the user to revoke the transaction.
The vault also comes with a clearing mechanism. If the private key is missing, it automatically clears the assets. These features ensure that attempts to steal the assets directly from the vault do not succeed.
The GateChain network is secured using the Proof-of-Stake (PoS) consensus algorithm. Stakeholders are rewarded using the transaction fees. The GT price value used for rewards acts as an incentive for the network nodes to continue with their contributions.