What Is Gate Token (GT) How It Works & Where To Buy It?

Gate.io is the 8th largest centralized exchange in the world. Gate Token (GT) is the native token of the Gate.io Exchange.

Gate Token allows token holders access to trading discounts, yield earnings through the platform, and exclusive access to newly listed tokens on Gate.io.

The GT token is currently the 86th largest cryptocurrency in the world by market cap.

How Gate Token (GT) Works

Gate.io is among the largest cryptocurrency exchanges in the world. The popular crypto exchange frequently exceeds more than $1 billion in daily trading volume and has more than 1000 tokens available to trade on the platform.

The Gate.io exchange was founded in 2013 by Lin Han. The platform has seen immense growth since its launch and currently has more than 10 million registered users.

The current USD price of the token is $5, but in 2021 the token was trading above $10. As the exchange prioritizes blockchain asset safety, more users will likely be drawn to the exchange, which should bolster exchange profit.

The total supply of Gate Tokens was initially 1 billion, but 700 million GT tokens have been burned, with the token now being fully deflationary. The Gate Token (GT) plays an essential role in GateChain, which is a public blockchain that’s focused on decentralized trading and DeFi products.

Additionally, the Gate Token is purchased by users because they receive exclusive trading discounts and other features on the Gate.io platform. The Gate.io platform continues to grow in popularity because it offers future trading, thousands of crypto tokens, and has been running for almost 10 years.

Users often wonder, “what is gatetoken crypto (GT), and how is it different from other exchange tokens?” The short answer is that most exchange tokens have similar utility but the exchanges themselves, have are very different and cater to different types of crypto users.

None of the information mentioned is investment advice, and the exclusive features and deflationary mechanism of Gate Token are simply unique and positive value proponents of the crypto asset. Other platforms also offer blockchain asset safety and have built up substantial communities but any trading of digital assets on centralized exchanges involves significant risks because users’ private keys are held by the exchange.

What Is Gate Token (GT) Used For?

The Gate Token has various utilities, but the majority of these utilities are restricted to a single cryptocurrency exchange, namely, Gate.io. Some of the most notable use cases for Gate tokens include:

• Trading Discounts – Individuals who hold Gate Tokens on the Gate.io exchange receive trading fee discounts on the Gate.io platform. Generally, this is one of the main reasons individuals opt to purchase GT tokens. Token holders are categorized in tiers, where they are able to receive larger trading fee discounts relative to their token allocation.
• Early Token Access – Gate Token holders receive early access to tokens before they’re listed on the Gate.io exchange. Users are typically required to stake their GT tokens to qualify for early access to tokens that are being listed – the allocation they qualify is relative to the number of GT tokens they hold during a specific time period. Purchasing GT tokens gives users a market advantage over other competitors, but it does still involve significant risks.
• GateChain DeFi – Individuals can use their Gate Tokens to earn various additional DeFi rewards. GateToken (GT) can therefore be used as a decentralized digital asset on GateChain. Users can participate in various DeFi products, including staking, liquidity pools, and yield farming. Transaction fees are also paid in Gate Tokens. In the future, users will be able to participate in crypto lending and other innovative DeFi products in the GateChain ecosystem.

The token has performed particularly well since its listing in 2019 and achieved its largest market cap of $887 million in December 2021.

Where To Buy Gate Token (GT) Tokens

Gate Token (GT) is among the most frequently traded tokens on the Gate.io exchange.

GT tokens are available to purchase on most centralized cryptocurrency exchanges. Before you’re able to purchase GT, you’ll need to deposit fiat money onto an exchange, and sequentially GT tokens will be credited to your GT digital wallet (ERC-20) on the exchange.

The crypto exchanges below are the safest place where you can buy, sell and store GT tokens.

Five of the most popular crypto exchanges are:

1. Gate.io
2. Binance
3. HTX
4. Hoo
5. Bitfinex

All of the above exchanges allow users to buy, sell, transfer and store GT tokens in a digital wallet on the specific exchange. You can also transfer GT tokens between any of the abovementioned exchanges because they all have Gate Token wallets.

Alternatively, individuals wanting to make use of DeFi can transfer their GT tokens (via the ERC-20 network) from a centralized exchange to a compatible digital wallet.

The GateChain public blockchain is rapidly expanding and allows users to utilize innovative DeFi products that weren’t previously available. Any individuals wanting to buy GateToken will receive their own tokens, but if these tokens are stored on an exchange, they won’t own the private keys.

It is therefore advised that users consider these risks and also research the relevant regulatory requirements for purchasing crypto and digital assets in their specific country.

FAQs About Gate Token (GT)

How long has Gate Token (GT) existed?

Gate Token officially became the exchange token of Gate.io on the 2nd of March 2020.

HT token holders also saw extreme token price appreciation during this period.

What’s controversial about Gate Token (GT)?

Researching exchange tokens and their utility is crucial. Exchange tokens often have similar utilities, but their tokenomics differ significantly. Users should consider the credibility of a cryptocurrency exchange and any other notable factors.

Let’s take a look at the top two controversies surrounding Gate Token (GT):

• Restrictive Trading – The Gate.io cryptocurrency platform has become one of the world’s leading exchanges. Millions of users trade digital assets on the platform daily, and thousands of tokens are listed on the exchange. However, the bulk of trading volume for the GT token is from the Gate.io platform.
• Limited Utility – The utility of GT tokens is restricted mainly to the Gate.io exchange and GateChain. For example, GT token holders that hold their tokens on an exchange other than Gate.io don’t receive any trading discounts. Furthermore, users that choose to stake their GT tokens on an exchange other than Gate.io also don’t receive early access to tokens that are being listed on the Gate.io exchange.

How many Gate Token (GT) tokens are there?

At the time of writing, Gate Token has a circulating supply of 78,348,729.17 GT (26% of the total supply).

The total supply of Gate Token (HT) is 300,000,000

There max supply of Gate Token (HT) is 300,000,000

Can Gate Token (GT) be mined?

Gate Token is not a mineable cryptocurrency. GT token is an exchange token and a tradable ERC-20 governance token and that is unmineable.

However, individuals can earn rewards through farming and staking their GT tokens on GateChain or staking their GT tokens directly on the Gate.io exchange.

What is the market cap of Gate Token (HT)?

The market cap of Gate Token (GT) is: the total amount of coins in circulation x the current market price of GT.

Gate Token (GT) Market Cap = 78,348,729.17 GT x $4,25 = $332 million (86th largest market cap).

The growth of the Gate.io platform, as well as the deflationary mechanism, can be directly linked to the price performance of the GT token. The native exchange token is trading at less than 50% of its all-time high (still performing better than most cryptocurrencies) – Gate Token is, however, trading at more than 5x its 2019 listing price.

The market cap fluctuates according to circulating supply and market price.

Biggest Competitors Of Gate Token (GT)

Centralized exchanges rely mainly on trading fees, advertising, and other unique value proponents to generate revenue. This is especially important for Gate Token because more than 70% of the original supply has been burned already. The revenue generated by trading fees is used to buy back GT tokens and burn them (remove them permanently from supply).

There are several excellent centralized exchanges, each with millions of users. The following exchanges listed below choose to list tokens and distribute profits according to their own circumstances, and their future performance is reliant on several crucial factors.

Some notable competitors of Gate.io and GT token are:

• Binance (BNB)
• Coinbase
• HTX Global (HT)
• Crypto.com (CRO)
• KuCoin (KCS)

What Are The Future Plans For Gate.io, GateChain, And GT Token?

Gate.io will focus on providing users with as many trading options as possible, enhancing security measures, and optimizing the platform’s user experience.

The growth of the Gate.io platform will likely have a positive effect on the price of the GT token. The more utility Gate.io and GateChain can garner for HT tokens, the more appeal the GT exchange token will have.

Pros and Cons of Gate Token and GT Token

Pros:

• Large Exchanges – Gate.io is one of the top 10 largest cryptocurrency exchanges.
• Limited Supply – The Gate Token has a limited supply of 300,000,000 tokens.
• Trading Fee Discounts – GT token holders receive trading discounts on the Gate.io Platform.
• Thousands Of Listed Cryptocurrencies – Gate.io offers users thousands of different cryptocurrencies to choose from.

Cons:

• Limited Utility – The main utility of the GT token can only be used on the Gate.io platform, which makes the GT token restrictive in nature.