Gate Launches Proprietary Layer 2 Blockchain and GT Token Upgrade
- Gate has introduced Gate Layer, a Layer 2 blockchain to enhance transaction throughput and reduce costs.
- Built on the OP Stack, Gate Layer is fully compatible with Ethereum and utilizes GateChain as its settlement layer.
- The GT (GateToken) will act as the exclusive gas token for Gate Layer, continuing its dual burn model with over 180 million GT burned—about 60% of the initial supply.
- New tools launched include Perp, a perpetuals hub, Gate Fun for no-code token launches, and Meme Go, a cross-chain meme token tracker.
- This initiative aligns with a trend among major exchanges like Coinbase to develop their own Layer 2 solutions to increase user engagement on-chain.
Gate’s launch of Gate Layer aims to position itself as a comprehensive Web3 provider by integrating infrastructure with native tokenomics. The focus on enhancing liquidity and ecosystem expansion reflects broader industry trends among cryptocurrency exchanges.
With over 180 million GT burned, this upgrade marks a significant evolution in the tokenomics of the GT ecosystem.(Source)
