GT · the famous burn eats a shelf, and the chain quietly mints.
GT is Gate's exchange token and the staking and gas asset of GateChain. The original 300M was issued once on Ethereum and can never be added to; about 63% now sits in a burn address, and 106.62M circulates.
Sell pressure. 0.09M GT, all of it new coins paid to GateChain's consensus nodes out of a 30M allocation still 21.25M unmined. No unlock, no cliff, no estate.
Buy pressure. Zero, despite a genuine burn of 2,570,063 GT on Jul 4 2026. It came from a reserve frozen since 2019 — exactly the slice the circulating count already excludes.
- Quarterly burn · Q3 2026−2.6M GTOct 2026 (expected) · drawn from the frozen reserve, so the tradable float is unchanged
GT is usually described as fixed at 300,000,000, and on Ethereum it truly is — that contract has no way to make another coin, and every function it can run was read one by one. GateChain is the part that gets missed: it pays its consensus nodes in brand-new GT out of a 30M allocation that is 8.75M mined and 21.25M still unmined.
GT finished its distribution in 2019 and never had a vesting contract, a cliff calendar or an escrow. Gate's own supply split adds up to the full 300,000,000 with no vesting bucket in it, and the one unlock page that says otherwise prints a release larger than the entire token.
No public evidence of release in window — monitored. Watched: the frozen 2019 reserve, 12.25M, which is the entire non-circulating bucket and only ever pays the burn; the burn executor, 12.62M, unchanged at both ends of the window; and three company wallets holding 52.40M, 24.32M and 7.04M that already sit inside the tradable count and need no unlock to reach an order book.
There is no bankruptcy estate, no trustee and no court-ordered distribution attached to GT.
The quarterly burn is real and it fired inside this window: 2,570,063 GT reached the burn address on Jul 4 2026 in one transfer, taking the lifetime total to 189.95M, about 63% of the original supply. What decides this row is who paid for it. Traced by sender, the reserve that funds it took in nothing and paid out exactly that amount, and that reserve is precisely the slice the circulating count already leaves out — so the ceiling fell and the tradable float did not move.
Only one transfer reached the burn address in 90 days, so nothing is being destroyed continuously on the main ledger. GateChain does burn its own base fee, but the chain runs at a tenth of a transaction per block and the measured total across the window is about 5 GT. The layer-2 sends its base fee to a fee vault instead of destroying it.
No public evidence of release in window — monitored. No open-market purchase of GT by the company has been disclosed, and the reserve that pays for the burn received nothing at all across the window.
No new lockup was created this window. The only long-term reserve GT has got smaller, not bigger.
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