What is GateToken? GateToken (GT) is the crypto money project of Gate.io, one of the most popular crypto exchanges in the world. In this article, you can find answers to questions frequently asked by investors, such as what GateToken is, what it does, and how to get it. As Kriptokoin.com , we have prepared it for our curious readers. Let’s examine the project together.
What is GateToken?
GateToken, the native cryptocurrency of the Gate.io exchange, is built on the GateChain blockchain. Accordingly, GT ensures the continuity of the ecosystem with various use cases in Gatechain and thus Gate.io. Gatechain is a public blockchain and product ecosystem. There are several new products on the network such as new on-chain security account and customizable recovery feature. Additionally, GateChain provides asset issuance and enterprise subscription service. Users of the network can transfer their assets between multiple Blockchains and make payments. In addition, the network uses the Delegated Proof-of-Stake (PoS) consensus mechanism. Thus, users can earn staking rewards.
What does GateToken do?
GateToken is the native cryptocurrency of GateChain network and Gate.io exchange. GT token is used to pay all transaction fees and various costs incurred in the network. However, developers of decentralized applications (dApps) in the GateChain network are required to have a GT to perform transactions. Another use case of GateToken is staking on GateChain using DPoS mechanism. Accordingly, users lock their assets into smart contracts with a certain maturity. Thus, they can earn additional GT token rewards at maturity. Staking rewards users while making the network more secure.
What are the advantages of the GT?
- GT holders get various advantages such as staking, participation in special events, VIP membership within GateChain.
- The ecosystem is working on new use cases for GateToken. The development of GateChain and Gate.io exchange may increase the price of GT.
- GateChain, which secures itself through the burning of GateToken, reduces the supply of the token and raises its price.
- Gate.io is the safest cryptocurrency exchange of 2021 according to the research of Crypto Exchange Ranks (CER). This gives confidence to investors.
What are the disadvantages of the GT?
- GateToken is directly linked to Gate.io exchange. Therefore, there is a possibility that the price of the token will drop if the exchange loses customers.
- However, hacking Gate.io or GateChain could negatively impact the price of the GT token.
- The high volatility inherent in cryptocurrencies is also present in GateToken. Accordingly, the price of highly volatile assets fluctuates in a wider range.
What is GateToken? How to get GT?
Investors looking to invest in cryptocurrencies can find GateToken on many major and reliable cryptocurrency exchanges. GT is currently traded on Gate.io, Huobi Global, BitFinex, FTX and LBank. Interested investors must become members of these exchanges and verify their identities. Next, they must deposit an asset suitable for GT pairs into their wallet and place a buy order for the token.
