Gate unveils layer 2 network and GT tokenomics upgrade
Gate aims to boost scalability and GT token demand by integrating enhanced tokenomics with a new EVM-compatible layer 2 blockchain.
Key Takeaways
- Gate launched a new layer 2 blockchain network to boost scalability and ecosystem development.
- A comprehensive GT tokenomics upgrade was introduced, making GT the exclusive gas token for Gate Layer while continuing its dual burn model.
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Gate, a crypto exchange, today unveiled a layer 2 network alongside a comprehensive tokenomics overhaul for its GT token. The announcement triggered a minor price reaction for GT, which now holds a nearly $2B market cap.
The tokenomics upgrade includes designating GT as the exclusive gas token for Gate Layer while continuing its dual burn model.
The new layer 2 network represents Gate’s blockchain infrastructure designed to enhance scalability while integrating with the updated tokenomics framework. Built on the OP Stack and fully EVM-compatible, Gate Layer uses GateChain as its settlement layer.
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