The native token GT has also been upgraded, maintaining its deflationary burn model. More than 180 million GT tokens have been permanently removed from circulation.
Crypto exchange Gate.io has launched Gate Layer, a layer two blockchain network built on top of the OP stack and secured by GateChain. The native token for the ecosystem, Gate Token (GT), has also been upgraded to address the costs and inefficiencies of existing blockchain systems.
The Gate Layer is built on top of the OP Stack and uses GateChain as its settlement layer. The L2 network is compatible with the Ethereum Virtual Machine (EVM), enabling developers to migrate decentralized applications with access via tools like MetaMask. The latest launch has been positioned as the foundation of Gate’s “All in Web3” strategy, which, according to the exchange, provides a comprehensive on-chain environment for users.
Gate exchange confirmed that the Layer 2 network launched today can handle more than 5,700 transactions per second with block times of 1 second, allowing for higher throughputs than most L1 chains. The network can also process one million transfers at a cheaper cost of less than $30 compared to roughly $700 on Base, $2,000 on BNB chain, and $1,000 on Solana.
The exchange platform also features the network’s interoperability, integrating the LayerZero protocol to enable asset transfers across Ethereum, Polygon, BNB chain, Solana, and other blockchain networks. The firm added that it incorporates a dual security mechanism, meaning GateChain operates as the settlement layer. At the same time, GT staking supports consensus and reduces the risk of single points of failure.
In line with the network launch, the crypto exchange platform has rolled out several products, including Perp, Gate Fun, and Meme Go. Perp has been designed to operate as the perpetual futures trading hub with more liquidity and higher execution speed. It aims to replicate the smooth experience of centralized systems in decentralized ecosystems.
Gate Fun has been introduced as an incubator for small and medium-sized projects. It allows developers to issue tokens and build liquidity at much lower costs with a no-code option. On the other hand, Meme Go has been designed as a monitoring and trading tool for meme tokens. It supports multiple chains and offers fast execution and real-time tracking.
GT, Gate’s native token, has also been upgraded alongside the launch of Gate Layer 2 network. GT will now operate as the exclusive gas token for all on-chain activity within the Gate Layer, including transactions, contract deployments, NFT minting, and cross-chain transfers. The token will also maintain its deflationary model, which combines scheduled quarterly burns based on ecosystem performance with automatic on-chain burns through the EIP-1559 standard. The Gate ecosystem has already burned over 180 million GT tokens, roughly 60% of the initial 300 million supply.
GateChain has also significantly upgraded version v1.20 to support the new layer. In line with the upgrade, blob transaction support through the EIP-4844 standard, integration of the Cancun EVM version, and compatibility with 12 additional Ethereum Proposals have been introduced to improve gas fees calculations and enhance security. RPC interfaces have received improvements for blob transactions and data access.
GT token is currently trading at $16.27, down by 0.57% with daily average trading volume of $16,87 million. The current circulating supply is 82.36 million, down from the original maximum supply of 300 million.
The exchange revealed that its dual approach, including the launch of the Layer 2 network with upgrades on the GT token, would contribute to the long-term growth and sustainability of the ecosystem.
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