Blockchain assets exchange platform, Gate.io has today announced the official beginning of Gatechain Token (GT) distribution, following the announcement of Gatechain last week. GT is the base currency of Gatechain, a public blockchain dedicated to the safety of blockchain assets. GT will support the infrastructure of the public chain.
Gate.io will distribute 300 million Gatechain Tokens to its users over the next year. Gate.io will provide technical and financial support for GT to the main online trading platform as a mainnet asset. With future projects, Gate.io will support these to release project Token on the Gatechain mainnet.
GT distribution has started with a 2-week sales period on April 8th, with GT being distributed for each Gate Point (which are pre-paid trading fees) purchased. Each day during these 2 weeks, users will be able to apply purchase Gate Points during a 2-hour period (UTC 4:00 A.M. – 6:00 A.M.). GT and GP are then awarded on a fair basis to all of those who applied. Specifics can be found here.
Commenting on the GT distribution, Marie Tatibouet, Chief Marketing Officer at Gate.io said: “In just one day, we’ve had over $388 million worth of orders placed. Due to the distribution limit, we were not able to fulfill all the demand; we encourage users to come back to the platform and try again.”
Gatechain Tokens will be available to trade on Gate.io following the end of this sales period.