Hassan Maishera
TL;DR
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Cryptocurrency exchange Gate has Gate Layer, a Layer 2 network built on OP Stack and fully EVM-compatible.
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The exchange has also upgraded the tokenomics for its native GT token.
Gate Launches Gate Layer
Cryptocurrency exchange Gate has announced the launch of Gate Layer, a proprietary Layer 2 blockchain that would enhance transaction throughput and reduce costs. The company also rolled out a major upgrade to its GT token.
According to the exchange, Gate Layer is built on the OP stack and is fully compatible with the Ethereum network. The L2 network is anchored to GateChain as its settlement layer.
This latest development comes as Gate seeks to emulate other leading cryptocurrency exchanges, including Binance, Coinbase, and OKX, in launching its blockchain.
Gate Layer will serve as the backbone of its Web3 strategy, launching tools such as Perp, a perpetuals hub with CEX-level liquidity; Gate Fun, a no-code incubator for token launches; and Meme Go, a real-time cross-chain meme token tracker.
Furthermore, the GT token will become the exclusive gas token for Gate Layer. However, it would maintain its dual burn model. Since its creation, Gate has burned over 180 million GT tokens, representing 60% of the original supply.
