gate Launches High-Speed Layer 2 Network with Enhanced GT Token
Gate has unveiled Gate Layer, a fast layer 2 network, alongside an updated GT token model. this move aims to boost blockchain transactions and expand Gate’s web3 ecosystem.
Gate Layer is built on the OP Stack and is fully compatible with the Ethereum Virtual Machine. It offers lightning-fast transactions, processing over 5,700 per second with 1-second block times. This speed surpasses many layer 1 chains. Costs are also significantly reduced. For instance,processing 1 million transfers costs under $30 on Gate Layer,compared to $700 on base and over $1,000 on Solana.
Gate Layer supports cross-chain transfers through LayerZero. Users can move assets between Ethereum,Polygon,BNB Chain,and Solana seamlessly. This integration enhances the network’s interoperability.
GT token’s role has expanded. It now serves as the exclusive gas token for all on-chain activities on Gate Layer, including transactions, smart contract deployments, and NFT minting. GT operates under a dual deflationary model,with quarterly burns and automatic on-chain fee burning. over 180 million GT tokens, more than 60% of the original supply, have been removed from circulation.
GateChain has been upgraded to version v1.20, adding blob transaction support and efficiency improvements. This layer 2 launch is part of Gate’s “All in Web3” strategy. The company aims to provide a low-cost, high-performance environment for decentralized applications, making them more accessible and user-friendly.
