Important Update: Binance Incubation, GAT supply
today we are proud to announce that we have joined the 3rd Season of Binance Labs Incubation program! We are looking forward to working with expert mentors, expanding our network & partnerships and achieving new ambitious milestones.
We are honored by this opportunity from Binance Labs! It is a token of trust in our project. It gives us significant support for further advancement and also a prospect for more assistance in the future.
At the same time we would like to announce that GAT Network is taking further measures to bring our projects to the next level.
To on-board future investors in our project and create a Growth Fund, we need to relaunch the GAT token with an extended total supply (2 MM tokens). The circulating supply will NOT be affected in the short term, though! Please read below!
GAT “extended” (GATe) — the future of GAT
Current GAT distribution (early Nov. 2021)
- 1,000,000 pre-minted total supply.
- 100,000 locked founder tokens (10%)
- 898,127 freely circulating supply
- 1,873 burned GAT
GAT relaunch event
Basically we will create a new token, that:
- Has a higher fully pre-minted total supply
- Is also bridge-able to other chains (to allow development of cross-chain features and use-cases for Minted Vodka; the name “gate” is a sign of these cross-chain ambitions)
We already do have such a token: WGAT (“wrapped” GAT), that has been created for cross-chain operations. What will happen is:
- it will be renamed to “GATe”
- the supply will grow
- a swap service is offered at Minted Vodka (GAT ↔ GATe)
This extension / relaunch is meant as a singular event — not to be repeated in the future, as it creates additional effort to adjust the growing number of related services and use-cases.
Our current objective is to use this singular relaunch event to also increase our community fund (Growth Fund). For this reason, we are going to double the total supply of the new GATe tokens to 2,000,000 pre-minted tokens.
Please note again: the circulating supply of GAT / GATe will not grow in the short term (read below!). However, it gives us more tools and possibilities to expand the GAT Network in the next years. We see that the benefits of this bigger supply outweigh by far any possible inconveniences.
Future GATe distribution
The future GATe distribution would look as follows:
- 2,000,000 pre-minted total supply
- 100,000 founder tokens (5%) [locked for 1 year + 4 years linear vesting]
- 898,127 freely circulating supply [as of early Nov.2021]
- 1,873 burned GAT (and thus also GATe) [as of early Nov.2021]
- 1,000,000 new Growth Fund[reserved for special uses, see below]
Swapping GAT for GATe
A service is already in place at Minted Vodka for any token holder where GAT can be swapped back and forth to GATe (currently named WGAT) in a 1:1 ratio.
During the next months existing services / use-cases of GAT will be upgraded to GATe. Making GAT obsolete step-by-step.
At a specific moment only single-way swap will be offered on the Minted Vodka UI : GAT → GATe.
The existing DEX liquidity, that is under GAT Network’s control, will be progressively shifted to GATe LPs. Potential future CEX listings will focus on GATe.
The community fund is a transparent wallet with tokens that are only used for a set of reserved purposes / uses that would help us grow the ecosystem over the next few years. All uses are documented and communicated transparently to the community and the holders.
The reserved purposes/uses are:
- Top tier CEX listing (e.g. Binance) — provide tokens for listing
- Key strategic partnerships (e.g. use tokens for special joint-venture events)
- Key strategic marketing (e.g. as rewards/giveaway on strategically crucial marketing events)
- Key investors [long-term locking]
- Reward system (we plan to add/improve rewards systems — especially in Minted Vodka — that incentivize activity over the next months/years)
- Challenges / Giveaways (smaller amounts of GATe could be used in continuous engaging marketing events)
- Incentives for new core team-members (we plan to grow and would like to offer token payments to the new team members)
In any case these tokens shall only be used in the best interests of the GAT ecosystem and their distribution to the market shall be carefully extended over a longer time-period — preventing any market-overflow through a sharp increase in circulating supply .
The GAT relaunch is not a decision that we take lightly. However, it is a necessary one, if we want to put the project on the next level and have the tools to grow.
- Advantages of joining the incubation program of Binance Labs — have access to specialized mentoring, partner networks and a prospect of future cooperation/support.
- Advantages of growing the ecosystem in the next years using the tokens of the new Growth Fund
- Advantages of a bridge-able token and upcoming cross-chain features of Minted Vodka
- Founders accepting the reduction of their share (10% -> 5%) — keeping only 100,000 GAT/GATe tokens
- Founders locking their tokens for 5 years (locked for 1 year + 4 years linear vesting) signaling a long-term commitment
- Circulating supply would grow only slowly with careful distribution of tokens from the Growth Fund, preventing market shocks
We would like to use this opportunity to thank all the long-term supporters of GAT Network — those who value the innovation, technology and build-effort above meme hypes and market hysteria.
You may again experience great fluctuations in GAT/GATe prices: ups as well as downs. We invite you to not get confused nor blinded by the market’s quirks. The team is still committed to its vision and The GAT Way of Building.
In the next months you will see a continuous release of great features on Minted Vodka — GAT Network’s core and our principal focus at this moment. We are working hard on building: technology, services as well as strategic partnerships.
2022 will be an exciting year !