Crypto exchange Gate.io’s native token GateToken (GT) hit an all-time high of $14.01 in December, per data from CoinGecko, amid surging user numbers for the platform and the release of its December reserve report.

Amid a wider slump in the crypto market, GateToken has retreated from its all-time high to a current value of $13.07, according to CoinGecko data. The native token of Gate’s Gatechain, GT is used to pay transaction fees as well as offering benefits including VIP tier escalation and trading fee debit.

The token’s rise over the past month comes amid surging user numbers on Gate.io, alongside high-profile sports sponsorship deals and a December reserve report that saw the platform set industry benchmarks.

At the start of the month, the platform released its December reserve report, revealing that its reserves had hit a record high of $9.566 billion and a reserve ratio of 123.91%—exceeding the 120% average level of leading industries. Gate.io’s excess reserves also topped $1.846 billion according to the report, increasing by 68.89% to set a record high for the platform, with an excess reserve ratio of 23.91%.

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Author: Decrypt Staff