Gate.io CEO Dr. Han Lin at ABS2024: We Are Nonetheless on the Daybreak of a Revolutionary Period

Dr. Han defined that all through its existence, the business has seen exceptional enhancements and technological developments which have made the blockchain extra environment friendly. Moreover, lately governments and regulatory our bodies have begun to acknowledge the significance of blockchain and work to create supportive environments the place the business can proceed to thrive. Extra customers are adopting blockchain expertise daily, which is making the person base of this expertise extra numerous and impactful. Now extra establishments are exhibiting curiosity in blockchain expertise, proving that the business is changing into extra mature and steady.

Dr. Han’s speech mentioned the evolution of crypto throughout seven distinct areas: The Launch, The Tokens/Cash, The Exchanges/Buying and selling Platforms, Buying and selling Quantity, Market Cap, The Chains, and The Customers.

Dr. Han started by stating that originally individuals mined Bitcoin with computer systems, and later altcoins borrowed this identical thought. Later, blockchain initiatives started to make use of ICOs, IEOs, and IDOs to launch.

1. ICOs pioneered the brand new wave of crypto fundraising however have declined in recognition attributable to regulatory scrutiny and market evolution.
2. IEOs enhanced credibility by means of established exchanges, offering a safer and extra dependable platform for each traders and initiatives.
3. IDOs allowed initiatives to launch straight on decentralized exchanges, democratizing entry for individuals. This technique displays the shift in the direction of extra decentralized and community-driven approaches.

Shift Towards Neighborhood-Pushed Launches

There’s a noticeable development in the direction of community-driven launches within the cryptocurrency business. Memecoins, for example, have garnered important consideration and participation attributable to their reliance on sturdy neighborhood help and viral advertising. Moreover, there was a marked decline in ICO launches because the business shifts in the direction of extra community-focused strategies like airdrops. This shift signifies a maturation of the market, the place neighborhood participation is more and more prioritized.

The tokens/cash of focus have been BTC and ETH earlier than, after which in 2017 there was a shift to stablecoins. Later centralized alternate (CEX) tokens turned common. In 2020, DeFi took over after which GameFi in 2022. Now memecoins are common (though they’ve an extended historical past earlier than the current day). The variety of tokens launched yearly has additionally seen a dramatic enhance.

Buying and selling platforms supply safety and liquidity to tens of millions globally. Solana and Base are common selections for launching new tokens attributable to their cost-effectiveness. Dr. Han famous that business veterans nonetheless recall the Mt. Gox launch and subsequent hack, in addition to the rise and fall of FTX. Earlier than 2018, launching a centralized alternate (CEX) was comparatively cheap. Nevertheless, elevated competitors and better obstacles to entry post-2018 have made this more difficult. Conversely, the decentralized alternate (DEX) panorama stays extra accessible, with decrease prices for launching a DEX.

After the DeFi summer season much more DEXs have been launched. The market share when in comparison with CEXs remains to be fairly small, however it’s rising. CEX’s nonetheless dominate, with the next proportion of the general buying and selling quantity.

The buying and selling quantity of different cash in addition to the highest 10 is shrinking. It’s because the buying and selling quantity is concentrated within the high cash. Dr. Han continued with a phrase of warning to individuals shopping for the smaller cash, stating that they need to watch out as a result of there may not be sufficient liquidity in the event that they later want to promote. General, the buying and selling quantity remains to be concentrated closely in BTC, ETH, and stablecoins.

Dr. Han described that the market cap of BTC is near FB and he predicted that in a single or two years BTC will surpass Fb’s market cap. From 2022-2023 BTC’s market cap decreased because of the bear market, however this yr it’s rising. BTC nonetheless dominates amongst different tokens/cash with greater than 50% of the overall crypto market cap.

Blockchains act because the infrastructure for your entire business. Solana is at present dominating and is making an attempt to surpass ETH as the most well-liked blockchain. ETH nonetheless has the best DEX buying and selling quantity and TVL, in addition to probably the most energetic builders.

Over the previous 20 years the variety of web customers has grown considerably. Nevertheless, though the general numbers are much less, crypto customers are rising even sooner. 11 years in the past there have been only one million cryptocurrency customers, and now everybody is aware of about crypto and greater than 500 million persons are thought-about crypto customers.

Dr. Han concluded by stating that knowledge means that, regardless of progress, blockchain expertise remains to be comparatively new, and we’re nonetheless on the daybreak of a revolutionary period. He emphasised that because the business continues to evolve, constructing connections and fostering collaboration will develop into more and more necessary. Dr. Han urged business leaders and newcomers to persist in pushing the boundaries and exploring the huge potentialities of blockchain expertise.

Media Contact:

Elaine Wang at elaine.w@gate.io