Gate.io CEO Dr. Han Lin at ABS2024: We’re nonetheless on the daybreak of a revolutionary period

Dr. Han defined that all through its existence, the trade has seen exceptional enhancements and technological advances that make blockchain extra environment friendly. Moreover, lately, governments and regulators have begun to acknowledge the significance of blockchain and are working to create a supportive surroundings the place the trade can proceed to thrive. An increasing number of customers are adopting blockchain expertise on daily basis, making the expertise's consumer base extra numerous and spectacular. Now, extra establishments are exhibiting curiosity in blockchain expertise, proving that the trade is turning into extra mature and secure.

Speech by Dr. Hana mentioned cryptocurrency growth in seven completely different areas: Launch, Tokens/Cash, Exchanges/Buying and selling Platforms, Buying and selling Quantity, Market Cap, Chains, and Customers.

Dr. Han started by stating that originally folks mined bitcoins utilizing computer systems and later altcoins borrowed the identical thought. Later, blockchain initiatives began utilizing ICOs, IEOs and IDOs to launch.

1. ICO pioneered a brand new wave of crypto fundraising, however their reputation has declined attributable to regulatory scrutiny and market evolution.
2. IEO elevated credibility by established exchanges that present a safer and extra dependable platform for each traders and initiatives.
3. IDO enabled initiatives to be launched straight on decentralized exchanges, democratizing entry for members. This technique displays a shift in the direction of extra decentralized and community-oriented approaches.

Transferring in the direction of community-driven startups

There’s a noticeable pattern in the direction of group startups within the cryptocurrency trade. Memecoins, for instance, have gained vital consideration and participation by counting on sturdy group assist and viral advertising. Moreover, there was a big decline in ICO launches because the trade strikes to extra community-oriented strategies reminiscent of airdrops. This shift signifies a maturing market the place group participation is more and more most popular.

The tokens/cash was once BTC and ETH after which in 2017 there was a shift to stablecoins. Later, centralized change (CEX) tokens turned standard. DeFi took over in 2020 after which GameFi in 2022. Memecoins are standard now (though they’ve an extended historical past earlier than the current). The variety of tokens launched every year has additionally seen a dramatic enhance.

Buying and selling platforms provide safety and liquidity to thousands and thousands of individuals all over the world. Solana and Base are standard decisions for launching new tokens attributable to their price effectivity. Dr. Han famous that trade veterans nonetheless bear in mind the launch of Mt. Gox and the following hack, in addition to the rise and fall of FTX. Previous to 2018, a centralized change (CEX) was comparatively cheap to launch. Nevertheless, elevated competitors and better boundaries to entry after 2018 have made this tougher. Conversely, the Decentralized Alternate (DEX) surroundings stays extra reasonably priced with decrease DEX startup prices.

After the summer time of DeFi, many extra DEXs had been launched. The market share in comparison with CEX remains to be fairly small, however rising. CEXs nonetheless dominate with the next share of whole buying and selling quantity.

Buying and selling quantity for cash aside from the highest 10 is shrinking. It is because the buying and selling quantity is concentrated within the prime cash. Dr. Han continued with a phrase of warning for folks shopping for smaller cash, stating that they need to watch out as there might not be sufficient liquidity in case they wish to promote later. General, buying and selling quantity remains to be closely concentrated in BTC, ETH and stablecoins.

Dr. Han described BTC's market cap as near FB's and predicted that in a single or two years, BTC will surpass Fb's market cap. In 2022-2023, BTC's market cap decreased as a result of bear market, however it’s rising this 12 months. BTC nonetheless dominates different tokens/cash with greater than 50% of the overall cryptocurrency market cap.

Blockchains act as infrastructure for total industries. Solana is at the moment dominating and attempting to overhaul ETH as the most well-liked blockchain. ETH nonetheless has the best DEX and TVL buying and selling quantity in addition to essentially the most energetic builders.

Over the previous 20 years, the variety of Web customers has grown considerably. Though the general numbers are decrease, cryptocurrency customers are rising even sooner. 11 years in the past there have been only one million customers of cryptocurrencies and now everybody is aware of about cryptocurrencies and greater than 500 million individuals are thought of to be customers of cryptocurrencies.

Dr. Han concluded by saying that the info means that regardless of the progress, blockchain expertise remains to be comparatively new and we’re nonetheless on the daybreak of a revolutionary period. He emphasised that because the trade continues to evolve, constructing connections and fostering collaboration will grow to be more and more essential. Dr. Han urged trade leaders and newcomers to persevere in pushing the boundaries and exploring the huge prospects of blockchain expertise.

Media Contact:

Elaine Wang at elaine.w@gate.io