Gate.io is one of the oldest crypto exchanges in the world. It was founded on May 18, 2013 by Chinese entrepreneur Li Han, and since then it has built an entire ecosystem for trading, creating new projects, and analyzing the crypto market.
Until the end of May, Gate.io plans to update the design to fit the modern cryptocurrency world. In the meantime, we will talk about how the platform has evolved since 2020.
2020: 3 million users, GT token, margin trading certificates and startup platform
At the end of 2019, Gate.io launched its own Gate Token (GT). The exchange has distributed a billion GT among buyers of Points – points for paying trading commissions at a discount.
In March 2020, Gate.io made GT the ecosystem’s official token and then bought back and burned 700 million coins over the course of a year. This decision led to a price increase from $1 to $13 in just a year.
Two months later platform launched own blockchain GateChain and made GT its native token. In addition to paying transaction fees, GT is used to reduce trading fees on the platform.
Blockchain developers have focused on speed and security:
- GateChain throughput – 2000 transactions per second;
- transaction finalization speed – one block;
- fraud protection – a mechanism for canceling transactions and clearing in case of loss or theft of a private key.
In May, Gate.io became the first cryptocurrency exchange provided verifiable proof to users that their deposits are exactly in the platform wallets and are not used by third parties.
The solution is based on a Merkle tree: a user or auditor enters a UID hash on Gate.io and receives the balance of the corresponding account in bitcoins. With the help of this development, the audit company Armanino confirmedthat Gate.io’s reserves cover 100% of user deposits.
In January the platform updated a platform for conducting initial exchange offers (IEO) Startup Premiere. Gate.io has changed its project selection strategy and allowed developers to apply for token sales. Rating site CryptoRank summed up the interim results of the IEO: the average return on investment was 160% per year, and the highest result was 971% per year.
2021: 4 million users, incubator and NFT Magic Box
In February Gate.io launched DeFi Ecosystem & Labs Incubator to attract developers to GateChain. The platform created a $50 million investment fund and also helped the teams raise additional funding and advertising. In addition, the exchange listed the tokens of promising projects and provided them with liquidity to get started.
Exchange in May activated EVM on the GateChain mainnet. The decentralized exchange HipoDeFi and the Gate Bridge appeared on the blockchain. Users gained access to Tether (USDT), Dogecoin (DOGE), Bitcoin (BTC) and other wrapped GRC-20 tokens.
A month later, the exchange launched a marketplace NFT Magic Box. The platform offered users zero fees for creating NFTs, unique tokens from popular collections like the Bored Ape Yacht Club, and another token sale format – Initial NFT Offering (INO) to support artists. At the time of publication, the volume of transactions on the marketplace amounted to $5.4 million.
As with the DeFi Ecosystem & Labs Incubator, Gate.io provided financial and marketing support to digital artists.
In September Gate.io founded Gate Ventures fund in the amount of $100 million. Its goal is to help developers of decentralized infrastructure, web3 solutions and applications. The foundation has also offered grants to creators of open source DeFi projects.
2022: 10 million users and redesign
The crypto exchange team focused on security. The platform has implemented a plethora of ways to protect customer funds, from logging into an account only from certain IP addresses, to a refund mechanism when a private key is stolen in GateChain. Analytical service CoinGecko appropriated Gate.io is rated A for cybersecurity and 9 out of 10 on Trust Score.
In addition, Gate.io added new products regularly. There are rare instruments on the exchange like deliverable futures for cryptocurrency, trading bots with deep strategy settings, Big Data Analytics cryptocurrency market, voting for listing tokens.
At the time of publication, Gate.io serves 10 million users in 130 countries. Peak daily trading volume exceeds $10 billion.
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Gate.io is one of the oldest crypto exchanges in the world. It was founded on May 18, 2013 by Chinese entrepreneur Li Han, and since then it has built an entire ecosystem for trading, creating new projects, and analyzing the crypto market.
Until the end of May, Gate.io plans to update the design to fit the modern cryptocurrency world. In the meantime, we will talk about how the platform has evolved since 2020.
2020: 3 million users, GT token, margin trading certificates and startup platform
At the end of 2019, Gate.io launched its own Gate Token (GT). The exchange has distributed a billion GT among buyers of Points – points for paying trading commissions at a discount.
In March 2020, Gate.io made GT the ecosystem’s official token and then bought back and burned 700 million coins over the course of a year. This decision led to a price increase from $1 to $13 in just a year.
Two months later platform launched own blockchain GateChain and made GT its native token. In addition to paying transaction fees, GT is used to reduce trading fees on the platform.
Blockchain developers have focused on speed and security:
- GateChain throughput – 2000 transactions per second;
- transaction finalization speed – one block;
- fraud protection – a mechanism for canceling transactions and clearing in case of loss or theft of a private key.
In May, Gate.io became the first cryptocurrency exchange provided verifiable proof to users that their deposits are exactly in the platform wallets and are not used by third parties.
The solution is based on a Merkle tree: a user or auditor enters a UID hash on Gate.io and receives the balance of the corresponding account in bitcoins. With the help of this development, the audit company Armanino confirmedthat Gate.io’s reserves cover 100% of user deposits.
In January the platform updated a platform for conducting initial exchange offers (IEO) Startup Premiere. Gate.io has changed its project selection strategy and allowed developers to apply for token sales. Rating site CryptoRank summed up the interim results of the IEO: the average return on investment was 160% per year, and the highest result was 971% per year.
2021: 4 million users, incubator and NFT Magic Box
In February Gate.io launched DeFi Ecosystem & Labs Incubator to attract developers to GateChain. The platform created a $50 million investment fund and also helped the teams raise additional funding and advertising. In addition, the exchange listed the tokens of promising projects and provided them with liquidity to get started.
Exchange in May activated EVM on the GateChain mainnet. The decentralized exchange HipoDeFi and the Gate Bridge appeared on the blockchain. Users gained access to Tether (USDT), Dogecoin (DOGE), Bitcoin (BTC) and other wrapped GRC-20 tokens.
A month later, the exchange launched a marketplace NFT Magic Box. The platform offered users zero fees for creating NFTs, unique tokens from popular collections like the Bored Ape Yacht Club, and another token sale format – Initial NFT Offering (INO) to support artists. At the time of publication, the volume of transactions on the marketplace amounted to $5.4 million.
As with the DeFi Ecosystem & Labs Incubator, Gate.io provided financial and marketing support to digital artists.
In September Gate.io founded Gate Ventures fund in the amount of $100 million. Its goal is to help developers of decentralized infrastructure, web3 solutions and applications. The foundation has also offered grants to creators of open source DeFi projects.
2022: 10 million users and redesign
The crypto exchange team focused on security. The platform has implemented a plethora of ways to protect customer funds, from logging into an account only from certain IP addresses, to a refund mechanism when a private key is stolen in GateChain. Analytical service CoinGecko appropriated Gate.io is rated A for cybersecurity and 9 out of 10 on Trust Score.
In addition, Gate.io added new products regularly. There are rare instruments on the exchange like deliverable futures for cryptocurrency, trading bots with deep strategy settings, Big Data Analytics cryptocurrency market, voting for listing tokens.
At the time of publication, Gate.io serves 10 million users in 130 countries. Peak daily trading volume exceeds $10 billion.
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