It is not enough for a modern cryptocurrency exchange to be a platform for the exchange of tokens. Users expect to find several instruments at once on one platform, from spot trading to Polkadot parachain auctions.
Exchange Gate.io is actively developing its own ecosystem, including through popular DeFi services. We tell you what it includes and how the trading platform team plans to improve it.
Blockchain: GateChain and GT
The Gate.io team takes the security of user funds seriously: to withdraw funds to an external wallet, you need to confirm the action three times – enter a separate trading password, a code from an email and a Google Authenticator code. Advanced users can set up additional measures such as whitelisting IP addresses.
The platform team decided to make GateChain as secure as an exchange account. Developers came up withhow to deal with the two main dangers: the loss of a private key and theft of funds.
GateChain is an EVM blockchain based on the Proof-of-Stake consensus algorithm. Unlike other networks, it uses two types of addresses: regular (gt1…) and vault (vault1…).
Regular addresses work in the same way as in other networks: once a transaction enters the blockchain, it can no longer be changed or canceled. Storage addresses use their own transaction types. They can be canceled within the number of blocks that the owner of the address specifies.
In addition, if the private key is lost, the owner can contact the support service to withdraw funds from the vault to the previously linked regular address.
The development of the GateChain protocol lasted two years. In 2018, platform specialists confirmed the operability of the transaction cancellation mechanism.
At the beginning of 2019 started an airdrop of GT tokens (GateChain Token), and six months later the exchange opened public access to the GateChain testnet.
On May 13, 2020, GT holders voted to launch the mainnet. The team staked its 30 million GT, and users began to open their own nodes and validate the network.
DeFi: Wallet, HipoDeFi, Bridge
Gate.io released desktop wallet to work with GateChain. At the same time, the blockchain can be added to another wallet with support for custom EVM networks: MetaMask, Wallet.io, Walletconnect.
In September 2020 Gate.io published Whitepaper DEX HipoSwap. At the beginning of 2021, the platform was launched on GateChain under the name HipoDeFi.
In addition to the exchange of tokens on GateChain, HipoDeFi supports trading on decentralized exchanges based on Ethereum, BNB Chain, Huobi Eco Chain, Polygon, Arbitrum and Avalanche.
With a bridge Gate Bridge users transfer their assets from these networks to GateChain and vice versa. Also, investors can deposit liquidity into available pools and use LP tokens to earn on farming.
Startups: Labs, Ventures and Grants
In January 2021 Gate.io created startup incubator Ecosystem & Labs (Gate.io Labs) to motivate developers to build applications on GateChain.
The platform has allocated $50 million to finance projects and provide initial liquidity. At the time of publication, Gate.io Labs has given money to teams 46 crypto projects.
In September 2021, Gate.io launched an investment fund Gate Ventures in the amount of $100 million. It provides financial assistance to projects that are engaged in:
- building technical and financial infrastructures;
- creation of cryptonative ecosystems;
- development of applications for end users.
In its first year of operation, Gate Ventures took part in seed funding rounds for SOMA.finance, 1inch, SEBA Bank and 17 other startups.
For projects in the early stages, Gate.io opened grant program. With its help, the platform finances the research and development of prototypes of DeFi applications: decentralized exchanges, landing services, oracles, and others.
Program participants receive grants of up to $100,000, as well as additional funding, marketing assistance, token listing on Gate.io, and technical support.
Art: NFT Magic Box
In April 2021, Gate.io launched a marketplace NFT Magic Box. The main feature of the platform is the free creation of tokens.
The site also supports the purchase of NFTs for Bitcoin (BTC), Tether (USDT) and Gate Token (GT). Most other marketplaces allow you to buy lots only with native platform tokens.
Gate.io provides artists with assistance in selling works, holding exhibitions and training in the use of blockchain technologies.
The exchange regularly holds activities to introduce more users to the NFT market. For example, on the ninth anniversary of the platform, it announced airdrop of limited 3D NFTs to institutional investors’ accounts.
The Future: Redesign, App and GameFi
In 2022, Gate.io redesigned, changed the slogan and outlined the company’s goal – to follow user needs and market trends in order to quickly add in-demand products.
The platform also updated mobile app. It has a light version (Mini APP) with a simplified user interface. Gate.io plans to make it a superapp with the ability to run third-party applications.
The beta version of the application is already available game box — built-in browser for blockchain games. The exchange team plans to develop a mobile direction, and in the future to add metaverse support.
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It is not enough for a modern cryptocurrency exchange to be a platform for the exchange of tokens. Users expect to find several instruments at once on one platform, from spot trading to Polkadot parachain auctions.
Exchange Gate.io is actively developing its own ecosystem, including through popular DeFi services. We tell you what it includes and how the trading platform team plans to improve it.
Blockchain: GateChain and GT
The Gate.io team takes the security of user funds seriously: to withdraw funds to an external wallet, you need to confirm the action three times – enter a separate trading password, a code from an email and a Google Authenticator code. Advanced users can set up additional measures such as whitelisting IP addresses.
The platform team decided to make GateChain as secure as an exchange account. Developers came up withhow to deal with the two main dangers: the loss of a private key and theft of funds.
GateChain is an EVM blockchain based on the Proof-of-Stake consensus algorithm. Unlike other networks, it uses two types of addresses: regular (gt1…) and vault (vault1…).
Regular addresses work in the same way as in other networks: once a transaction enters the blockchain, it can no longer be changed or canceled. Storage addresses use their own transaction types. They can be canceled within the number of blocks that the owner of the address specifies.
In addition, if the private key is lost, the owner can contact the support service to withdraw funds from the vault to the previously linked regular address.
The development of the GateChain protocol lasted two years. In 2018, platform specialists confirmed the operability of the transaction cancellation mechanism.
At the beginning of 2019 started an airdrop of GT tokens (GateChain Token), and six months later the exchange opened public access to the GateChain testnet.
On May 13, 2020, GT holders voted to launch the mainnet. The team staked its 30 million GT, and users began to open their own nodes and validate the network.
DeFi: Wallet, HipoDeFi, Bridge
Gate.io released desktop wallet to work with GateChain. At the same time, the blockchain can be added to another wallet with support for custom EVM networks: MetaMask, Wallet.io, Walletconnect.
In September 2020 Gate.io published Whitepaper DEX HipoSwap. At the beginning of 2021, the platform was launched on GateChain under the name HipoDeFi.
In addition to the exchange of tokens on GateChain, HipoDeFi supports trading on decentralized exchanges based on Ethereum, BNB Chain, Huobi Eco Chain, Polygon, Arbitrum and Avalanche.
With a bridge Gate Bridge users transfer their assets from these networks to GateChain and vice versa. Also, investors can deposit liquidity into available pools and use LP tokens to earn on farming.
Startups: Labs, Ventures and Grants
In January 2021 Gate.io created startup incubator Ecosystem & Labs (Gate.io Labs) to motivate developers to build applications on GateChain.
The platform has allocated $50 million to finance projects and provide initial liquidity. At the time of publication, Gate.io Labs has given money to teams 46 crypto projects.
In September 2021, Gate.io launched an investment fund Gate Ventures in the amount of $100 million. It provides financial assistance to projects that are engaged in:
- building technical and financial infrastructures;
- creation of cryptonative ecosystems;
- development of applications for end users.
In its first year of operation, Gate Ventures took part in seed funding rounds for SOMA.finance, 1inch, SEBA Bank and 17 other startups.
For projects in the early stages, Gate.io opened grant program. With its help, the platform finances the research and development of prototypes of DeFi applications: decentralized exchanges, landing services, oracles, and others.
Program participants receive grants of up to $100,000, as well as additional funding, marketing assistance, token listing on Gate.io, and technical support.
Art: NFT Magic Box
In April 2021, Gate.io launched a marketplace NFT Magic Box. The main feature of the platform is the free creation of tokens.
The site also supports the purchase of NFTs for Bitcoin (BTC), Tether (USDT) and Gate Token (GT). Most other marketplaces allow you to buy lots only with native platform tokens.
Gate.io provides artists with assistance in selling works, holding exhibitions and training in the use of blockchain technologies.
The exchange regularly holds activities to introduce more users to the NFT market. For example, on the ninth anniversary of the platform, it announced airdrop of limited 3D NFTs to institutional investors’ accounts.
The Future: Redesign, App and GameFi
In 2022, Gate.io redesigned, changed the slogan and outlined the company’s goal – to follow user needs and market trends in order to quickly add in-demand products.
The platform also updated mobile app. It has a light version (Mini APP) with a simplified user interface. Gate.io plans to make it a superapp with the ability to run third-party applications.
The beta version of the application is already available game box — built-in browser for blockchain games. The exchange team plans to develop a mobile direction, and in the future to add metaverse support.
Subscribe to the Cryplogger channel at YouTube!
Found a mistake in the text? Select it and press CTRL+ENTER
