Gate.io CEO Dr. Han Lin at ABS2024: We Are Still at the Dawn of a Revolutionary Era
Dr. Han explained that throughout its existence, the industry has seen remarkable improvements and technological advancements that have made the blockchain more efficient. Furthermore, in recent years governments and regulatory bodies have begun to recognize the importance of blockchain and work to create supportive environments where the industry can continue to thrive. More users are adopting blockchain technology every day, which is making the user base of this technology more diverse and impactful. Now more institutions are showing interest in blockchain technology, proving that the industry is becoming more mature and stable.
Dr. Han’s speech discussed the evolution of crypto across seven distinct areas: The Launch, The Tokens/Coins, The Exchanges/Trading Platforms, Trading Volume, Market Cap, The Chains, and The Users.
Dr. Han began by stating that initially people mined Bitcoin with computers, and later altcoins borrowed this same idea. Later, blockchain projects began to use ICOs, IEOs, and IDOs to launch.
Shift Toward Community-Driven Launches
There is a noticeable trend towards community-driven launches in the cryptocurrency industry. Memecoins, for instance, have garnered significant attention and participation due to their reliance on strong community support and viral marketing. Additionally, there has been a marked decline in ICO launches as the industry shifts towards more community-focused methods like airdrops. This shift indicates a maturation of the market, where community participation is increasingly prioritized.
The tokens/coins of focus were BTC and ETH before, and then in 2017 there was a shift to stablecoins. Later centralized exchange (CEX) tokens became popular. In 2020, DeFi took over and then GameFi in 2022. Now memecoins are popular (although they have a long history before the present day). The number of tokens launched every year has also seen a dramatic increase.
Trading platforms offer security and liquidity to millions globally. Solana and Base are popular choices for launching new tokens due to their cost-effectiveness. Dr. Han noted that industry veterans still recall the Mt. Gox launch and subsequent hack, as well as the rise and fall of FTX. Before 2018, launching a centralized exchange (CEX) was relatively inexpensive. However, increased competition and higher barriers to entry post-2018 have made this more challenging. Conversely, the decentralized exchange (DEX) landscape remains more accessible, with lower costs for launching a DEX.
After the DeFi summer a lot more DEXs were launched. The market share when compared to CEXs is still quite small, but it is growing. CEX’s still dominate, with a higher percentage of the overall trading volume.
The trading volume of other coins besides the top 10 is shrinking. This is because the trading volume is concentrated in the top coins. Dr. Han continued with a word of caution to people buying the smaller coins, stating that they should be careful because there might not be enough liquidity if they later wish to sell. Overall, the trading volume is still concentrated heavily in BTC, ETH, and stablecoins.
Dr. Han described that the market cap of BTC is close to FB and he predicted that in one or two years BTC will surpass Facebook’s market cap. From 2022-2023 BTC’s market cap decreased due to the bear market, but this year it is growing. BTC still dominates among other tokens/coins with more than 50% of the total crypto market cap.
Blockchains act as the infrastructure for the entire industry. Solana is currently dominating and is trying to surpass ETH as the most popular blockchain. ETH still has the highest DEX trading volume and TVL, as well as the most active developers.
Over the past 20 years the number of internet users has grown substantially. However, although the overall numbers are less, crypto users are growing even faster. 11 years ago there were only 1 million cryptocurrency users, and now everyone knows about crypto and more than 500 million people are considered crypto users.
Dr. Han concluded by stating that data suggests that, despite progress, blockchain technology is still relatively new, and we are still at the dawn of a revolutionary era. He emphasized that as the industry continues to evolve, building connections and fostering collaboration will become increasingly important. Dr. Han urged industry leaders and newcomers to persist in pushing the boundaries and exploring the vast possibilities of blockchain technology.
Media Contact:
Disclaimer:This event is for professional knowledge sharing and networking purposes only. The content herein does not constitute any offer, solicitation, or recommendation of any products or services.
| Disclaimer: The text above is an advertorial article that is not part of Coincu.com editorial content. |
Web3Bay merges blockchain technology with e-commerce in the crypto surge. Explore how this decentralized market…
Have you ever heard the phrase, “History repeats itself”? That’s what we’re seeing in the…
The Russian crypto mining ban targets energy-subsidized areas but may be altered based on energy…
BTFD Coin’s presale has been nothing short of extraordinary. In fact, it’s raised over $4.44…
Explore potential 6430% gains with Web3Bay's presale, revolutionizing blockchain e-commerce. Check Solana's price surge and…
Coinbase International recorded over $119 billion in trading volume this past week, a 124% weekly…
This website uses cookies.