Gate.io CEO Dr. Han Lin at ABS2024: We Are Still at the Dawn of a Revolutionary Era

Gate.io CEO
Dr.
Han
Lin
delivered
an
insightful
presentation
at
the
Asia
Blockchain
Summit
2024,
focusing
on
the
evolution
of
the
cryptocurrency
industry.
Dr.
Han
explored
the
current
state
of
the
crypto
sector,
emphasizing
that
while
the
industry’s
growth
has
been
impressive,
there
remains
substantial
potential
for
further
expansion.

The
Current
State
of
Blockchain
and
Web3

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.

The
History
of
Crypto

The
Launch

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.

-ICOs pioneered
the
new
wave
of
crypto
fundraising
but
have
declined
in
popularity
due
to
regulatory
scrutiny
and
market
evolution.

 

-EOs enhanced
credibility
through
established
exchanges,
providing
a
safer
and
more
reliable
platform
for
both
investors
and
projects.

 

-DOs allowed
projects
to
launch
directly
on
decentralized
exchanges,
democratizing
access
for
participants.
This
method
reflects
the
shift
towards
more
decentralized
and
community-driven
approaches.

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

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.

The
Exchanges/Trading
Platforms

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.

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.

The
Market
Cap

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.

The
Chains

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.

 

The
Users

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.

 

Conclusion

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:

Elaine
Wang
at


[email protected]
 

 

Disclaimer:

This
event
is
for
professional
knowledge
sharing
and
networking
purposes
only.
The
information
provided
in
this
press
release
is
not
a
solicitation
for
investment,
nor
is
it
intended
as
investment
advice,
financial
advice,
or
trading
advice.
It
is
strongly
recommended
you
practice
due
diligence,
including
consultation
with
a
professional
financial
advisor,
before
investing
in
or
trading
cryptocurrency
and
securities.