Gate.io CEO Han Lin: We are still at the starting point of a revolutionary era锝淎BS 2024

At the 2024 Asia Blockchain Summit, Gate.io CEO Dr. Han Lin gave a wonderful speech focusing on the evolution of the cryptocurrency industry. Dr. Han Lin explored in depth the major changes and current status of the industry, and emphasized that the industrys growth is impressive and there is still huge potential for future development.

The current state of blockchain and Web3

Dr. Han Lin pointed out that since the industry was founded, the technology has made significant progress and the efficiency of blockchain has been greatly improved. In recent years, governments and regulators have begun to recognize the importance of blockchain and are committed to creating a supportive environment to promote the continued prosperity of the industry. More and more users are beginning to accept blockchain technology, which makes the user base of this technology more diverse and more influential. At present, more and more institutions are showing interest in this technology, which proves that the industry is becoming more mature and stable.

Dr. Han Lin focused on the evolution of cryptocurrency from seven aspects: the launch of blockchain and cryptocurrency, tokens, exchanges, trading volume, market capitalization, blockchain and users.

History of Cryptocurrency

The initial phase

Dr. Hanlin first mentioned that people initially used computers to mine Bitcoin, and later altcoins borrowed this concept. Subsequently, blockchain projects began to raise funds through ICO, IEO and IDO.

1. ICOs pioneered a new trend in cryptocurrency fundraising, but their popularity has declined due to regulatory scrutiny and market evolution.

2. IEO enhances credibility through well-known exchanges, providing a safer and more reliable platform for investors and project owners.

3. IDO allows projects to be launched directly on decentralized exchanges, reflecting a shift towards a more decentralized and community-driven direction.

The shift to community-driven

The trend of community-driven launches is becoming more and more evident in the cryptocurrency industry. For example, memecoins have received widespread attention and participation due to their reliance on strong community support and viral marketing. In addition, as the industry shifts to more community-focused approaches such as airdrops, the number of ICO issuances has decreased significantly. This shift indicates that the market is maturing and community participation is becoming more valued.

Token

Previously, the main tokens of the market were BTC and ETH, and after 2017, stablecoins began to gain attention. Subsequently, centralized exchange (CEX) tokens became popular. In 2020, DeFi rose, and in 2022, it was GameFi. Today, memecoins are popular (although they have been around for a long time), and the number of tokens launched each year has increased significantly.

Exchanges

Exchanges provide security and liquidity to millions of users around the world, and Solana and Base have become popular choices for new token launches due to their cost-effectiveness. Dr. Hanlin mentioned that industry veterans still remember the launch of Mt. Gox and its subsequent hack, as well as the rise and fall of FTX. Before 2018, the cost of launching a centralized exchange was relatively low. However, after 2018, the process became more difficult due to increased competition and higher barriers to entry. In contrast, the launch of a decentralized exchange (DEX) is still relatively easy and cost-effective.

After the DeFi boom, more DEXs were born. Compared with CEX, DEX has a relatively small but growing market share. CEX still occupies a higher share of overall trading volume.

Trading volume

Data shows that except for the top ten currencies, the trading volume of other currencies is decreasing, because the trading volume is mainly concentrated in mainstream currencies. Dr. Han Lin reminded everyone to be cautious when buying small currencies, because they may face the problem of insufficient liquidity when selling. Overall, BTC, ETH and stablecoins still account for a large amount of trading volume.

Market Cap

Dr. Han Lin said that BTCs market value is close to Facebook, and predicted that BTC will exceed Facebooks market value in one or two years. From 2022 to 2023, BTCs market value declined due to the bear market, but it has rebounded this year. BTC still dominates all tokens, with a market value of more than 50% of the entire crypto market.

Blockchain

Blockchain is the infrastructure of the entire industry. Currently, Solana is performing strongly and trying to surpass ETH to become the most popular blockchain. However, ETH still has the highest DEX trading volume and total locked value (TVL), as well as the most active developer community.

user

The number of Internet users has grown significantly over the past 20 years. It is worth noting that although the total number of crypto users is smaller, it has grown faster. There were only 1 million cryptocurrency users 11 years ago, and now almost everyone knows about cryptocurrency, with more than 500 million cryptocurrency users worldwide.

in conclusion

Dr. Han Lin concluded that data showed that blockchain has the potential to disrupt more industries. Although the crypto industry has made significant progress, blockchain technology is still relatively new and we are still at the starting point of a revolutionary era. At the same time, he also said that as the industry continues to develop, it is increasingly important to establish connections and promote cooperation, and called on industry leaders and emerging users to continue to expand the boundaries of the crypto field and explore more possibilities of blockchain technology.

Disclaimer:

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