In 2025, Gate Launchpad restarted with a strong posture, quickly becoming the core innovation engine in the crypto asset issuance market. From the launch of Puffverse (PFVS) in May, which achieved a 450% first-day increase and a subscription amount of 656 million USD (over-subscribed by 938 times), to the 196 million USD capital migration triggered by the third phase Ika (IKA) project in July, its mechanism evolution and ecological influence have reshaped industry competition logic. As of August 6, 2025, relying on this growth engine, Gate exchange’s user base surpassed 33 million, with a market share jumping to the second place globally, and total reserves reaching 10.453 billion USD (excess reserve rate of 23.09%), making its future path a key sample for the evolution of crypto economic infrastructure.
Mechanism Revolution: A Dual-Track Experiment from Capital Efficiency to Distribution Justice
The core competitiveness of Launchpad lies in the continuous iteration of its asset distribution mechanism. Gate demonstrated a clear evolutionary logic in its three issuances in 2025:
- Dual-track subscription: The IKA project introduced a dual-pool design for the first time with USD1 (80% share) and GT (20% share). The USD1 pool provides price stability, avoiding GT volatility risks; the GT pool retains arbitrage space (if GT price Decline, dynamic pricing may significantly reduce costs). The results validate the market’s risk aversion preference: the final subscription ratio is 196 million USD1 : 5.13 million GT, with stablecoins becoming the absolute main force.
- Time value financialization: Breaking the traditional lottery model, IKA adopts the "hourly snapshot + proportional allocation" rule, clarifying that "the earlier you participate, the higher the returns." This mechanism endows the time dimension with financial value, but also poses challenges to institutions’ multi-account strategies, pushing allocation rules to favor early participants.
- Model control experiment: PFVS is designed with a small volume of 10 million tokens to achieve high participation from retail investors (35,553 people); PUMP creates 306 times oversubscription with a high circulation of 2.5 billion tokens. The two respectively validate the "explosiveness" and "persistence" paths, laying the foundation for subsequent mechanism combinations.
The future dual-track system may become a standard configuration for platforms, while the time-weighted distribution rules will be further refined to establish a more precise interest balance mechanism between large and small investors.
Stablecoin Strategy: From Trading Tool to the Upgrade of Capital Pool Wars
The IKA subscription event reveals a fundamental shift in the competitive logic of exchanges: stablecoins are evolving from a pricing tool to strategic assets for exchanges. After the launch of IKA, Gate’s USD1 holdings surged by $170 million within 72 hours (mainly on the BSC chain), reaching nearly $200 million in total, propelling its USD1 holdings to second place globally, only behind Binance. This phenomenon implies two layers of transformation:
- Contest for Liquidity Control: The accumulated USD1 constitutes a "zero-cost capital pool." During the lock-up period before the project goes live, exchanges can allocate these funds to enhance spot liquidity (BTC/USD1 spread narrowed to 0.1%), support collateral for lending, or engage in short-term arbitrage, effectively obtaining interest-free loans.
- Reconstruction of Exchange Competitiveness: Glassnode predicts that by 2026, the holdings of stablecoins on exchanges will exceed $200 billion. Gate, with its Launchpad stablecoin entry design, absorbed nearly $200 million in USD1 for a single project, validating the new paradigm that "the scale of the capital pool equals competitiveness," forcing the industry to shift from a trading volume competition to deep liquidity building.
Ecological Coordination: The Flywheel Effect of Launchpad Accelerates
Launchpad is not an isolated business; its explosion directly drives the growth flywheel of the entire Gate ecosystem:
- User and Asset Expansion: Within three months of the Launchpad restart, Gate Alpha launched nearly a thousand on-chain assets, attracting hundreds of thousands of trading users; the P2P business covers 80 countries with over 50 fiat currencies, with more than 450 payment channels and a month-on-month conversion rate increase of 5.7%; the number of new coins launched increased by 65% month-on-month.
- Rise of Institutional Business: The number of institutional users grew by 27% month-on-month, contract trading volume rose by 33.59%, with an excessive reserve rate of 23.09% and 100% asset transparency validated by zero-knowledge proofs, becoming core leverage to attract professional funds.
- Technology Empowerment Case: Taking IKA as an example, positioned as the "fastest parallel MPC network," it fills the gap in cross-chain signature speed in the Sui ecosystem, providing second-level entry and exit for $20 trillion in on-chain assets. Such technology-driven projects gain traffic through Launchpad, feeding back into the diversification of the exchange’s assets.
Compliance Expansion: The Underlying Infrastructure of Globalization
Behind the mechanisms and ecological innovations, compliance forms the invisible pillar of Gate’s growth:
- Obtained the Dubai VASP license in Q2 2025, incorporating the Middle East into the service network, thus covering more than 10 countries including Lithuania, Japan, etc.
- Anti-money laundering mechanisms received international certification; against the backdrop of tightening regulations, such qualifications have become a key differentiator in attracting traditional capital.
- In conjunction with events such as the Dubai SPORT3 Carnival and the 12th anniversary celebration, user growth in emerging markets, especially in the Middle East, has become a new engine.
Future Vision: Three Major Directions of Crypto Financial Infrastructure
Based on the current trajectory, the evolution direction of Gate Launchpad has become clear:
- Mechanism Refinement: The dual-track system and time-weighted distribution rules will continue to optimize, such as introducing more asset types (like LST) or dynamically adjusting ratios.
- Stablecoin Ecologization: USD1 will expand from a subscription tool to the base currency within the ecosystem, covering scenarios such as trading pairs, loan collateral, and derivative margins, forming a closed-loop financial system.
- Deepening Global Compliance Network: Relying on the existing licenses from over 10 countries, the focus will be on exploring incremental markets like the Middle East and Southeast Asia, while simultaneously promoting licensing and localized operations.
The battle of exchanges has shifted from a competition of trading volume to a contest of capital pool size. The future belongs to those visionaries who transform stablecoins from speculative tools into financial infrastructure — and the trio of Gate Launchpad is composing the prelude for this transformation.
Conclusion
In 2025, Gate Launchpad completed its transformation from a "token distribution platform" to a "cryptoeconomic experimental field" with three phases of projects. The core breakthrough lies in: capturing the changes in market liquidity preferences through mechanism innovation, reconstructing the competitive logic of exchange funding pools with a stablecoin strategy, and supporting global ambitions with Compliance as the foundation. With the continuous improvement of capital efficiency, ecological synergy, and regulatory adaptability, Launchpad has become not only a project incubator but also a prism for observing the evolution of cryptofinancial infrastructure — here, behind every token, is a precise resonance of mechanism revolution, ecological synergy, and Compliance expansion.
