As of August 21, 2025, Gate Launchpad has successfully launched three major projects—Puffverse (PFVS), PUMP, and Ika (IKA)—since its relaunch in May this year. These projects have not only achieved remarkable market performance but also revealed a new logic in the cryptocurrency asset issuance market.
Historical Release Project Review: The Evolution Path of Three Iterations
First Battle Success: Puffverse (PFVS) Small Scale High Explosive Experiment
In May 2025, Gate Launchpad’s first project after its relaunch, Puffverse (PFVS), pioneers with its exquisite design. The project is positioned as a "Disney-like 3D metaverse," with a development team coming from companies like Alibaba and Xiaomi, and has received investment from top institutions such as Animoca Brands and HashKey.
Its core data validates the feasibility of the "retail-friendly model":
- The total supply of tokens is only 10 million, with a subscription price of 0.07 USDT.
- Attracting 35,553 participants, with a total investment of 656 million USDT (oversubscribed by 938 times)
- The subscription amount exceeded 20 million USDT within 5 hours of going live.
- On the first day of launch, the increase reached 450%.
The success of PFVS proves the high explosive potential of small-scale projects and lays the first cornerstone for subsequent mechanism innovations. It acts like a delicate fuse, igniting the market’s attention on the reboot of Launchpad.
Path Switching: PUMP’s High Throughput Persistence Verification
Two months later, the PUMP project switched strategy paths, exploring market boundaries with a completely different design:
- The total supply of tokens has increased to 2.5 billion, with the unit price dropping to 0.004 USDT.
- Create an industry record of 306 times oversubscription.
- The daily trading volume has stabilized at 120 million USDT after going live.
Unlike the "high volatility" of PFVS, the core value of PUMP lies in verifying the durability and market depth of high circulation projects. Its stable trading performance shows that Launchpad projects can both pursue explosive growth and build a long-term liquidity foundation.
Mechanism Transformation: IKA’s Dual-Track System and Stablecoin Strategy Upgrade
The real evolution occurs in the third phase of the IKA project. From July 26 to 29, 2025, Gate will introduce for the first time a dual-track subscription mechanism of USD1 and GT:
- 80% allocation of stablecoin USD1 pool (fixed price: 1 IKA = 0.025 USD1)
- 20% of the quota is reserved for platform token GT pool (dynamic pricing, arbitrage space depends on GT price Volatility)
Market reactions reveal a profound preference for hedging:
- The total number of participants is nearly 20,000, and the total subscription amount has exceeded 348 million USDT.
- USD1 Pool exclusive 228 million, GT Pool only 5.13 million GT
- The fund ratio is close to 4:1.
The deeper impact lies in the shift in the logic of the funds pool war among exchanges: after IKA launched the subscription, 190 million USD1 flowed into Gate through the BSC chain within 72 hours, propelling its total USD1 holdings to become the second largest among centralized exchanges globally, second only to Binance.
These deposited funds become the exchange’s "zero-cost fund pool," which can enhance spot liquidity (for example, the BTC/USD1 spread narrowing to 0.1%) or support lending services.
Another breakthrough of IKA is the "Hourly Snapshot + Proportional Allocation" rule. The system calculates the proportion of tokens allocated based on the average locked amount of users per hour, clearly emphasizing that "the earlier you subscribe, the higher the returns."
Gate Ecosystem Synergistic Growth
The success of the Launchpad directly drives the growth of the entire Gate ecosystem:
- Gate Alpha: Launched nearly a thousand on-chain assets, attracting hundreds of thousands of trading users.
- P2P business: covering 80 countries with over 50 fiat currencies, more than 450 payment channels, and a 5.7% month-on-month increase in conversion rate.
- Institutional business: The number of users increased by 27% month-on-month, and the contract trading volume rose by 33.59%.
The transparency report for July 2025 shows that the user base of Gate exchange has exceeded 34 million, with derivative trading volume soaring to 74 billion USD, a year-on-year increase of 46.5%. The total reserve size reached 10.504 billion USD, with a total reserve ratio of 126.03%. Excess reserves grew by 10.66% in the quarter, reaching 2.17 billion USD.
Future Outlook: Threefold Evolution Direction to Build a New Moat
Based on the accumulation of the three-phase project, the evolutionary trajectory of Gate Launchpad has become clear:
- Refinement of mechanisms: A dual-track system may become the standard, with time-weighted rules providing a more accurate balance of interests between large and small investors. In the future, more asset types (such as LST) may be introduced or dynamic adjustment ratios may be implemented to further optimize the distribution mechanism.
- Stablecoin Ecologization: USD1 will expand from a subscription tool to a trading pair benchmark and lending collateral, forming a closed-loop financial ecosystem. Glassnode predicts that by 2026, the total amount of stablecoin holdings on exchanges will exceed 200 billion USD.
- Global Compliance Deepening: Relying on the compliance network of over 10 countries including the Dubai VASP license, focusing on expanding the incremental markets in the Middle East and Southeast Asia. Gate has obtained licenses in multiple countries such as Lithuania and Japan, continuously expanding its compliance footprint.
The competition among exchanges has shifted from trading volume to the scale of capital pools. As platforms like Binance scale back their Launchpad operations, Gate has transformed an ordinary token issuance into a capital migration of $196 million through its dual-track system.
As the number of users exceeds 35 million, the reserves surpass 10 billion USD, and the compliant network covers more than 10 countries, this exchange, now ranked Top 3 globally, has quietly built a true moat. In the evolutionary prism of Launchpad, it reflects the historical process of the crypto economy moving from chaotic revelry to systematic operation.
