By August 20, 2025, Bitcoin price hovering around $113,000, the total global cryptocurrency market capitalization remains at a historic high of $3.9 trillion. Against this backdrop of a bull market, Gate Launchpad has demonstrated its iterative upgrade in asset issuance capability through three iconic projects: PFVS, PUMP, and IKA, revealing a new logic in the cryptocurrency asset issuance market since its relaunch in May this year.
Successful First Battle: Puffverse (PFVS) Small Volume High Explosion Experiment
In May 2025, the first project after the relaunch of Gate Launchpad, Puffverse (PFVS), sets a precedent with its exquisite design. The project is positioned as a "Disney-like 3D metaverse," aiming to connect Web3 The virtual world and Web2 reality, with a development team from companies like Alibaba and Xiaomi, has received investments 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.
- Attracted 35,553 participants, with a total investment of 656 million USDT (over-subscribed by 938 times)
- The subscription amount exceeded 20 million USDT just 5 hours after 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, laying the first cornerstone for subsequent mechanism innovation. It acts like a sophisticated fuse, igniting market attention towards the reboot of Launchpad, and also confirms that in a bull market, the combination of quality projects and low subscription thresholds can generate enormous wealth effects.
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 token supply has expanded to 2.5 billion pieces, and the unit price has dropped to 0.004 USDT.
- Create an industry record of 306 times oversubscription.
- After going live, the daily trading volume stabilized at 120 million USDT.
Unlike PFVS’s "high volatility", the core value of PUMP lies in validating the durability and market depth of high circulation projects. Its stable trading performance shows that Launchpad projects can pursue explosive growth while also building a long-term liquidity foundation. This model is more suitable for projects that require a large number of community users and trading depth, demonstrating Gate’s adaptability to different project needs.
Mechanism Transformation: IKA’s Dual Track System and Stablecoin Strategy Upgrade
The real evolution takes place in the third phase of the IKA project. From July 26 to 29, 2025, Gate will introduce the dual-track subscription mechanism of USD1 and GT for the first time:
- 80% allocation of stablecoin USD1 pool (fixed price: 1 IKA = 0.025 USD1)
- 20% of the quota is reserved for the platform token GT pool (dynamic pricing, arbitrage space depends on GT price Volatility)
The market reaction reveals a profound risk aversion.
- Nearly 20,000 participants, with a total subscription amount exceeding 348 million USDT.
- USD1 Pool Dominates 228 Million, GT Pool 6.59 Million GT
- The funding ratio is close to 4:1
The deeper impact lies in the change of logic in the exchange’s capital pool war: after IKA launched the subscription, 190 million USD1 flowed into Gate through the BSC chain within 72 hours, pushing its total USD1 holdings to the second position among global centralized exchanges, second only to Binance.
These deposited funds become the exchange’s "zero-cost fund pool," which can enhance spot liquidity (for example, the BTC/USD price spread narrows to 0.1%) or support lending operations.
Another breakthrough of IKA is the "Hourly Snapshot + Proportional Allocation" rule. The system calculates the token distribution based on the average locked amount of users per hour, clearly emphasizing that "the earlier you subscribe, the higher the returns." This design gives time financial value and drives the allocation rules to favor real early participants.
Ecological Synergy and Future Outlook
The success of the Launchpad directly drives the growth of the entire Gate ecosystem. As of August 20, 2025, the number of users on the Gate exchange has exceeded 34 million, with a market share rising to second place globally, and total reserves reaching 10.453 billion USD (with an over-reserve rate of 23.09%).
- Gate Alpha: Launched nearly a thousand on-chain assets, attracting hundreds of thousands of trading users.
- P2P Business: Covers 80 countries and 50+ fiat currencies, with over 450 payment channels, and a month-on-month conversion rate increase of 5.7%.
- Institutional business: The number of users increased by 27% month-on-month, and the contract trading volume rose by 33.59%.
Based on the accumulation of the three phases of the project, the evolution trajectory of Gate Launchpad has become clearly evident:
- Mechanism refinement: A dual-track system may become a standard configuration, and time-weighted rules will more accurately balance the interests of large and small investors.
- Stablecoin Ecology: USD1 will expand from a subscription tool to a trading pair benchmark and collateral for lending, forming a closed-loop financial ecosystem.
- Global Compliance Deepening: Relying on the Dubai VASP license and compliance networks in over 10 countries, focusing on expanding the incremental markets in the Middle East and Southeast Asia.
Conclusion
The evolution journey of Gate Launchpad showcases, from one perspective, the historical process of the crypto economy moving from chaotic revelry to mechanized operation. Through a dual-track system, it transforms a regular token issuance into a migration of funds worth hundreds of millions of dollars, propelling its stablecoin holdings to the second largest in the world.
In the future, the truly competitive exchanges will undoubtedly be those visionaries who can transform stablecoins from speculative tools into financial infrastructure. The three issuance experiments of Gate Launchpad in 2025 have undoubtedly provided valuable learning samples and evolutionary directions for the industry.
