In 2025, Gate Launchpad will restart with a strong posture, quickly becoming the core innovation engine of the encryption asset issuance market. From the first project Puffverse (PFVS) in May, which achieved a 450% increase on the first day and a subscription amount of 656 million USD (over-subscribed by 938 times), to the 1.96 million USD1 capital migration triggered by the third project Ika (IKA) in July, its mechanism evolution and ecological influence have reshaped the competitive logic of the industry.
Relying on this growth engine, as of August 8, 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 amounting to 10.453 billion USD (excess reserve ratio of 23.09%).
First Battle Successful: Puffverse’s Small-scale High-explosion Experiment
In May 2025, the first project after the relaunch of Gate Launchpad, Puffverse (PFVS), sets a precedent with its exquisite design. This project is positioned as a "Disney-like 3D metaverse," aiming to connect Web3 The virtual world and Web2 reality, with development teams from Alibaba, Xiaomi, and other companies, have 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.
- Attract 35,553 participants with a total investment of 650 million USDT (overfunded by 938 times)
- The subscription amount exceeded 20 million USDT within 5 hours of going live.
- The increase reached 450% on the first day of launch.
The success of PFVS proves the high explosive potential of small-scale projects, laying the first cornerstone for subsequent mechanism innovation.
Path Switching: PUMP’s High Throughput Persistence Verification
The strategy path switch for the PUMP project two months later explores market boundaries with a completely different design:
- The total supply of tokens has expanded to 2.5 billion, with a unit price reduced to 0.004 USDT.
- Created an industry record of 306 times oversubscription.
- After going live, the average 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.
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 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 coin GT pool (dynamic pricing, arbitrage space depends on GT price Fluctuation)
The market reaction reveals a profound risk aversion preference:
- Nearly 20,000 total participants, with total subscriptions exceeding 348 million USDT
- The USD1 pool alone accounts for 228 million, while the GT pool has only 5.13 million GT
- The funding ratio is close to 4:1
The deeper impact lies in the shift of the funding pool war logic of exchanges: after IKA launched the subscription, 170 million USD1 flowed into Gate through the BSC chain within 72 hours, propelling its total USD1 holdings to second place among global centralized exchanges, second only to Binance. This deposited capital has become a "zero-cost funding pool" for the exchange, which can enhance spot liquidity (for example, the BTC/USD1 spread narrowing to 0.1%) or support lending operations.
Distribution Revolution: The Game of Time Dimensions and Institutional Strategies
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."
This design brings a dual effect:
- Small retail investors: If they enter during the early cold start phase, they may obtain a high allocation at a lower cost.
- Large institutional investors: Late entry will dilute early holdings, but limited by the individual cap of 1.6 million IKA, they need to implement a multi-account strategy to "divide and conquer."
This mechanism gives financial value to time, pushing the distribution rules to favor the true early participants and forcing institutions to adjust their strategies.
Ecological Collaboration: The Flywheel Effect of Launchpad
The success of Launchpad directly drives the growth of the entire Gate ecosystem:
- Gate Alpha: Nearly a thousand on-chain assets launched, attracting hundreds of thousands of trading users
- P2P business: Covers 80 countries with over 50 fiat currencies, more than 450 payment channels, with a month-on-month conversion rate increase of 5.7%
- Institutional business: Number of users increased by 27% month-on-month, contract trading volume rose by 33.59%
The asset side is expanding synchronously, with the number of new coins launched on the platform increasing by 65% compared to the previous period. From PFVS’s 3D metaverse to IKA’s "fastest parallel MPC network" (providing second-level cross-chain signatures for $20 trillion in assets within the Sui ecosystem), diversified assets continue to enrich the exchange’s shelf.
Future Vision: Threefold Evolution Direction
Based on the accumulation of the third phase projects, the evolutionary trajectory of Gate Launchpad has become clear:
- Mechanism refinement: The dual-track system may become standard, and the time-weighted rules will more accurately balance the interests of large and small investors.
- Stablecoin Ecologization: USD1 will expand from a subscription tool to a trading pair benchmark and lending collateral, 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 market in the Middle East and Southeast Asia.
Future Outlook
The competition among exchanges has shifted from trading volume to the scale of liquidity pools. As platforms like Binance scale back their Launchpad operations, Gate has transformed a regular Token issuance into a $196 million capital migration through its dual-track system, single-handedly propelling its USD1 holdings to the second largest in the world.
The future belongs to the visionaries who transform stablecoins from speculative tools into financial infrastructure. With users exceeding 33 million, reserves surpassing 10 billion dollars, and a compliance network covering more than 10 countries, this exchange, once regarded as a second-tier player, has quietly built a true moat.
In the evolutionary prism of Launchpad, it reflects the historical process of the encryption economy transitioning from chaotic revelry to mechanized operation.
