Gate CEO Han Lin's ABS 2024 live speech: We are still at the starting point of a revolutionary era

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

The Current State of Blockchain and Web3

Dr. Han Lin pointed out that since the inception of the industry, 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 also showing interest in this technology, which proves that the industry is becoming more mature and stable.

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

History of Cryptocurrency

Initial Stage

Dr. Han Lin first mentioned that people initially used computers to mine Bitcoin, and later altcoins borrowed this concept. Blockchain projects then began to raise funds through ICOs, IEOs, and IDOs.

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

· IEOs enhance credibility through well-known exchanges, providing investors and project parties with a safer and more reliable platform.

· IDOs allow projects to be launched directly on decentralized exchanges, reflecting a shift toward a more decentralized and community-driven direction.

The shift to community-driven

There is a growing trend towards community-driven launches 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 toward more community-focused approaches such as airdrops, ICO issuance has significantly decreased. This shift indicates that the market is maturing and community participation is increasingly valued.

Tokens

Previously, the market focused on BTC and ETH, but 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. Han Lin 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, this process became more difficult due to increased competition and higher barriers to entry. In contrast, it is still easier and less costly to launch a decentralized exchange (DEX).

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

Trading Volume

The 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 reminds everyone to be cautious when buying small currencies because they may face insufficient liquidity when selling. Overall, BTC, ETH and stablecoins still account for a large amount of trading volume.

Market Value

Dr. Han Lin said that BTC's market value is close to Facebook, and predicted that BTC will exceed Facebook's market value in one or two years. From 2022 to 2023, BTC's 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. Solana is currently performing strongly and trying to surpass ETH to become the most popular blockchain. But ETH still has the highest DEX trading volume and total locked value (TVL), as well as the most active developer community.

Users

The number of Internet users has grown significantly in 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, and there are more than 500 million cryptocurrency users worldwide.

Conclusion

Dr. Han Lin finally concluded that the data shows 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 encryption field and explore more possibilities of blockchain technology.

Disclaimer:

This event is only for the purpose of sharing professional knowledge and building social connections. This content does not constitute an offer, solicitation or recommendation of any product or service.