Gate.io CEO Dr. Han Lin delivered an insightful presentation at the Asia Blockchain Summit 2024, focusing on the evolution of the cryptocurrency industry. Dr. Han explored the current state of the crypto sector, emphasizing that while the industry's growth has been impressive, there remains substantial potential for further expansion.
Dr. Han explained that throughout its existence, the industry has seen remarkable improvements and technological advancements that have made the blockchain more efficient. Furthermore, in recent years, governments and regulatory bodies have begun to recognize the importance of blockchain and work to create supportive environments where the industry can continue to thrive. More users are adopting blockchain technology every day, which is making the user base of this technology more diverse and impactful. Now more institutions are showing interest in blockchain technology, proving that the industry is becoming more mature and stable.
Dr. Han's speech discussed the evolution of crypto across seven distinct areas: The Launch, The Tokens/Coins, The Exchanges/Trading Platforms, Trading Volume, Market Cap, The Chains, and The Users.
In addressing The Launch, Dr. Han noted that initially, people mined Bitcoin with computers, and later, altcoins borrowed this same idea. He highlighted the evolution from ICOs to IEOs and IDOs, marking a shift towards more decentralized and community-driven approaches for project launches.
Dr. Han emphasized the trend toward community-driven launches, noting that memecoins have garnered significant attention due to their reliance on strong community support and viral marketing. Additionally, there has been a marked decline in ICO launches as the industry shifts towards more community-focused methods like airdrops, indicating a maturation of the market.
Regarding The Tokens/Coins, the focus initially was on BTC and ETH, shifting to stablecoins in 2017, CEX tokens, DeFi in 2020, and GameFi in 2022. Now, memecoins are popular, reflecting the diverse and evolving landscape of cryptocurrency tokens.
On The Exchanges/Trading Platforms, Dr. Han discussed the importance of security and liquidity offered by trading platforms. He noted the historical significance of events like the Mt. Gox hack and the rise and fall of FTX. He highlighted that while launching a centralized exchange (CEX) has become more challenging post-2018, decentralized exchanges (DEXs) remain more accessible and are growing in market share.
Dr. Han cautioned that the trading volume of coins outside the top 10 is shrinking, with a heavy concentration in BTC, ETH, and stablecoins. He advised caution when investing in smaller coins due to potential liquidity issues.
Discussing The Market Cap, Dr. Han predicted that BTC's market cap is close to that of Facebook and could surpass it within a year or two. Despite a decline during the bear market of 2022-2023, BTC still dominates with over 50% of the total crypto market cap.
In terms of The Chains, Dr. Han highlighted Solana's current dominance and its efforts to surpass ETH, which still boasts the highest DEX trading volume, TVL, and most active developers.
Dr. Han noted the rapid growth of crypto users, with more than 500 million people now considered crypto users, compared to just 1 million 11 years ago.
Concluding his presentation, Dr. Han emphasized that despite significant progress, blockchain technology is still relatively new, and we are at the dawn of a revolutionary era. He urged industry leaders and newcomers to persist in pushing the boundaries and exploring the vast possibilities of blockchain technology.
