Gate.io is a global cryptocurrency exchange that’s particularly well-known for having a rich altcoin repository, having listed more than 1,100 coins.
Recently, the exchange announced that its total user base had crossed 8 million, having added 3 million users in the first half of 2021, followed by another 2 million in Q3 2021. In this article, let’s take a look at why Gate.io’s popularity has exploded so much.
2021 and the rise of cryptocurrencies
2021 has been incredibly bullish for the cryptocurrency market. The post-pandemic world has embraced the digital asset ecosystem more than ever before. Here are some numbers from Triple-A:
- There are over 300 million cryptocurrency users online.
- Over 18,000 businesses from around the world are accepting cryptocurrency.
Further reports state that the total number of users doubled from 100 million to 200 million within just four months.
The year 2021 also saw the cryptocurrency markets and assets reaching incredible new heights. The overall market cap exceeded $2T and $2.5T and was on the verge of crossing $3T. In addition, both Bitcoin and Ethereum reached new all-time highs, the DeFi market TVL (total value locked) crossed $100B, while NFTs have become more popular than ever before.
With the cryptocurrency ecosystem booming, there is a huge need for a platform like Gate.io, which not only provides the ideal trading platform but offers products to service the entire ecosystem as a whole.
Gate.io’s extensive altcoin repository
Gate.io’s biggest weapon in the arsenal is its extensive coin repository. As per CoinGecko, Gate.io has the highest number of coins listed among centralized exchanges. Gate.io has a dedicated team that continually vets new projects to add coins faster than anyone else in the marketplace while still protecting its users from potentially scammy coins. According to the exchange’s medium page, Between September and November 2021 alone, the exchange listed a staggering 200 coins. In addition, Gate.io users can fill out applications to get their favorite projects listed.
Going beyond simple spot offerings
Gate.io provides sophisticated financial instruments for its more experienced traders in the form of leveraged ETFs and Perpetual Contracts.
Leveraged ETF
ETF stands for Exchange Traded Funds. Gate.io offers its users multiple leveraged ETFs, which are expressed in the form of longs, shorts, and other instruments. This is a very popular product since the ETFs adopt an automatic position management mechanism to provide users with fully automatic low-leverage contract transactions while avoiding liquidation.
LTC5L and LTC5S are examples of leveraged ETFs. LTC5L is a 5 times long leverage of Litecoin (LTC), and LTC5S is a 5 times short leverage of LTC. In September 2021, Gate.io’s leveraged ETF products hit the $100 million milestones.
Perpetual contracts
Gate.io futures provides perpetual contract trading of several cryptocurrencies, including BTC, ETH, LTC, BCH, etc. As of writing, Gate.io is one of the top 10 exchanges in the world offering derivatives trading with a $2.90 billion trading volume in 196 perpetual contracts and 24-hour open interest worth $1.86 billion.
Startup
The goal of Gate.io’s Startup platform is twofold: give promising projects a platform to do their fundraising and to allow Gate.io’s users to invest early in a potential moonshot. As per CryptoRank, Gate.io Startup is one of the top 10 IEO platforms globally, with an average ATH ROI of 2212.24% (as of writing).
NFT Magic Box
NFTs have dominated the narrative in 2021, becoming one of the leading sectors in the cryptocurrency market. Gate.io’s NFT Magic Box is aimed at building a comprehensive ecosystem for NFT investors and enthusiasts. The Magic Box has already attracted the likes of Bored Ape Yacht Club (BAYC), MetaverseX, iFans, and other well-known NFT collections.
One of the most attractive features of the Magic Box platform is its zero minting fees. So, if you happen to be an up-and-coming NFT artist, you don’t need to worry about excessive minting fees. All that you need to do is to focus on your art. Magic Box also offers Initial NFT Offering (INO). The INO gives Gate.io users early access to new NFT collections while empowering its artists and creators by giving them access to a readymade marketplace.
Conclusion
Gate.io has been around for more than 8 years and happens to be one of the oldest cryptocurrency exchanges in the world. However, over the last couple of years, Gate.io has evolved from an exchange to an all-encompassing platform, providing diverse services to everyone interested in certain aspects of the cryptocurrency ecosystem. As the platform nears 10 million users, Gate.io plans to hold an event to celebrate its loyal users. 1 BTC total prizes will be given out to new and old users who complete a series of fun tasks. Check this to get more details.
Disclaimer
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