Leading global cryptocurrency exchange, Gate.io has crossed 8 million users and is marching towards 10 million users. At this milestone, Gate.io will give away 1 BTC to the 10 millionth registrant. 2021 has been a very significant year for Gate.io when it comes to numbers. The exchange has managed a daily trading volume of $2 Billion & $3.3 Billion in the spot trading & derivatives trading market, respectively. However, at the rate at which the crypto market is expanding, it seems like Gate.io will exceed these numbers pretty quickly in 2022.
The Growth Of The Crypto Ecosystem
2021 has been a memorable year for the crypto ecosystem. Since the beginning of 2021, the market cap has jumped from $776 billion USD to $2.75T – that’s a staggering ~255% increase! Plus, keep in mind that the market cap was on the verge of crossing $3T before facing a bearish correction.
2020 was the year of DeFi (decentralized finance), and the momentum has carried strongly into 2021. As per DeFi Pulse, the total value (TVL) locked up in DeFi apps has jumped by 320%, from $26B to $109B. As many as six protocols (Maker, Curve Finance, Aave, InstaDApp, Compound, and Convex Finance) have double-digit TVLs individually.
2021 was also dominated by the rise of non-fungible tokens (NFTs). As per Reuters, the number of NFT sales rose eightfold from Q2 2021 to $19.7 billion in Q3 2021. With projects like CryptoPunks and Bored Ape Yacht Club (BAYC) getting more mainstream exposure than ever before, this sentiment will only keep getting stronger.
Why Gate.io Is Crucial For This Growing Ecosystem?
With the crypto ecosystem growing faster than ever before, users require a platform that allows them to buy, sell, trade the world’s top coins, and give increasingly mature financial instruments to an increasingly mature crowd. This is where Gate.io fits in beautifully.
Stable Trading System For Beginners
Gate.io offers spot trading in over 1,100 coins and has achieved a daily trading volume of $2 billion. These coins cover various sectors such as DeFi, Metaverse, smart contract platforms, Bitcoin clones, etc. Furthermore, to simplify matters for beginners, earlier in 2021, Gate.io had partnered with several different payment platforms, like Legend Trading, Mercuryo, BANXA and Simplex. This allows users to deposit over 20 other currencies.
Gate.io also understands that a vast majority of beginners may just be interested in NFTs and not so much in trading cryptocurrencies. Gate.io’s NFT Magic Box provides an ideal NFT marketplace for beginners. Popular projects like Bored Ape Yacht Club (BAYC), MetaverseX, iFans, have already adopted the Magic Box.
Sophisticated Instruments For Experts
The crypto market has become more mature, and the average trader now demands more sophisticated financial instruments. Gate.io fulfills these demands as well with the following offerings.
ETFs are Exchange Traded Funds which are expressed primarily in the form of longs and shorts. Gate.io’s leveraged ETF market hit the $100 million milestone in September 2021. Gate.io has leveraged ETFs like LTC5L and LTC5S, where the former is a 5 times long leverage of Litecoin (LTC), and the latter is a 5 times short leverage of LTC. ETFs have become pretty popular since they provide fully automatic low-leverage contract transactions while avoiding liquidation.
Gate.io also has a very popular derivatives market which has hit a daily trading volume of $3.3 billion. You find the perpetual trading contracts of several popular cryptos (like BTC, LTC, ETH, etc) on Gate.io. The exchange offers derivatives trading in 196 perpetual contracts and presently has a 24-hour open interest worth $1.86 billion.
Grid Trading is a system that allows traders to buy and sell orders at predetermined price intervals.
Gate.io’s AI Grid automatically backtests historical data of the past seven days and calculates the optimal upper limit price, lower limit price, and the number of grids. This is a beneficial tool for traders looking to make bulk orders. Gate.io introduced this feature only in August 2020 but had already crossed $140 million total grid trading volume way back in February 2021.
Responsibility In Extreme Market Conditions
Another area where Gate.io shines is protecting their users’ interests during extreme market conditions. On May 19, 2021, the crypto market plummeted as the market conditions turned extreme. Transaction volumes rose as panic spread, causing network congestion on many platforms causing stalls and downtime on some. Several exchanges decided to liquidate user holdings to safeguard their platform.
Working against the grain, Gate.io actually extended the liquidation time from May 19 to May 20. This gave users with outstanding crypto loans enough time to either pay back their loans or add additional collateral to avoid liquidations. Gate.io’s swift actions helped thousands of users to recover nearly $60 million in losses.
Actions like these show that not only is Gate.io correctly positioned to address the crypto market as a whole, but it also has a proven track record of safeguarding user interest.
There is a reason why Gate.io has been around for nearly a decade and is nearing 10 million users. Their combination of an all-in-one crypto trading platform plus their ability to empathize with their users in times of extreme market conditions have served them very well and will continue to do so. 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.