A modern cryptocurrency exchange cannot simply be a venue for token swapping. Users expect to find on a single platform a range of tools—from spot trading to parachain auctions Polkadot.
The Gate.io exchange is actively developing its own ecosystem, including through popular DeFi services. We explain what it comprises and how the exchange team plans to improve it.
Blockchain: GateChain and GT
The Gate.io team takes the security of users’ funds seriously: to withdraw to an external wallet you must confirm the action three times — enter a separate trading password, a code from an email, and a Google Authenticator code. Advanced users can configure additional measures such as an IP whitelist.
The platform’s team decided to make GateChain as secure as an exchange account. The developers have devised ways to combat the two main dangers: loss of a private key and theft of funds.
GateChain is an EVM-blockchain with a Proof of Stake consensus algorithm. Unlike other networks, it uses two types of addresses: regular addresses (gt1…) and vault addresses (vault1…).
Regular addresses operate the same as in other networks: once a transaction is included in the blockchain it cannot be changed or reversed. Vault addresses use their own types of transactions. They can be reversed within the number of blocks set by the address owner.
In addition, in case of a lost private key the owner can contact support to withdraw funds from the vault to a previously linked regular address.
The development of the GateChain protocol lasted two years. In 2018, platform specialists confirmed the operability of the transaction-reversal mechanism.
In early 2019 airdrop of GT (GateChain Token) started, and six months later the exchange opened public access to the GateChain testnet.
On May 13, 2020 GT holders voted to launch the mainnet. The team staked its 30 million GT, and users began running their own nodes and validating the network.
DeFi: Wallet, HipoDeFi, Bridge
Gate.io released a desktop wallet for working with GateChain. At the same time, the blockchain can be added to another wallet that supports custom EVM networks: MetaMask, Wallet.io, WalletConnect.
In September 2020 Gate.io published the Whitepaper for HipoSwap DEX. In early 2021 the platform launched on GateChain under the name HipoDeFi.
Besides token trading on GateChain, HipoDeFi supports trading on decentralized exchanges built on Ethereum, BNB Chain, Huobi Eco Chain, Polygon, Arbitrum and Avalanche.
Through the GateBridge bridge, users move their assets from these networks to GateChain and back. Investors can also add liquidity to available pools and use LP tokens to earn yield through farming.
Startups: Labs, Ventures, and Grants
In January 2021 Gate.io created the Ecosystem & Labs (Gate.io Labs) startup incubator to motivate developers to build applications on GateChain.
The platform allocated $50 million to fund projects and provide initial liquidity. At the time of publication Gate.io Labs had funded 46 crypto projects.
In September 2021 Gate.io launched the Gate Ventures investment fund of $100 million. It provides financial support to projects involved in:
- building technical and financial infrastructure;
- creating crypto-native ecosystems;
- developing applications for end users.
In its first year of operation Gate Ventures participated in seed rounds for SOMA.finance, 1inch, SEBA Bank and 17 other startups.
For early-stage projects Gate.io opened a grant program. Through it the platform funds research and development of DeFi-app prototypes: decentralized exchanges, lending services, oracles and others.
Art: NFT Magic Box
In April 2021 Gate.io launched the NFT Magic Box marketplace. The platform’s main feature is free token creation.
The platform also supports purchasing NFT with Bitcoin (BTC), Tether (USDT) and Gate Token (GT). Most other marketplaces allow buying lots only with native tokens of the platform.
Gate.io provides artists with help in selling works, organising exhibitions, and learning to use blockchain technology.
The exchange regularly runs activities to introduce more users to the NFT market. For example, on its ninth anniversary it announced airdrops of limited 3D NFT accounts to institutional investors.
The Future: Redesign, App and GameFi
In 2022 Gate.io carried out a redesign, changed its slogan and defined the company’s aim — to keep pace with user needs and market trends by quickly adding in-demand products.
The platform also updated its mobile app. It introduced a lightweight version (Mini APP) with a simplified user interface. Gate.io’s plans include turning it into a super app capable of running third-party applications.
In the beta version of the app, GameBox — an integrated browser for blockchain games — is already available. The team plans to develop mobile, and in the future add support for metaverses.
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