A Comprehensive Analysis of Historical Projects on Gate Launchpad: Mechanism Innovation and Market Performance

As of August 20, 2025, the price of Bitcoin hovers around $113,000, with the total market capitalization of global Crypto Assets maintaining a historic high of $3.9 trillion. Against this backdrop of a bull run, Gate Launchpad has demonstrated its iterative upgrade in asset issuance capability through three iconic projects: PFVS, PUMP, and IKA, revealing a new logic in the Crypto Assets issuance market.

##First Battle Successful: Puffverse (PFVS)'s Small Scale High Explosion Experiment

In May 2025, the first project after the relaunch of Gate Launchpad, Puffverse (PFVS), sets a precedent with its exquisite design. The project is positioned as a "Disney-like 3D metaverse" aimed at connecting the Web3 virtual world with the Web2 reality, with a development team from companies such as Alibaba and Xiaomi, and has received investments from top institutions like Animoca Brands and HashKey.

Its core data validates the feasibility of the "retail-friendly model":

• The total supply of tokens is only 10 million, with a subscription price of 0.07 USDT.
• Attracting 35,553 participants, with a total investment reaching 656 million USDT (oversubscribed by 938 times)
• The subscription amount exceeded 20 million USDT within 5 hours of launch.
• On the first day of launch, the increase reached 450%

The success of PFVS proves the high explosive potential of small-scale projects, laying the first cornerstone for subsequent mechanism innovation. It acts like a delicate fuse, igniting market attention on the relaunch of Launchpad, and also confirms that in a bull run, the combination of high-quality projects with low subscription thresholds can generate enormous wealth effects.

##Path Switching: PUMP's High Circulation Persistence Verification

Two months later, the PUMP project switched its strategic path, exploring market boundaries with a completely different design:

• The total supply of tokens has expanded to 2.5 billion, with the unit price dropping to 0.004 USDT.
• Created an industry record with 306 times oversubscription
• The daily trading volume stabilized at 120 million USDT after going live.

Unlike the "high surge" of PFVS, the core value of PUMP lies in verifying the persistence and market depth of high circulation projects. Its stable trading performance shows that Launchpad projects can pursue explosiveness while also building a long-term liquidity foundation. This model is more suitable for projects that require a large number of community users and trading depth, demonstrating Gate's adaptability to the different needs of projects.

##Mechanism Transformation: IKA's Dual-Track System and Stablecoin Strategy Upgrade

The real evolution occurs in the third phase of the IKA project. From July 26 to 29, 2025, Gate will introduce a dual-track subscription mechanism of USD1 and GT for the first time:

• 80% allocation of stablecoin USD1 pool (fixed price: 1 IKA = 0.025 USD1)
• 20% of the quota is reserved for the platform coin GT pool (dynamic pricing, arbitrage space depends on GT price fluctuations)

The market reaction reveals a deep preference for hedging:

• The total number of participants is nearly 20,000, and the total subscription amount exceeds 348 million USDT.
• USD1 pool exclusive 228 million, GT pool 6.59 million GT
• The fund ratio is close to 4:1

The deeper impact lies in the shift of the logic of the exchange's capital pool wars: after the IKA launched its subscription, within 72 hours, 190 million USD1 flowed into Gate through the BSC chain, pushing its total USD1 holdings to the second position among centralized exchanges globally, second only to Binance.

These deposited funds become the exchange's "zero-cost fund pool," which can enhance spot liquidity (for example, the BTC/USD1 spread narrowing to 0.1%) or support lending operations.

Another breakthrough of IKA is the "Hourly Snapshot + Proportional Distribution" rule. The system calculates the proportion of tokens distributed based on the average locked amount of users per hour, clearly emphasizing that "the earlier you subscribe, the higher the returns." This design gives financial value to time and drives the distribution rules to tilt towards genuine early participants.

##Ecological Coordination and Future Outlook

The success of the Launchpad directly drives the growth of the entire Gate ecosystem. As of August 20, 2025, the number of users on the Gate exchange has exceeded 34 million, with a market share rising to second place globally, and total reserves valued at $10.453 billion (with an excess reserve rate of 23.09%).

• Gate Alpha: Launched nearly a thousand on-chain assets, attracting hundreds of thousands of trading users.
• P2P business: covers 80 countries with over 50 fiat currencies, more than 450 payment channels, and a month-on-month conversion rate increase of 5.7%.
• Institutional business: The number of users increased by 27% month-on-month, and the contract trading volume rose by 33.59%.

Based on the accumulation of the three-phase project, the evolutionary trajectory of Gate Launchpad has become clearly evident:

• Mechanism refinement: A dual-track system may become standard, and time-weighted rules will more accurately balance the interests of large and small investors.
• Stablecoin Ecologicalization: USD1 will expand from a subscription tool to a trading pair benchmark and lending collateral, forming a closed-loop financial ecosystem.
• Global compliance deepening: Relying on the Dubai VASP license and compliance networks in more than 10 countries, focusing on expanding the incremental markets in the Middle East and Southeast Asia.

##Conclusion

The evolution journey of Gate Launchpad showcases, from one perspective, the historical process of the crypto economy transitioning from chaotic festivities to mechanized operations. Through a dual-track system, it transforms an ordinary token issuance into a migration of funds worth over a hundred million dollars, propelling its stablecoin holdings to the second largest in the world.

In the future, the truly competitive exchanges will undoubtedly be those visionaries who can transform stablecoins from speculative tools into financial infrastructure. The three issuance experiments of Gate Launchpad in 2025 have undoubtedly provided valuable learning samples and evolutionary directions for the industry.