交換生態系統的長期遊戲

2025年的加密貨幣市場顯示出明顯的“結構性衝擊”特徵

The cryptocurrency market in 2025 showed significant "structural shock" characteristics: Bitcoin remained highly volatile despite support from institutional funds, while smaller and mid-sized market cap assets generally faced pressure, and market liquidity was concentrated on the top assets. In this context, platform coins, serving as the core value carriers of the exchange ecosystems, furthered internal differentiation within the track. According to the latest data in April 2025, Gate.io platform coin GT rose to the 32nd place on the world crypto ranking in terms of market capitalization, with the quotation stabilizing above US$22, becoming one of the few platform coins to achieve "counter-cyclical growth." This phenomenon not only reflects the market's reassessment of the ecological value of GT but also unveils the deep-seated transformation of the exchange competition logic—from a simple competition for traffic to a competition for the efficiency of capturing ecological value.

2025年的加密貨幣市場顯示出明顯的“結構性衝擊”特徵：儘管機構資金的支持，比特幣仍然高度波動，而較小和中型市值資產通常面臨壓力，市場流動性集中在最高資產上。在這種情況下，平台硬幣是Exchange生態系統的核心價值載體，進一步促進了軌道內的內部差異化。根據2025年4月的最新數據，Gate.io Platform Coin GT在市值方面升至世界加密貨幣排名第32位，報價穩定在22美元以上，成為實現“反週期增長”的少數平台硬幣之一。這種現像不僅反映了市場對GT的生態價值的重新評估，而且還揭示了交換競爭邏輯的深處轉變 - 從簡單的競爭到競爭的競爭，以獲得捕獲生態價值的效率。

As the industry leader, BNB's value support mainly comes from the scale effect of Binance's ecosystem; OKB relies on the technical iteration of OKX Chain; and GT's strong performance is rooted in the "trinity" value system built by Gate.io: deflation-driven, scenario-penetrating, and strategic foresight.

作為行業領導者，BNB的價值支持主要來自Binance生態系統的規模效應。 OKB依賴OKX鏈的技術迭代； GT的強大性能植根於GATE.IO構建的“三位一體”價值系統：通縮驅動，方案 - 滲透和戰略性的遠見。

Compared to the market performance of mainstream exchange tokens, GT's "low-key rise" is particularly noteworthy. As of April 2025, its circulating market capitalization has surpassed many traditional financial derivative tokens, and among the top 50 cryptocurrencies in the world, GT is the only exchange token that has achieved simultaneous growth in "trading volume, number of users, and destruction volume" for three consecutive quarters.

與主流交換令牌的市場表現相比，GT的“低調崛起”尤其值得注意。截至2025年4月，其循環市場資本已超過了許多傳統的金融衍生令牌，在世界上前50個加密貨幣中，GT是唯一在三個連續三個季度中同時實現“交易量，用戶數量和銷毀數量”的交換代幣。

The value performance of platform coins essentially reflects the comprehensive competitiveness of the exchange. From the data of the increase in the past 180 days, GT's increase of 148.29% is far greater than BNB's (3.32%) and OKB's (29.17%). This difference in performance reveals three core trends:

平台硬幣的價值性能基本上反映了交易所的全面競爭力。從過去180天的增加的數據中，GT的增加148.29％遠遠大於BNB（3.32％）和OKB（29.17％）。性能差異揭示了三個核心趨勢：

* Difference in growth momentum: The growth of leading platform coins (such as BNB) tends to be flat due to the high maturity of the ecosystem; while GT, relying on Gate.io's "high-growth ecosystem", is still in an accelerated period of value release.

*生長動量的差異：由於生態系統的高成熟度，領先平台硬幣（例如BNB）的生長往往是平坦的。依賴Gate.io的“高增長生態系統”的GT仍處於加速釋放時期。

* Comparison of deflation efficiency: As of Q1 2025, the cumulative destruction of GT has reached 177 million (accounting for about 60% of the total), which is much higher than the average annual destruction ratio of most platform coins (usually less than 20%). This "unexpected deflation" directly pushed up the scarcity premium of GT.

*通縮效率的比較：截至2025年第1季度，GT的累積破壞已達到1.77億次（佔總數的60％），這遠高於大多數平台硬幣的平均年度破壞率（通常小於20％）。這種“出乎意料的通氣”直接推高了GT的稀缺性溢價。

* User growth dividend: Gate.io's user base has exceeded 22 million (a 234% increase in 2024), and its transaction volume has reached US$3.8 trillion (annual growth of 120%). Its growth rate is significantly higher than the industry average, providing continuous support for GT's demand side.

*用戶增長股利：Gate.io的用戶群超過2200萬（2024年增長234％），其交易量已達到3.8萬億美元（年增長率為120％）。它的增長率顯著高於行業平均水平，為GT需求方提供了持續的支持。

It is worth noting that GT's market capitalization/trading volume ratio is significantly lower than that of leading platform coins such as BNB, which means that there is still a lot of room for its valuation to be repaired - if Gate.io maintains its current growth momentum, GT's market capitalization benchmarking potential may be further released.

值得注意的是，GT的市值/交易量比大大低於BNB等領先的平台硬幣，這意味著還可以維修其估值的空間 - 如果Gate.io保持其當前的增長勢頭，則GT的市場資本化基本化基準為潛在的潛力可能會進一步發布。

In the platform coin track, GT, BNB and OKB present completely different development paths. As the industry leader, BNB's value support mainly comes from the scale effect of Binance's ecosystem; OKB relies on the technical iteration of OKX Chain. GT's strong performance is rooted in the "trinity" value system built by Gate.io: deflation-driven, scenario-penetrating, and strategic foresight.

在平台硬幣軌道中，GT，BNB和OKB提出了完全不同的開發路徑。作為行業領導者，BNB的價值支持主要來自Binance生態系統的規模效應。 OKB依賴OKX鏈的技術迭代。 GT的強大性能植根於GATE.IO構建的“三位一體”價值系統：通縮驅動，方案 - 滲透和戰略性的遠見。

1. Deflation model: from "passive destruction" to "active value management"

1.通縮模型：從“被動破壞”到“主動價值管理”

GT adopts a dual-track mechanism of "profit repurchase + targeted destruction":

GT採用了“利潤回購 +目標破壞”的雙軌機制：

* Rigid deflation: 20% of the platform's net profit in Q1 2025 will be used for GT repurchase and destruction, and the circulation is expected to be reduced by more than 12 million tokens by the year's end;

*嚴格的通縮：該平台2025年平台的淨利潤的20％將用於GT回購和破壞，預計到年底，該流通量將減少超過1200萬個令牌；

* Scenario consumption: As the native token of Gate Chain, GT is continuously consumed in scenarios such as DeFi and NFT cross-chain, further reducing the circulation volume.

*方案消耗：作為柵極鏈的天然令牌，GT在諸如DEFI和NFT跨鍊等方案中不斷消耗，從而進一步減少了循環量。

In comparison, the deflation design of most platform coins relies solely on transaction fee deductions, lacks diversified consumption scenarios, and limits long-term deflation efficiency.

相比之下，大多數平台硬幣的通縮設計僅依賴於交易費用扣除，缺乏多樣化的消費方案，並且限制了長期通貨緊縮效率。

2. Strategic layout: Dual drive of compliance and globalization

2。戰略佈局：合規性和全球化的雙重驅動

The strategic focus of Gate.io in 2025 is clearly on two points: compliance and globalization. It has obtained the EU MiCA license and the Middle East VASP principle approval, with a reserve ratio of

Gate.io在2025年的戰略重點顯然是兩個點：合規性和全球化。它已獲得歐盟雲母許可證和中東VASP原則批准，儲備比為