交换生态系统的长期游戏

2025年的加密货币市场显示出明显的“结构性冲击”特征

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年的加密货币市场显示出明显的“结构性冲击”特征：尽管机构资金的支持，比特币仍然高度波动，而较小和中型市值资产通常面临压力，市场流动性集中在最高资产上。在这种情况下，平台硬币是Exchange生态系统的核心价值载体，进一步促进了轨道内的内部差异化。根据2025年4月的最新数据，Gate.io Platform Coin GT在市值方面升至世界加密货币排名第32位，报价稳定在22美元以上，成为实现“反周期增长”的少数平台硬币之一。这种现象不仅反映了市场对GT的生态价值的重新评估，而且还揭示了交换竞争逻辑的深处转变 - 从简单的竞争到竞争的竞争，以获得捕获生态价值的效率。

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.

作为行业领导者，BNB的价值支持主要来自Binance生态系统的规模效应。 OKB依赖OKX链的技术迭代； GT的强大性能植根于GATE.IO构建的“三位一体”价值系统：通缩驱动，方案 - 渗透和战略性的远见。

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.

与主流交换令牌的市场表现相比，GT的“低调崛起”尤其值得注意。截至2025年4月，其循环市场资本已超过了许多传统的金融衍生令牌，在世界上前50个加密货币中，GT是唯一在三个连续三个季度中同时实现“交易量，用户数量和销毁数量”的交换代币。

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:

平台硬币的价值性能基本上反映了交易所的全面竞争力。从过去180天的增加的数据中，GT的增加148.29％远远大于BNB（3.32％）和OKB（29.17％）。性能差异揭示了三个核心趋势：

* 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.

*生长动量的差异：由于生态系统的高成熟度，领先平台硬币（例如BNB）的生长往往是平坦的。依赖Gate.io的“高增长生态系统”的GT仍处于加速释放时期。

* 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.

*通缩效率的比较：截至2025年第1季度，GT的累积破坏已达到1.77亿次（占总数的60％），这远高于大多数平台硬币的平均年度破坏率（通常小于20％）。这种“出乎意料的通气”直接推高了GT的稀缺性溢价。

* 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.

*用户增长股利：Gate.io的用户群超过2200万（2024年增长234％），其交易量已达到3.8万亿美元（年增长率为120％）。它的增长率显着高于行业平均水平，为GT需求方提供了持续的支持。

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/交易量比大大低于BNB等领先的平台硬币，这意味着还可以维修其估值的空间 - 如果Gate.io保持其当前的增长势头，则GT的市场资本化基本化基准为潜在的潜力可能会进一步发布。

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.

在平台硬币轨道中，GT，BNB和OKB提出了完全不同的开发路径。作为行业领导者，BNB的价值支持主要来自Binance生态系统的规模效应。 OKB依赖OKX链的技术迭代。 GT的强大性能植根于GATE.IO构建的“三位一体”价值系统：通缩驱动，方案 - 渗透和战略性的远见。

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

1.通缩模型：从“被动破坏”到“主动价值管理”

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

GT采用了“利润回购 +目标破坏”的双轨机制：

* 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;

*严格的通缩：该平台2025年平台的净利润的20％将用于GT回购和破坏，预计到年底，该流通量将减少超过1200万个令牌；

* 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：作为栅极链的天然令牌，GT在诸如DEFI和NFT跨链等方案中不断消耗，从而进一步减少了循环量。

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，大多数平台硬币的通缩设计仅依赖于交易费用扣除，缺乏多样化的消费方案，并且限制了长期通货紧缩效率。

2. Strategic layout: Dual drive of compliance and globalization

2。战略布局：合规性和全球化的双重驱动

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年的战略重点显然是两个点：合规性和全球化。它已获得欧盟云母许可证和中东VASP原则批准，储备比为