On July 29, 2025, at 13:00 (UTC+8), the subscription for the third phase project Ika (IKA) on Gate Launchpad officially ended. This three-day event attracted nearly 20,000 users, with a total subscription amount exceeding 348 million USDT.
Among them, the USD1 pool contributed 228 million USD, accounting for over 65%; while the GT pool reached 6.59 million GT (approximately 120 million USD), the dual-track subscription mechanism has first triggered a synergistic effect between stablecoins and Platform Tokens in the industry.
Subscription Data: The Market Frenzy Behind 348 Million USD
The Ika project will launch its subscription on July 26 at 13:00 (UTC+8), with a total limit of 200 million IKA locked and priced at 0.025 USD1 or 0.001424 GT. The event will only be open for 24 hours, and the subscription amount has already surpassed 261 million USD, with market enthusiasm far exceeding expectations.
The final data shows that the USD1 pool dominates with a scale of 228 million USD, while the 6.59 million GT in the GT pool (approximately 120 million USD based on the average price during the activity period) verifies the supporting role of the Platform Token in the ecosystem.
This subscription scale not only reflects investors’ confidence in the IKA project but also highlights the innovative appeal of Gate’s Launchpad mechanism.
Market Performance: Up 20.45% on Launch, Reached a High of 0.033941 USD
On July 29th at 18:00 (UTC+8), IKA officially launched on Gate spot trading, opening the trading pairs IKA/USD1 and IKA/USDT. After the token opened, it quickly surged, reaching a high of 0.033941 USD, an increase of 35.76% compared to the subscription price of 0.025 USD.
As of July 30, the IKA price has stabilized at USD 0.030622, with a 24-hour increase of 20.45% and a trading volume of USD 36.3 million. The price resilience indicates that the market has begun to recognize the value of the project.
This performance also provides subscription users with instant profit opportunities, reinforcing Launchpad’s positioning as a "low-risk, high-potential" investment channel.
USD1 Strategy: "Lightning War" of Stablecoin Fund Pool
The most significant impact of this Launchpad is that Gate’s USD1 holdings surged by nearly 200 million USD within 72 hours, making it leap to the second place in USD1 holdings among all exchanges, second only to Binance.
On-chain data shows that nearly 170 million USD1 flowed into Gate’s hot wallet via the BSC chain, and another 20 million USD1 was transferred through the Ethereum network. These funds closely align with the total amount of USD1 in the subscription pool, creating a clear map of fund migration.
The influx of stablecoins directly enhanced the liquidity depth of the platform. During the peak of subscriptions, the bid-ask spread of Gate’s BTC/USD trading pair narrowed to 0.1%, reaching the best level in three months. This positive cycle of "capital accumulation - liquidity enhancement" provided the exchange with a zero-cost capital allocation window.
Mechanism Innovation: How Dual-Track Subscription Balances Risk and Liquidity
The Ika Launchpad breaks industry norms by being the first to support dual-track subscriptions of USD1 and GT. This design brings a triple effect:
Lower the participation threshold: allow users to directly use stablecoin USD1 for subscription, avoiding GT price volatility risk
Activate the value of the Platform Token: GT holders can still obtain quotas through staking, maintaining the demand for the Platform Token.
Capital Efficiency Optimization: The platform simultaneously launched a 15% annualized interest increase activity, and subscription users can additionally receive a 5% USDT interest coupon.
Investors expressed their preferences through capital voting: USD1 subscription amount (228 million) significantly exceeded GT (120 million), reflecting the strong risk aversion demand in the current market.
Industry Impact: Stablecoins are Restructuring the Power Landscape of Exchanges
Gate has jumped to the second place in USD1 single Launchpad holding, revealing a profound shift in the competitive logic of cryptocurrency exchanges:
Competition for Control of Liquidity: The Scale of Stablecoin Funds Pools Becomes a New Indicator of Exchange Strength
Interest-free capital leverage: The deposited USD1 can be used to enhance trading depth or support derivative business before token distribution.
Cross-chain efficiency competition: 90% of USD1 is transferred through the BSC chain, highlighting the dominance of low Gas fee public chains in the circulation of stablecoins.
Future Outlook
With the IKA price stabilizing above $0.030, Gate’s current Launchpad has exceeded the simple token issuance scope.
It validates the feasibility of a dual-track system of stablecoins and Platform Tokens, converting the accumulated USD1 into a liquidity engine; it further announces to the industry: the war of exchanges has shifted from competition in trading volume to a deep contest of fund pool scale. As regulation gradually becomes clearer, this liquidity strategy based on stablecoins may become the core moat of the next generation of trading platforms.
