Gate and World Liberty Financial Achieve Notable Progress
Gate and World Liberty Financial Achieve Notable Progress
Gate, a well-respected global cryptocurrency exchange, and World Liberty Financial (WLFI), known for its innovative decentralized finance (DeFi) protocol, have announced a significant joint milestone concerning USD1. This USD-backed stablecoin, backed by WLFI, has gained substantial traction in the cryptocurrency market.
Gate's Remarkable Acquisition of USD1
Currently, Gate has ascended to be the second-largest holder of USD1 among centralized exchanges, closely following behind Binance. This rapid accumulation demonstrates the increasing acceptance and adoption of USD1 across trading platforms, which is essential in the fast-evolving cryptocurrency landscape.
Factors Contributing to Increased Holdings
The dramatic increase in USD1 holdings on Gate is primarily attributed to the successful launch of Ika (IKA) on the Gate Launchpad. This strategic campaign allowed participants to contribute using USD1, leading to an impressive influx of this stablecoin within the platform.
On-Chain Data Highlights
According to the most recent on-chain data, a significant portion of USD1 liquidity is now concentrated on the BNB Smart Chain (BSC), although there are also notable amounts available on Ethereum (ETH). Gate currently boasts approximately $170 million USD1 on BSC and maintains an additional $20 million USD1 on Ethereum. This positioning cements Gate's reputation as a leader among centralized exchanges.
Impressive Launchpad Contributions
The Gate Launchpad initiative has attracted over 200 million USD1 and 5.33 million GT contributions, totaling around $97.5 million. This achievement reflects a proactive engagement from users and marks one of the highest commitments seen in the platform’s recent history.
The Purpose of USD1
USD1, launched by World Liberty Financial, is designed to offer seamless access to digital dollar services while ensuring transparency and regulation. This stablecoin remains entirely backed 1:1 by short-term U.S. government treasuries, cash equivalents, and USD deposits, with real-time audits to verify its integrity.
Collaboration for a Brighter Future
The partnership between Gate and WLFI signifies both companies' dedication to forging a compliant PayFi ecosystem that integrates traditional finance with next-gen decentralized solutions. This collaboration is vital for investors seeking transparent and innovative financial solutions.
About Gate and Its Offerings
Founded in 2013, Gate has emerged as one of the earliest platforms in the cryptocurrency industry, catering to over 33 million users and supporting more than 3,600 digital assets. The platform is notable for implementing a 100% proof-of-reserves model, ensuring transparency and reliability in its operations.
Explore More with Gate
For those eager to learn more about services on the Gate Launchpad or its extensive offerings, Gate continues to provide innovative solutions beyond core trading. Whether users are interested in Gate Wallet, Gate Ventures, or other products, the platform stands out in the burgeoning cryptocurrency space.
About World Liberty Financial
World Liberty Financial (WLFI) exemplifies innovation in the decentralized finance sector. Established to craft secure, transparent, and accessible financial tools, WLFI ensures participation in DeFi via its USD1 stablecoin. With a commitment to empowerment, WLFI aims to broaden the base for decentralized financial services and products.
Frequently Asked Questions
What milestone have Gate and World Liberty Financial reached?
They announced Gate has become the second-largest holder of USD1 among centralized exchanges.
What is USD1?
USD1 is a USD-backed stablecoin issued by World Liberty Financial, pegged 1:1 to the US dollar.
What contributed to the increase in USD1 holdings at Gate?
The launch of the Ika token on the Gate Launchpad significantly contributed to the increase in USD1 holdings.
How much USD1 does Gate currently hold?
Gate holds approximately $170 million USD1 on the BNB Smart Chain and $20 million on Ethereum.
What is the purpose of the Gate Launchpad?
The Gate Launchpad allows users to invest in new projects using stablecoins like USD1, enhancing user engagement in the platform.
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