Dr. Han, founder and CEO of Gate, delivered a keynote speech at the WebX 2025 Summit in Tokyo, elaborating on the critical role that centralized exchanges (CEXs) and decentralized exchanges (DEXs) play in driving the mass adoption of Web 3. Dr. Han noted that the long-term trend of user growth, the dual-track evolution of market structure, and the trade-offs between security and compliance are collectively shaping a new landscape where "CEXs serve as global capital gateways and DEXs serve as engines of on-chain finance and innovation," jointly driving market development.

From One Million to Nearly 700 Million: The Leap Forward in Crypto Users

Dr. Han opened his speech by reviewing Gate's crypto presence as one of the world's leading crypto platforms: With over 36 million registered users worldwide, and consistently leading the industry in both spot and futures trading volumes. Beyond its technology and trading businesses, he also highlighted Gate's collaborations with Inter Milan and the Formula 1 Red Bull Racing team, bringing Web 3 into mainstream culture through cross-sport collaborations. Dr. Han noted that the number of global cryptocurrency users has grown from 1 million in 2013 to nearly 700 million by 2025, representing approximately 10% of the global population. He emphasized that cryptocurrency penetration has reached 10% to 27% in highly penetrated markets, emerging markets, and developed countries, demonstrating an expansion path driven primarily by financial substitution and the need for inclusive finance.

Reshaping the global asset landscape: Cryptocurrency jumps to fourth largest asset

From the perspective of global asset market capitalization, Dr. Han stated that the global asset market capitalization landscape underwent a profound reshaping between 2013 and 2025. The growth of traditional hard currencies like gold and silver slowed, while the market capitalization of tech giants surged. Since 2020, Microsoft and Nvidia have rapidly risen, while cryptocurrencies have experienced explosive growth, rapidly entering the mainstream of the global asset market. By August 2025, the total crypto market capitalization had reached $3.02 trillion, with Bitcoin (BTC) reaching a market capitalization of $2.35 trillion, historically surpassing silver and some tech giants. Cryptocurrencies officially became the world's fourth-largest asset, behind only gold, Nvidia, and Microsoft. Dr. Han predicts that by 2030, the total market capitalization of crypto assets is expected to reach $41.80 trillion, making it the second-largest asset class globally after gold. This leap will not only transform the global asset allocation landscape, but will also make digital assets, as real-world assets, a powerful symbol of the widespread adoption of Web 3.

From Dominance to Balance: The Competitive Turning Point Between CEX and DEX

Discussing the competitive landscape between CEXs and DEXs, Dr. Han analyzed that the once-clear advantage of centralized exchanges has now evolved into a more balanced landscape. By 2025, the total locked-in value of CEXs and DEXs will be nearly equal. In terms of token issuance, DEXs have taken a leading position, with platforms like Uniswap, PancakeSwap, and Pump.Fun listing tens of thousands of new tokens daily. Meanwhile, centralized platforms like Binance Alpha and Gate Alpha are rapidly catching up, narrowing the gap in initial coin offering activity. In terms of trading volume, DEXs already account for 23% of global spot trading. Excluding wash trading, the proportion of retail investors reaches 42%.

The road to security and compliance: rebuilding trust in the crypto industry

Dr. Han stated that hacker attacks remain one of the main obstacles to user trust. Since 2022, 59.4% of thefts have occurred on DEX and Web 3 platforms, with losses reaching $5.9 billion. He also pointed out that with the expansion of liquidity, DeFi's money laundering risk has exceeded that of CEX. To address these challenges, Gate has built a comprehensive compliance framework. Multiple entities around the world have obtained or completed relevant regulatory registrations, license applications, authorizations, or approvals in jurisdictions such as Lithuania, Argentina, Malta, Italy, the Bahamas, Gibraltar, Hong Kong, China, and Dubai. In 2024, Gate Group also completed the acquisition of a licensed exchange in Japan, further expanding its global compliance network.

Dr. Han concluded his speech by stating that the future of Web 3 isn't determined by whether DEX replaces CEX, but rather by how the two complement and coexist. DEX will continue to drive innovation and community growth, while CEX is irreplaceable due to its security, compliance, and ease of use. He reiterated his firm belief in the future of Web 3: "The next generation of financial order will be built on-chain, and the widespread adoption of Web 3 is not a choice but an inevitability."

About Gate

Founded in 2013 by Dr. Han, Gate is one of the world's leading cryptocurrency trading platforms. It serves over 36 million users and supports trading of over 3,600 crypto assets. As an industry leader, Gate pioneered 100% Proof of Reserves and boasts a diverse ecosystem including Gate Wallet and Gate Ventures. For more information, please visit: Website | X | Telegram | LinkedIn | Instagram | YouTube

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