In the context of a general slowdown in the cryptocurrency industry, Gate Ventures' recent move is particularly significant—this venture capital and ecosystem development institution, originating from Gate Group, has focused on investing in "decentralized infrastructure, middleware, and applications" since 2021. Now, it has announced the completion of a strategic acquisition of the decentralized perpetual contract exchange ADEN: ADEN is a platform established in early 2025, with a monthly trading volume exceeding $20 billion and over 200,000 registered traders, ranking among the top three in the global DEX perpetual leaderboard. According to official disclosures, ADEN will migrate to Gate's self-developed "Gate Layer" and is scheduled to officially launch on November 3.
The significance of this acquisition goes beyond merely adding a business segment. It serves as a symbol: when a leading brand like Gate Ventures actively moves towards on-chain and "decentralized derivatives," it indicates that the industry's focus has shifted from "the stock game of centralized platform competition" to "the structural integration of on-chain ecosystems." At the same time, similar projects have emerged on the same timeline—such as Hyperliquid (whose token HYPE once surpassed a market cap of $16 billion) and ASTER (which became an instant hit upon launch, with a 24-hour increase of up to 1650% and TVL briefly exceeding $2 billion), both driving the industry through technological performance and ecological momentum. Putting these three developments together conveys a deeper signal: decentralized derivatives are becoming the "next phase strategic consensus" for global cryptocurrency brands.
To understand this trend, one must first look at the industry's cyclical structure. Over the past two years, the main contradiction in the cryptocurrency market has not been "lack of users," but rather "lack of trust." The bans and explosive incidents on centralized platforms have led more funds to seek "verifiable custody and secure settlement." Meanwhile, improvements in Layer 2 network performance, enhanced matching efficiency, and reduced on-chain capital circulation costs have given the long-term concept of "decentralized derivatives" a realistic product foundation for the first time.
From a brand strategy perspective, this is essentially a matter of "cognitive upgrade": in 2021, whoever could help users "make quick money" would win; by 2025, whoever could help users "safely deposit money" would win. Gate Ventures' acquisition aligns with this logic. In the past, it represented matching efficiency; now, it aims to become a representative of structural trust. The volume and community foundation of ADEN allow Gate Ventures to directly enter the core track of the decentralized derivatives market; while Gate's self-developed infrastructure and ecosystem provide the potential for ADEN's expansion and ongoing operation. This combination of "volume + structure" redefines traditional trading models. In other words: technology is no longer the sole protagonist of the brand; the trust architecture is the core competitiveness. This is also why, from Hyperliquid (tech-oriented) to ASTER (ecology-oriented), and then to Gate × ADEN (system-oriented), each has chosen different paths but converges in the same direction.
These three platforms represent three brand logics in the decentralized derivatives track.
Tech-oriented – Hyperliquid (HYPE): The team behind it has rewritten the inherent impression that "DEX equals slow" through matching speed and depth. Its growth story is very "engineered"—data-driven, performance verifiable, and market-making transparent. Hyperliquid has become an industry benchmark, not only because of its large trading volume but also because it has made "efficiency" a brand asset.
Ecology-oriented – ASTER: Success comes from another path—momentum aggregation. It achieves "explosive growth from cold start" through ecological endorsement, airdrop incentives, and media diffusion. TVL surpassed $2 billion in a very short time. This model is "traffic-oriented decentralization," and its challenge lies in whether it can convert into stable user relationships.
System-oriented – Gate × ADEN: In contrast, Gate Ventures' choice has more characteristics of an "institutional brand." It neither rebuilt a DEX from scratch nor relied on a single token to hype traffic, but directly integrated a mature DEX into its ecosystem, quickly establishing a "decentralized controllable system"—trading is guaranteed, settlement is verifiable, and the ecosystem is expandable. The brand aims to convey: "Our decentralization is not an event, but a capability."
In the past, cryptocurrency trading platforms competed on "speed," "volume," and "low fees." But when users are no longer just "traders" but become "asset managers," the competitive logic of platforms shifts from "speed" to "stability." From Hyperliquid's performance proof to ASTER's ecological aggregation, and then to Gate × ADEN's system integration, what we see is not just three strategies but the self-evolution of the entire industry.
Decentralized derivatives are no longer just a track but a direction: they redefine the relationship between brand and trust, as well as the meaning of "growth." Gate Ventures' move is, to some extent, a microcosm of the industry—from trading tools to ecological architecture, from user enthusiasm to structural trust. When "decentralization" is no longer just a rebellious slogan but becomes the brand's essence, the real competition has only just begun.
Related: MegaETH token sale oversubscribed by 8.9 times, securing $450 million in commitments
Original: “The DEX Arena Heats Up: The $20 Billion Battle of Tech, Ecosystem, and Structure”
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