Dr. Han, the founder and CEO of Gate, delivered a keynote speech at the Tokyo WebX 2025 summit, elaborating on the key roles that centralized exchanges (CEX) and decentralized exchanges (DEX) play in driving the widespread adoption of Web 3. Dr. Han pointed out that the long-term trend of user growth, the dual-track evolution of market structure, and the interplay between security and compliance are collectively shaping a new landscape where "CEX serves as the global capital entry point, and DEX acts as the on-chain financial and innovation engine" to jointly promote market development.
From Millions to Nearly 700 Million: The Exponential Growth of Crypto Users
At the beginning of his speech, Dr. Han reviewed the crypto landscape of Gate as one of the world's leading crypto platforms: the number of registered users has exceeded 36 million, and the trading volume in spot and futures has long ranked among the industry's top. In addition to technology and trading business, he also mentioned Gate's collaboration with Inter Milan and the F1 Red Bull Racing team, bringing Web 3 into the mainstream cultural spotlight through cross-industry partnerships. Dr. Han noted that the number of global cryptocurrency users has grown from 1 million in 2013 to nearly 700 million by 2025, accounting for about 10% of the global population. He emphasized that the adoption rate of cryptocurrencies in high-penetration markets, emerging markets, and developed countries has reached between 10% and 27%, showing an expansion path driven primarily by financial substitution and inclusive demand.
Reshaping the Global Asset Landscape: Crypto Rises to the Fourth Largest Asset
From the perspective of global asset market capitalization, Dr. Han stated that the global asset market structure has undergone profound reshaping from 2013 to 2025, with the growth rates of traditional hard currencies like gold and silver slowing down, while the market capitalizations of tech giants have surged. Since 2020, Microsoft and Nvidia have rapidly risen, and cryptocurrencies have experienced explosive growth, quickly entering the mainstream of the global asset market. As of August 2025, the total market capitalization of cryptocurrencies has reached $3.02 trillion, with Bitcoin (BTC) alone valued at $2.35 trillion, historically surpassing silver and some tech giants, officially making cryptocurrencies the fourth largest asset globally, only behind gold, Nvidia, and Microsoft. Dr. Han predicts that by 2030, the total market capitalization of crypto assets is expected to reach $41.80 trillion, becoming the second largest asset class globally, only behind gold. This leap will not only change the landscape of global asset allocation but also serve as a strong indicator of the widespread adoption of Web 3, with digital assets becoming real-world assets.
From Advantage to Balance: The Turning Point in CEX and DEX Competition
When discussing the competitive landscape between CEX and DEX, Dr. Han analyzed that the clear advantages once held by centralized exchanges have now evolved into a more balanced situation. By 2025, the total locked value of CEX and DEX is nearing parity. In terms of token issuance, DEX has taken the lead, with platforms like Uniswap, PancakeSwap, and Pump.Fun launching tens of thousands of new tokens daily; meanwhile, centralized platforms like Binance Alpha and Gate Alpha are accelerating their catch-up efforts, with the gap in initial launch activity continuously narrowing. In trading volume, DEX has accounted for 23% of global spot trading, and when excluding wash trading factors, the proportion of retail investors is as high as 42%.
The Path to Security and Compliance: Rebuilding Trust in the Crypto Industry
Dr. Han stated that hacking attacks remain one of the main obstacles to user trust. Since 2022, 59.4% of theft incidents have occurred on DEX and Web 3 platforms, with losses amounting to $5.9 billion. He also pointed out that as liquidity expands, the money laundering risks in DeFi have surpassed those in CEX. To address these challenges, Gate has built a comprehensive compliance framework, with multiple entities globally obtaining or completing relevant regulatory registrations, license applications, authorizations, or approvals in jurisdictions such as Lithuania, Argentina, Malta, Italy, the Bahamas, Gibraltar, Hong Kong, and Dubai. In 2024, Gate Group also completed the acquisition of a licensed exchange in Japan, further expanding its global compliance network.
In conclusion, Dr. Han summarized that the future of Web 3 is not determined by whether DEX will replace CEX, but rather by how the two can complement and coexist. DEX will continue to drive innovation and community growth, while CEX remains irreplaceable due to its security, compliance, and user-friendliness. He reaffirmed his firm belief in the prospects of Web 3 in his closing remarks: "The next generation of financial order will be built on-chain, and the adoption of Web 3 is not a choice but a necessity."
About Gate
Founded in 2013, Gate is one of the world's leading cryptocurrency trading platforms, with Dr. Han as its founder and CEO. The platform serves over 36 million users and supports trading of over 3,600 types of crypto assets. As an industry benchmark, Gate was the first to achieve 100% proof of reserves, with an ecosystem that includes diverse services such as Gate Wallet and Gate Ventures. For more information, please visit: Website|X|Telegram|LinkedIn|Instagram|YouTube
Disclaimer:
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