Gate.io’s Startup Platform Raises Over $ 165 Million With Token Sales


Digital asset exchange Gate.io’s IEO Startup platform has carried out eight token sales in April so far. The projects have raised more than $ 165 million. This was reported to Cointelegraph in Spanish, through a statement.

They further detailed that FileStar (STAR), Findora (FRA), Totem (TOTM), Lepricon (L3P), Boson Protocol (BOSON), Umbrella Network (UMB), Raze Network (RAZE) and Disbalancer (DDOS) were significantly subscribed. The sale generated $ 165 million in funding (combined).

“Each and every project we list on our Gate.io platform (…) is carefully vetted by our team. This is why the vast majority of projects are significantly oversubscribed. Projects like TotemFi , Cook (COOK) and Yield Protocol (YIELD) that had previously raised funds at Gate.io Startup have also seen exponential returns, “said Marie Tatibouet, CMO of Gate.io.

(Source – Gate.io)

In the statement, they said that TotemFi (TOTM) registered an ROI of 45,900%, while Cook (COOK) and Yield Protocol (YIELD) registered an ROI of 3947.5% and 3688%, respectively.

(Source – CoinMarketCap)

According to the exchange, the huge demand for some of these projects has had a very significant effect on its native token, GateToken (GT). In 2021, the price of GT has soared more than 700%. The GT price was at $ 3.9 at the time of writing.

A more detailed look at the Projects

The IEO of FileStar was oversubscribed with 125.55% and raised 2,511,050 USDT. The project is working on the construction of an incentive network for bandwidth, distributed computing and storage based on the IPFS protocol.

Findora, the zero-knowledge-based privacy protection public blockchain, raised 28,329,250 USDT and was oversubscribed with 56,601.90%.

Totem, a tokenized prediction platform, raised 20,594,040 USDT with an oversubscription of 102,970.20%.

Lepricon, a governed prediction gaming platform, it raised 20,610,540 USDT, with an oversubscription of 54,961.44%.

Boson Protocol, A project that combines NFT and game theory to automate the redemption of digital rights for physical assets, raised 23,865,280 USDT and obtained an oversubscription of 119,326.40%.

The decentralized Oracle service provider, Umbrella Network, raised 18,783,400 USDT and with an oversubscription of 75,133.60%.

The substrate-based cross-chain privacy protocol, Raze Network, raised 23,788,680 USDT with an oversubscription of 23,788.68%.

Finally, Disbalancer, A solution to make websites resistant to DDoS attacks, it raised 5,799,500 USDT and achieved a 25,800% oversubscription.

Performance metric

Finally, in the statement they specified: “Cryptorank classified the average IEO returns by exchange platforms calculating the average ROI of Historical Highs (ATH) of 151 projects analyzed. Gate.io has finished in the top 2 for the past three years with an ROI of 6,841.59%, outperforming companies like KuCoin (2,906%) and Huobi Global (1,901.86%). ”

“In addition, CoinMarketCap has also ranked Gate.io as the 8th largest exchange globally with a liquidity score of 401 and more than 565 currencies listed,” they concluded.

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