Dr. Han, Founder and CEO of Gate, delivered a keynote speech at WebX 2025 in Tokyo, where he outlined the critical roles of centralized exchanges (CEX) and decentralized exchanges (DEX) in driving the mass adoption of Web3. Sharing in-depth insights, Dr. Han highlights how long-term user growth, the dual-track evolution of market structures, and the integration between security and compliance are shaping a new paradigm where CEXs act as global gateways to capital while DEXs drive on-chain finance and innovation.
From 1 Million to Nearly 700 Million: The Exponential Growth of Crypto Users
At the start of his address, Dr. Han reviewed Gate’s global footprint as one of the world’s leading crypto platforms: with over 36 million registered users globally and consistently securing top-tier rankings in spot and derivatives trading volume. Beyond technology and trading, he highlighted Gate’s sports partnerships with Inter and Oracle Red Bull Racing in Formula 1, bringing Web3 visibility into mainstream culture. Dr. Han pointed out that global crypto users have surged from 1 million in 2013 to nearly 700 million in 2025, representing about 10% of the global population. Adoption rates in high-penetration, emerging, and developed markets now range from 10% to 27%, largely driven by financial inclusion and alternative user cases.
Reshaping Global Assets: Crypto Rises as the Fourth Largest Asset Class
From a global asset market perspective, Dr. Han pointed out that between 2013 and 2025, the structure of global assets has undergone profound reshaping: while traditional stores of value such as gold and silver have slowed in growth, technology giants have surged in valuation. Since 2020, Microsoft and Nvidia have risen rapidly, while cryptocurrencies have entered a phase of explosive growth, quickly becoming part of the mainstream global asset market. As of August 2025, the total crypto market capitalization reached $3.02 trillion, with Bitcoin alone valued at $2.35 trillion, historically surpassing silver and several tech giants, making crypto the fourth-largest global asset, only after gold, Nvidia, and Microsoft. Looking ahead, Dr. Han projected that by 2030, the total crypto market cap could reach $41.80 trillion, becoming the second-largest global asset class after gold. This leap will not only reshape global asset allocation but also mark digital assets as real-world assets and a powerful catalyst for web3 mass adoption.
From Dominance to Balance: The Turning Point in CEX vs. DEX Competition
Turning to the competition between CEX and DEX, Dr. Han noted that what was once a clear advantage for centralized exchanges has become a far more balanced landscape. Total Value Locked (TVL) on CEXs and DEXs now stands at near parity by 2025. For token launches, DEXs now lead with platforms like Uniswap, PancakeSwap, and Pump.Fun seeing tens of thousands of new tokens debuting daily. Meanwhile, centralized platforms like Binance Alpha and Gate Alpha are regaining ground, narrowing the gap in launchpad activity. In trading volumes, DEXs now account for 23% of global spot activity and as much as 42% among retail traders when adjusted for wash trading.
The Path of Security and Compliance: Rebuilding Trust in the Crypto Industry
Dr. Han stressed that hacks remain a major obstacle for user trust, with 59.4% of thefts since 2022 targeting DEXs and Web3 platforms, amounting to $5.9 billion in losses. He also underscored the growing risks of money laundering via DeFi, now surpassing CEXs as liquidity expands. To address this, Gate has built a robust compliance framework, securing regulatory registrations, licences, authorizations, or approvals across various jurisdictions, such as Lithuania, Argentina, Malta, Italy, Gibraltar, Bahamas, Hong Kong, and Dubai. In 2024, Gate Group also completed the acquisition of a Japan-licensed exchange, further broadening its international compliance network.
Dr. Han concluded his keynote by stressing that the future of Web3 will not be defined by whether DEXs overtake CEXs, but by how the two models complement one another. Decentralized platforms will continue to lead in innovation and community-driven growth, while centralized platforms will remain indispensable for their security, regulatory compliance, and user accessibility. Closing his keynote, Dr. Han underscored his conviction about Web3’s future and stated that "the next-generation financial order will be constructed on-chain, making the mass adoption of Web3 inevitable".
About Gate
Gate, founded in 2013 by Dr. Han, is one of the world’s earliest cryptocurrency exchanges. The platform serves over 36 million users with 3,600+ digital assets and pioneered the industry’s first 100% proof-of-reserves. Beyond core trading services, Gate’s ecosystem includes Gate Wallet, Gate Ventures, and other innovative solutions. For more information, please visit:
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