Gate Launchpad Latest News: IKA subscription exceeds 300 million, dual-track subscription races against time

The subscription for the third phase project Ika (IKA) on Gate Launchpad will officially end on July 29 at 13:00 (UTC+8). According to the data on the Gate Launchpad page, this 72-hour buying frenzy has set an astonishing record: the total subscription amount has exceeded 300 million USD, with the USD1 pool amounting to 215 million USD, while the GT pool has seen an influx of 6.01 million GT (equivalent to approximately 107 million USD based on the current GT price of 17.84 USD).

##Mechanism Evolution: Dual-Track Subscription and Race Against Time

The subscription rules for IKA can be regarded as the "mechanism experimental field" of Gate Launchpad. Unlike previous projects, this time a dual-track parallel subscription system using USD1 and GT is adopted: the USD1 pool accounts for 80% of the total (160 million IKA), while the GT pool accounts for 20% (40 million IKA).

USD1 pool provides certainty at a fixed price (1 IKA = 0.025 USD1), while the GT pool price is dynamically calculated based on the average opening price of GT over the three days from July 24 to 26, creating a price game space.

What is even more disruptive to tradition is its distribution mechanism: "Hourly snapshots + proportional distribution." The system calculates the proportion of tokens distributed based on the user's locked amount every hour, and the rules clearly emphasize that "the earlier you subscribe, the higher the returns."

For example, if a user invests 100,000 USD1 in the first hour, the total pool amount is 1 million USD1, accounting for 10%; if the total pool expands to 100 million USD1 in the last hour, the proportion drops sharply to 0.1%. This design triggers a "first-mover competition" for funds, driving the subscription volume of the USD1 pool to exceed 100 million within 4 hours of opening.

Historical Reflection: The Dual Genes of PFVS and PUMP

To understand the popularity of IKA, we need to trace back the successful genes of the first two projects on the Gate Launchpad:

• PFVS (May Project): Taking the "small volume, high premium" route. The total subscription volume is only 10 million pieces, with a unit price of 0.07 USDT, attracting 35,553 users to participate. Ultimately verified the explosive model with 65 times oversubscription and a first-day increase of 450%.
• PUMP (July Project): Adopts a "high liquidity low unit price" strategy. A total subscription amount of 2.5 billion with an ultra-low unit price of 0.004 USDT, setting a record of 306 times oversubscription. After listing, a first-day increase of 320% and an average daily trading volume of 120 million USDT demonstrate its lasting advantages.

IKA combines the design essence of both: it has the scale effect of PUMP (total supply of 10 billion IKA, with 2% sold this time), and continues the packaging of the technical narrative from PFVS.

The scarcity of the GT pool has been validated by historical data as a profit amplifier - participants in the PUMP project with the GT pool achieved an average return rate of 220%, significantly higher than the 150% of the USDT pool.

Capital Game: Risk Hedging in Dual-Track Design

The dual-track mechanism of IKA is essentially an experiment in risk preference stratification:

The USD1 pool has become a safe haven for funds. In the market where Bitcoin is fluctuating within the range of 118,000-120,000 USD, investors tend to lock in profits using stablecoins. Ultimately, the subscription ratio for the USD1 pool reached as high as 80%, far exceeding the 20% of the GT pool, reflecting the market's strong risk aversion instinct.

The GT pool becomes an arbitrage hunting ground. If the GT price drops, dynamic pricing may result in the GT pool subscription cost being lower than the USD1 pool. For example, assuming the three-day average price of GT is 18 USD, with dynamic pricing of 1 IKA = 0.0013 GT, the actual cost is 0.0234 USD/IKA, which is lower than the 0.025 USD of the USD1 pool.

This design attracts two types of players: conservative investors who avoid volatility through the USD1 pool (for example, a full subscription requires 40,000 USD1 to exchange for 1.6 million IKA), while GT holders bet on arbitrage of price differences.

##Technical Narrative: Cross-Chain Keys in the Sui Ecosystem

The technical positioning of the Ika project accurately hits the market pain points. As the "fastest parallel MPC (Multi-Party Computation) network" on the Sui chain, it aims at the processing bottleneck of 2 trillion USD cross-chain assets in this ecosystem.

Its core commitment hits the nail on the head: to compress cross-chain signing speed to the millisecond level, expand nodes to hundreds, and reduce the probability of single-point malicious behavior to nearly zero through the 2PC-MPC algorithm. This "second-level, trustless, programmable" vision adds a crucial link to the Sui ecological DeFi Lego.

Industry Turmoil: The Stablecoin Wars and the Restructuring of Exchange Power

The off-chain impact of the IKA subscription is equally profound. On-chain data shows that the USD1 position of Gate surged by nearly 200 million dollars within 72 hours, surpassing competitors like Coinbase and OKX, and rising to the second place in global exchanges for USD1 positions, second only to Binance.

The flow of funds reveals efficiency choices: $170 million has flowed in through the low Gas fee BSC chain, while only $20 million has come via Ethereum. This validates the industry rule of "stablecoins migrating to efficient channels."

At a deeper level, there is a shift in the strategic logic of the exchange. The accumulated USD1 forms a "zero-cost funding pool," allowing Gate to allocate these funds during the lock-up period to enhance trading depth, support lending collateral, or arbitrage.

During the subscription peak period, the buy-sell spread of Gate's BTC/USD1 trading pair narrowed to 0.1%, with liquidity reaching a three-month peak. Stablecoins are upgrading from trading tools to core strategic assets of the exchange.

##Future Outlook

On July 29th at 18:00 (UTC+8), IKA/USD1 spot trading will officially launch on Gate. The market is focused on whether IKA can continue the myth of a 450% first-day increase seen with PFVS or replicate the sustained trading depth of PUMP.

But a greater transformation has already taken place: Gate Launchpad has evolved from a mere project issuance channel into a crypto-economic experimental field that integrates time games, asset allocation, and stablecoin strategies. When the news broke that the USD1 holding volume had jumped to second place globally, a power restructuring of exchanges around stablecoin liquidity has just begun.