The native cryptocurrency behind Gate.io, GateToken, has fallen in value as the exchange witnessed nearly $150 million in outflows. Rumors surround the exchange that it might have been affected by the Multichain incident, and that the CEO cannot be reached.
Gate.io saw a boost in usage following the collapse of the FTX exchange, as cryptocurrency investors looked at alternatives to trade at, but it is clear that CEXs are not the right choice.
Decentralized alternatives like Tradecurve are taking over and we can see that the demand is here as the utility token behind the platform, TCRV has surged in value by 50%.
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Gate.io Records $150 Million in Withdrawals and Worries Investors
According to data from DeFi Lama, among the top 10 CEXs on a global scale, Gate, it has seen the highest levels of outflow, which have affected the value of GateToken. The outflows over a 7-day and 1-month period are also high. It is unclear why so much money has been going outside of Gate.io currently, but the movement has hit the value of the GateToken hard, where the cryptocurrency dipped in value by 17.1% in the past month.
As of July 2, 2023, GateToken trades at $4.36. Within the last two weeks, GateToken dropped by 10.3%. In the last 24 hours alone, GateToken saw a decrease in its value by 2.6%. Based on this, it is clear that GateToken has entered the red zone and it is heading toward a downward trend.
The $150 million in withdrawals have affected GateToken in a negative way, so investors are looking to diversify with alternatives. TCRV is the utility token behind Tradecurve that has gained a significant level of attention as a result.
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Tradecurve’s utility token TCRV Spikes by 50%
According to the whitepaper, Tradecurve is described as a “hybrid trading platform that combines the best elements of centralized and decentralized exchanges.”. The platform enables users the ability to trade anything from cryptocurrencies to any other derivative product without the need to complete a KYC procedure while also maintaining their privacy through the platform’s DeFi capabilities.
Tradecurve offers traders a wide range of trading tools, such as algorithmic trading opportunities with the usage of AI, negative balance protection, a VIP account service, and even educational resources through a dedicated Trading Academy with subscription-based social trading.
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Each user can open an account using just an email address, deposit crypto with their wallet, and get access to anything, as the crypto will be used as collateral.
With the tiny spreads, risk management tools, native support for desktop and mobile, and a simple user interface, anyone will be able to use and understand Tradecurve. The TCRV token has spiked 50% in value and now trades at just $0.015 during Stage 3 of its presale. The team will raise $20 million during the presale and can onboard 100,000 new users during the first three months of operations, where TCRV can climb 100x in value.
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