From ETH Merge Hype to Fed Rate Hike, Gate.io Removes Fees to Help Users During Market Turmoil
These past few weeks have been a rollercoaster. Ethereum successfully implemented its most significant upgrade ever while the U.S. federal government indicated continued inflation hikes and crypto regulations. As a result, the crypto market responded accordingly.
On Sep. 15, the Merge went live without a hitch and saw Ethereum transition from proof-of-work to proof-of-stake. However, it appears to have triggered a “sell-the-news” event. And the following days saw statements and releases from various U.S. government entities regarding a new crypto regulatory framework, legal classifications, and indications of further interest rate hikes.
But, the market volatility shouldn’t blind you from what has carried blockchain and the crypto market through all these years: innovation, advancement, and evolution.
Improvement is inevitable
The Merge is a prime example. It resulted in a 90% reduction in ETH issuance and created an environment for ETH to become nearly inflation-free or even deflationary. Further, the switch from mining to staking reduced its energy consumption by an estimated 99.988%.
Ethereum’s Merge upgrade is yet another undeniable sign of the industry’s ability to evolve and improve, even when the stakes are high and the market is down. All of this speaks more to the long-term value of blockchain technology rather than the impact of current market conditions.
Through thick and thin
Regulatory and economic uncertainty is just another hurdle for crypto to overcome as its technology, real-world applications, and adoption progress. Of course, the users, leaders, and major platforms will all react differently. Still, one thing rings true: everyone weathers the storm together.
Tom Yang, EVP at Gate.io, said, “Constant improvement and innovation allows our industry to mature and scale globally. But, this doesn’t negate the impact of market downturns on users.”
Gate.io recently announced the implementation of zero fees on most trading pairs on the spot and contract markets.
“Gate.io has the largest selection of cryptocurrencies and trading pairs. We wanted to extend a hand to users during a time of market turbulence. The removal of trading fees on this scale will enhance the trading experience for millions of users worldwide at a time when they need it most,” said Tom.
The future is still bright
Crypto is not new to bear markets or global economic uncertainty, having boomed following the 2020 pandemic downturn and rebounded through several crashes throughout the past decade. Regardless, development and innovation continue to push the industry forward, and major platforms like Gate.io remain committed and continue to invest in infrastructure, security, and users. Just like crypto, Gate.io is here for the long term.