In the context of a recent overall decline in market trading volume, the performance of $IKA has been eye-catching. As a new project recently launched on Gate Launchpad, it opened at a price that nearly achieved a tenfold return with almost "no warning," attracting significant market attention. This is not the first time Gate has ignited the market with a Launchpad project, and the success behind this instance reflects a deep adjustment in the entire industry regarding Launchpad strategies.
$IKA, as an infrastructure project focused on parallel MPC networks, did not become a hot topic in the industry before its launch, nor did it have the backing of major capital or extensive marketing. It promotes itself as "the fastest parallel MPC network" and collaborates deeply with the Sui ecosystem, positioning itself in a relatively niche market where privacy computing is still in its early stages.
However, this "new force" project, after completing subscriptions on Gate Launchpad, started at approximately $0.00599 and quickly rose to around $0.044 after going live, achieving nearly a tenfold increase in a short period. It is worth noting that such an increase is extremely rare among current Launchpad projects.
Even more convincing is the subscription data. According to disclosures from the Gate platform, the total subscription amount for $IKA reached as high as $196 million, with user participation exceeding 110,000. Both the user base and the capital volume far exceed the recent performance of most similar platforms. A niche market + a small project achieving such an explosion is hard to explain by luck alone.
At this stage, almost all mainstream platforms' Launchpad sections face varying degrees of challenges. Binance Launchpool has seen a reduced frequency of project launches in recent years; the latest SAGA project, although supported by multiple institutions, ultimately had a market price below expectations. Several recent projects on Bybit Launchpad opened below their initial prices, leading to a loss of community confidence; OKX Jumpstart has a slower launch rhythm, with many projects performing poorly due to insufficient user activity.
In contrast, Gate Launchpad has adopted a more "restrained and down-to-earth" strategy. In its project selection, it does not blindly pursue big-name narratives but focuses more on the rationality of early-stage valuations and actual ecological progress. For example, $IKA's starting valuation was only in the tens of millions, which not only left room for user growth but also avoided price crashes after institutional arbitrage.
More critically, Gate's mechanism design tends to protect the interests of ordinary users. It employs an "80% USD1 + 20% GT" participation model, ensuring stable capital participation while promoting a positive cycle for the platform's token ecosystem. This mechanism effectively reduces the influence of opportunistic participants, increases users' genuine willingness to participate, and enhances the initial price's resilience.
Although $IKA's performance is impressive, it is not an isolated case. Over the past few quarters, Gate Launchpad has repeatedly produced "wealth code" projects. For instance, MEME quickly surged over five times after its launch, XAI steadily rose even when market conditions were unclear, and gaming projects like GameByte achieved short-term increases ranging from 1.5 to 3 times.
The common characteristics of these projects are: low valuations, fresh narratives, and strong consensus support upon launch. From the performance perspective, Gate Launchpad's success rate is among the top in current mainstream platforms. Although the project packaging is not as high-profile as other platforms, the market feedback is more direct.
The core of this strategy lies in abandoning the bet on "big and comprehensive" star projects and shifting towards a layout of more promising early-stage assets. Gate has created an entry environment for early projects that is "retail-oriented and de-VC" through a combination of product selection strategies, platform governance mechanisms, and liquidity design, which may be the key to its continuous success in launching popular projects.
In the early days of the Launchpad craze, many platforms could easily boost project valuations through traffic and platform momentum. However, users are now more discerning, and projects find it harder to tell compelling stories; marketing-driven Launchpads are becoming ineffective.
The reason Gate has stood out at this stage is precisely because it has transformed Launchpad into a "heavy weapon": turning product selection into precise filtering, transforming mechanisms into value release, and converting subscriptions into genuine consensus. This model requires higher operational standards for the platform but provides a more solid user experience.
In the future, whether it can continue to replicate the success of $IKA remains to be seen. However, based on current data and market feedback, Gate Launchpad is gradually establishing its own "wealth code option pool." If other platforms do not follow up with optimizations, they may lose the attention of this core user segment.
Original article: “Launchpad Enters the 'Curated Era': $IKA's 10x Surge Marks the End of 'Blind Picks'?”
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