Transcript of Dr. Han, founder of Gate, speaking at the University of Hong Kong: Breaking the Matthew Effect and Winning in Asymmetric Competition

On April 21, at the Web3 exchange event "Web3 Dialogues @ HKU - Academia x Industry" held at the University of Hong Kong, Gate founder and CEO Dr. Han delivered a keynote speech on "Breaking the Matthew Effect." Drawing on his 13 years of frontline experience in the cryptocurrency industry, Dr. Han systematically elaborated on a core judgment: in the crypto world, competition is never fair; what truly determines victory or defeat is who establishes and maintains the "Matthew Effect" first.

Unfairness as the Starting Point: Understanding the True Structure of Competition

Dr. Han candidly stated in his speech that the essence of business competition is an asymmetric game of resources and time, rather than an idealized fair competition. "Do not expect fairness in the real world," he emphasized, noting that starting points, resources, and information gaps collectively shape the competitive landscape, and the Matthew Effect is continuously amplified within this structure— the strong become stronger, while newcomers face higher barriers.

Using his own experience as an example, Dr. Han mentioned that in the early days of his startup, he had no funding or team support and built the initial platform in a family environment, starting from a completely different point than competitors who received capital backing at the same time. However, it was under these unfavorable conditions that he was forced to adopt more aggressive and efficient strategies.

First-Mover Advantage: Establishing an "Irreversible" Moat with Speed

Regarding how to break through in an unfair environment, Dr. Han proposed a second key principle: establish the Matthew Effect as early as possible. He recalled that the platform quickly gathered users and trading volume by launching a large number of long-tail assets early on, forming an overwhelming advantage in niche markets. "While others are still assessing risks, you have already completed your layout," this strategy allowed Gate to accumulate its first round of users despite limited resources and at one point held a high market share.

In his view, once the Matthew Effect is established, it will create a self-reinforcing mechanism through liquidity, brand, and user networks, becoming the most effective "defense system."

Seizing Windows and Dynamic Games: Establishing and Reshaping Competitive Advantage Amid Uncertainty

Dr. Han pointed out that the Matthew Effect is not sustainable once established; its essence is always in dynamic change. Although the platform experiences periodic shocks during its development, the key is whether it can quickly correct its path and return to a growth trajectory, rather than trying to avoid all fluctuations. On this basis, Dr. Han summarized industry competition as "the competition for opportunity windows," believing that every leap in the crypto industry, from the 2017 ICO, the 2020 DeFi Summer, to derivatives and meme assets, is essentially a brief and highly uncertain structural opportunity. He stated that true leaders often complete their layouts when the divergences are greatest, rather than following after consensus is formed.

At the same time, Dr. Han emphasized that with the rapid evolution of AI, technology is reshaping production methods and competition rhythms, further compressing decision-making windows, requiring platforms to be more agile in resource allocation and directional choices to maintain competitiveness in a continuously changing industry cycle.

Beyond the Rules: Maintaining Independent Judgment Amid Rapid Changes

At the end of his speech, Dr. Han extended the topic to the level of individual cognition, suggesting that one should not blindly follow existing rules and authorities. In discussions with students, he stated, "Do not blindly trust your parents, and do not blindly trust your teachers," emphasizing that this does not negate experience and education, but rather, in the context of the rapid evolution of Web3 and AI, and the continuous reshaping of industry boundaries, single experiences are increasingly inadequate to adapt to changes. Dr. Han believes that compared to relying on existing standard answers, establishing the ability for independent thinking and quick decision-making is more crucial: knowledge can be taught, but understanding this era requires personal effort.

Conclusion

From early entrepreneurship to navigating multiple market cycles, Dr. Han's sharing presents a highly non-linear growth path. In his view, the core of the cryptocurrency industry is not about "participating in competition," but about whether one can establish advantages first in an asymmetric structure, survive mistakes, and make counter-consensus decisions at critical moments. The accumulation of these abilities constitutes the true barrier to traversing cycles.

About Gate

Founded in 2013, Gate is one of the world's leading cryptocurrency trading platforms, with Dr. Han as its founder and CEO. The platform serves over 52 million users and supports trading of over 4,500 types of crypto assets. As an industry benchmark, Gate was the first to achieve 100% proof of reserves, with an ecosystem that includes Gate Wallet, Gate Ventures, Gate for AI Agent, and other diverse services. For more information, please visit: Website | X | Telegram | LinkedIn | Instagram | YouTube

Disclaimer:

This content does not constitute any invitation, solicitation, or advice. You should always seek independent professional advice before making any investment decisions. Please note that Gate may restrict or prohibit all or part of its services from restricted areas. Please read the user agreement for more information, link: https://www.gate.com/zh/user-agreement.