Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Pre-IPOs
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
GateRouter
Smartly choose from 40+ AI models, with 0% extra fees
Coinbase reports a loss of $394 million in Q1, with trading revenue down 40% quarter-over-quarter.
This is not an isolated event but a turning point in the business model of crypto exchanges.
Spot trading revenue fluctuates sharply with market volatility, and Coinbase's CEO has explicitly stated the need to reduce reliance on spot trading, shifting toward diversified asset trading and AI agent payment infrastructure.
The USDC payment channel launched in partnership with AWS allows AI agents to autonomously make small payments.
This is not just a proof of concept but a structural shift from earning transaction fees to extracting value from payment pipelines.
The underlying logic: stablecoin payments are becoming the new infrastructure, and exchanges need to transform from 'gambling dens' to 'financial pipelines.'
Coinbase's losses are the cost of this transformation and also a signal.
The risk is that this transition takes time, and market volatility could continue to erode traditional revenue streams.
If AI payment scenarios are slower to materialize than expected, Coinbase may face valuation restructuring pressures.
For the crypto industry, this marks the end of the 'trading is everything' era.
Infrastructure services are the next moat.
$q1 #usdc #ai #aws