Just finished reading Gate 2025's annual report.

At this stage, simply focusing on user growth is becoming difficult. The impression I get from this report is that the direction has shifted; it has moved from pure expansion to deepening and infrastructure building.

My consistent impression of Gate is innovation, attracting talent regardless of the rules. Many tokens that can't be traded on other exchanges can be found trading pairs on Gate, which provides convenience for many who don't trade on-chain.

Having used Gate for four years in total, I value these points:

First is the contract business, which has broken through a 10% market share. In the current market with existing users, being able to carve out a double-digit share indicates that liquidity and depth are indeed resilient, and institutional funds are willing to enter.

Second is the Web3 approach. Data like Gate Alpha airdrops look lively, but the underlying logic is that they want to be the first entry point for on-chain assets. Coupled with Perp DEX, which has achieved 24 billion in trading volume in a few months, they aim to use the CEX experience to solve the pain points of on-chain trading. This move is quite strategic.

Finally, compliance. Obtaining licenses and building SuperLink to connect fiat currency—these tasks may not be glamorous, but they are the tickets for large capital inflows and outflows.

Overall, Gate in 2025 is less restless and more focused on laying a solid foundation and embracing compliance. After all, in this circle, steady progress is often more valuable than blindly chasing trends.