U.Today's summary clearly highlights the core changes in Gate over the past year:

Trading volume is just the result; the real change lies in the structure.
On one side, centralized trading continues to expand,
On the other side, on-chain products like Gate Layer, Perp DEX, Gate Fun, and Alpha are rapidly expanding.
These two lines are not separate but are feeding liquidity and users into each other.
Many platforms are "choosing a direction,"
While Gate is more like confirming a direction and then building the infrastructure layer by layer.
This is also why its data growth doesn't seem to be driven by short-term market trends.