Not sure how many people have checked out Gate's @Gate_zh Q3 2025 Operations Report. Here are some key and impressive growth stats: 1. Thanks to upgrades to the platform's matching engine performance and market-making mechanisms, Gate's contract and spot trading volumes hit new highs in Q3, pushing its industry ranking into the top three. Contract trading: August saw a month-on-month growth of 98.9% in contract trading volume. Spot trading: September's trading volume grew 20.1% month-on-month, with spot market share climbing to 5.47%, a record high. 2. According to mpost.io data, Gate's derivatives market share has risen to 11.3%, making it the second-largest derivatives exchange globally. 3. This quarter, Gate's total registered user base surpassed 41 million. 4. Gate officially launched its self-developed Layer 2 network, Gate Layer, in Q3. Built on the OP Stack architecture, it can handle over 5,700 TPS, with GT as the sole gas token. The decentralized perpetual contract platform (Gate Perp DEX) powered by Gate Layer has already surpassed $1 billion in cumulative trading volume. 5. Gate's Proof of Reserves (PoR) shows a reserve ratio of 123.98%, achieving over-collateralization. Meanwhile, Gate Europe successfully obtained the EU's MiCA regulatory framework license for crypto assets. 6. The platform continues to burn GT tokens, with over 182 million GT already burned, accounting for approximately 60% of the total supply. Breaking down these key stats reveals Gate's clear strategic intent: First, trust is the foundation of any exchange. Once trust collapses, liquidity, efficiency, and value all go to zero. A reserve ratio of 100% is the baseline, while 123.98% represents excess redundancy. Gate eliminates users' fundamental fear of bank runs through transparent, verifiable mathematical proof, coupled with the EU MiCA license, ensuring Gate no longer relies on vague trust tied to brand or reputation. As a liquidity layer, Gate's upgrades to its matching engine performance and market-making mechanisms have created favorable conditions for liquidity generation, leading to a monthly trading volume increase of +98.9%. Finally, there's the value capture of GT itself and its token holders: The GT token is designed with a dual-cycle value capture model, extracting value from two parallel markets: Cycle 1: CEX profits → deflation (supply-side) Gate's CEX business generates massive profits. Gate uses these profits to buy back and burn GT (60% already burned). Cycle 2: L2 ecosystem → fuel (demand-side) All economic activities on Gate Layer (L2), such as Perp DEX trading, require GT as gas fees. The more prosperous the L2 ecosystem (the higher the Perp DEX trading volume), the greater the rigid demand for GT consumption. You can imagine the potential of GT and Gate. #GateQuarterlyReport