A few days ago, I talked with a friend about the unprecedented sense of "death" in the current crypto circle. Not to mention ordinary projects, even exchanges—how many will still be around in five years?

For exchanges, users come first, and for users, fund security is the top priority. Just this afternoon, I saw Gate announced a reserve fund of $8.18B, with a reserve ratio of 115%, covering over 500 assets. Users can trade and invest with peace of mind.
Another essential for an exchange's survival is compliance. Gate's compliance isn't just lip service; they actively obtain licenses in various jurisdictions—America, the most difficult to crack, with Gate US holding MTL (Money Transmitter License) in 35 states. In Europe, they directly align with the MiCA framework and have obtained a Payment Institution (PI) license. Additionally, Gate has completed relevant licenses and regulatory requirements in Japan, the Middle East, Australia, and other markets. Their compliance capabilities and emphasis are evident.
In a bull market, it's about growth; in a bear market, it's about survival. The competition among exchanges has long moved beyond just competing on transaction fees or the speed of listing new tokens. Fund security and regulatory compliance are unavoidable in the future.
Returning to that question: five years from now, how many exchanges will still be around? I believe Gate definitely will be. @Gate @Gate_zh