The real highlight is the flywheel formed by the product and its users

I don't think Gate's growth this round can be simply understood as a “rise in trading volume.”

The three signals in CryptoQuant's latest report are actually worth looking at together: spot trading volume ranked among the global Top 3; 30-day spot growth of +667%, ranking first globally; and derivatives trading volume growth entering the global Top 3.

If you look at just one metric, it's easy to interpret it as a short-term surge in volume driven by a particular market rally. But when all three metrics appear simultaneously, the story is different.

Trading volume growth requires users; user growth requires products; and for products to continue attracting users, they need liquidity and market depth. This makes it easy for a platform to form a positive cycle: more users drive higher trading volume, higher trading volume attracts more market participants, liquidity improves further, and a richer product range can meet the needs of different types of users.

This is the truly valuable growth flywheel for a trading platform.

So if you ask me what is most worth watching about Gate's growth this round, I wouldn't choose trading volume alone. Trading volume is the result, users are the foundation, liquidity is the base, and products determine whether growth can continue.

In particular, both the spot and derivatives markets are becoming more active, which means different trading needs are being served simultaneously.

Of course, a high growth rate like +667% cannot be replicated indefinitely. As the base grows larger, growth will naturally face challenges. Therefore, what is truly worth looking forward to is not the next exaggerated percentage, but whether Gate can turn this round of rapid growth into long-term users, stable liquidity, and a more complete product ecosystem.

Growth rates determine the room for imagination; retention determines the final answer.

#Gate增速全球第一