Against the backdrop of declining liquidity in the crypto market, more and more exchanges are turning their attention to on-chain traditional assets and derivatives trading. With a mature product ecosystem and high trading activity, Gate is gradually demonstrating its advantages in the "full asset competition," with its XAUT contract trading volume ranking among the top globally, and its strategy leaning towards long-term expansion. ChainCatcher believes that future exchange competition will need to find a balance between compliance, liquidity, and risk management, and Gate may continue to gain an edge in the integration of TradFi and the crypto market.