Sharing a fun fact: Gate was actually the first exchange to adopt the Merkle Tree proof of reserves, implementing it back in 2020 with third-party audits. After the FTX collapse in 2022, Gate open-sourced its solution, which later became the industry standard for proof of reserves. So, in terms of early efforts to promote industry self-regulation and transparency, Gate has made quite a significant contribution. As the first exchange confident enough to introduce proof of reserves, Gate has been operating for 12 years now. Honestly, I didn’t have much of an impression of Gate before, but it’s clear they’ve been stepping up their game this year. Especially in July, when I visited their local office in Japan for an exchange. According to the open letter just posted by the founder @Han_Gate, their spot trading volume and liquidity are ranked second globally, and their contract trading volume is ranked third.