Is the explosion of TradFi the second growth curve for trading platforms? Finally had a solid chunk of time to dive into the RootData report on crypto TradFi. Here are two points you might have missed that I think are worth paying attention to: First off, are you surprised by this data? Trading volume in the first half of the year surpassed $1.3 trillion, with derivatives accounting for 98.6%. TradFi assets are becoming the new battleground for crypto exchanges. 1️⃣ TradFi is no longer a niche category on crypto exchanges. Over the past six months, people have gotten used to trading crypto assets on exchanges, but more and more traditional assets are being embraced: trading volume in H1 2026 exceeded $1.3 trillion, with 98.6% coming from derivatives. Right now, the demand is for turning traditional assets like U.S. stocks and gold into 24/7, leveraged, globally tradable crypto products. Once this market takes off, it could become a new growth curve for exchanges. This is why it’s the top priority for all trading platforms to capture this territory. 2️⃣ The competitive landscape among exchanges is starting to shift. Binance is still the undisputed leader—no debate there. OKX has an edge in trading volume and tight spreads, while Hyperliquid excels in holding positions. What’s interesting is that Gate is the variable worth keeping an eye on: In August, its share of stock derivatives trading volume was about 10.7%, with an OI share of 12.4%. From May to August, its trading volume saw triple-digit month-on-month growth for four consecutive months. It now covers 366 stock derivatives, ranking in the top five, and at certain times recently, its order book depth even led the pack. So, it’s clear that for a CEX to rise, it needs to secure this critical TradFi battleground—it’s absolutely crucial. Look at Gate: it’s definitely not the second-largest in terms of scale right now, but in terms of product coverage, liquidity, and growth rate, it’s already entered the top tier. Moving forward, the competition in TradFi won’t just be about who lists which stocks, but about who can truly nail assets, depth, spreads, and user positions. On that front, everyone still has a shot.