Today I looked at CoinDesk's October exchange report, and there are a few trends worth discussing individually, especially Gate's performance, which can basically be said to be the most overlooked storyline of the year.

First, let's state the conclusion:
The volume of Gate is entering a completely different range, not the kind that is boosted by activities, but the kind that is gradually built up over time and data.

First, let's look at the derivatives market.
Many people assume that three exchanges dominate, but this year's data no longer reflects that pattern. After Binance, OKX, and Bybit, the fourth position is held by Gate, with a 10.5% share. It may seem insignificant, but in such a competitive market, it's rare to maintain a double-digit percentage.

Look at the open interest (OI) again.
In the top five, apart from long-standing players like CME, Binance, Bybit, and BitMEX, the only new face is Gate, with 9.92%. The fact that OI can make it into the top five is not a result of marketing, but rather a combination of user structure, depth, and product stability.

The spot market has seen greater changes.
Gate's spot market share has risen to 6.04%, directly reaching second place in the industry. The monthly increase is close to 40%, and the data shows that this is real growth, not a false prosperity caused by short-term fluctuations.

Looking further at the annual performance, Gate has the highest year-to-date market share growth in the entire industry, +3.43%. Achieving such sustained growth over the year means not just hitting a wave of market trends, but rather that the company's own scale is expanding.

There is also a very important signal:
Gate has been included in CoinDesk's AA-A Top-Tier exchange, which has always had strict rating standards. Being in the AA-A category indicates that it has reached a level recognized by mainstream institutions in the most challenging areas such as compliance, transparency, and risk control.

In summary, Gate did not emerge suddenly; it is a crucial variable in the overall structural changes of the industry this year. Many people used to regard it as an "alternative exchange," but the data clearly shows that this positioning is no longer accurate.

Gate is quietly completing a "transformative elevation."