I don't know if everyone has followed Gate's GUSD. I personally swapped 50,000 USD and put it into the Launchpool to earn profits, and it has been quite smooth. When the annualized return was high, it was almost 20%, and even when it was low, it was still around 10%. Behind it are RWA income assets, which, to put it simply, are like on-chain money market funds that are stable and can still be used.

Then today I saw Gate's September transparency report, to be honest, it was quite surprising to me.
I originally thought it would just be another bunch of numbers and growth rates, the typical bureaucratic language, but after looking through it, I feel like Gate's rhythm has changed and it seems more like they are building a complete ecosystem.
Looking at the data in the report again, users have exceeded 41 million, and GUSD minted 120 million USD in two weeks.
I don't really care how nice the numbers look, but I can feel that they are gradually expanding the plate.
I recently tried out Gate's newly launched Gate Layer and Perp DEX, and the trading latency is indeed low; it feels quite a bit faster than before.
Especially Perp DEX, the smoothness of that decentralized experience is well done, creating a blend of centralized experience and decentralized security.
Also, the recent spot direct pass championship is quite interesting. Gate didn't do any registration or voting; it all depends on the market to choose which project truly has a community and liquidity, and it can directly surge on the spot.
Overall feeling, Gate is not seeking an explosion now, but is laying the foundation.
You can see their logic: Gate Layer is the foundation, Perp DEX is the function, Gate Fun is the traffic entry point, and GUSD is the asset closed loop.
I can't say what Gate will definitely become, but the direction of this transformation is quite right.
It's like they are trying to make trading, creating, and financial management all work within one system.
Using it myself, it is indeed much more interesting than the previous Gate.