The fact that the subsidy program has reached its fourth phase actually indicates two things:

1. Subsidies are no longer a "short-term stimulus," but rather a part of the user's business strategy.
In the first three phases, Gate divided users into three categories: "Returning / Active / Newcomer".
By the fourth phase, the subsidy structure remains clear and the thresholds are not aggressive,
The core is still "enhancing transaction continuity + reducing trial and error costs."
In the fourth quarter with increased volatility, the platform began to strengthen trading mindset.
When the market is not strongly trending, users are more sensitive to "subsidies + incentives."
Gate aims to make subsidies long-term, which means it seeks to provide users with a stable reason to participate during uncertain periods.
Will the fifth phase continue?
From the current actions, this system is likely to continue evolving.
The fourth phase feels more like a "stable delivery."
It is also a gentle boost to the platform's user activity.