I recently spent time studying three exchange annual reports—from a leading exchange, Gate, and Huobi HTX's complete version. I've developed a habit of reading these types of reports, and each time I organize my thoughts to share some observations and reflections with everyone.
The leading exchange's report is a full 26 pages with very clear content, divided into six major sections—core milestones and vision, products and data, institutionalization progress, compliance and security, daily applications and community, and finally outlook for the future.
The first three chapters are the main focus, presenting 2025's work achievements clearly through data and charts. The report placed "Abu Dhabi Financial License" and "user base exceeding 300 million" in the most prominent positions—these two achievements are indeed foreseeable accomplishments. What's interesting is that the Pakistan license (PVARA) obtained previously received minimal mention in the report. This choice itself is quite worth pondering.
The second chapter is the core of the entire report, showcasing the exchange's 2025 scorecard across five dimensions: registered users, trading volume, token variety, payment tools, and ecosystem applications. From the data, trading business remains the core driver, which also makes logical sense—trading volume and user activity have always been the foundation for exchanges' survival and development.
Comparing this report side-by-side with other exchanges' annual reports, each firm's strategic priorities indeed differ. This comparison actually helps us understand the overall direction of industry development more clearly.
I recently spent time studying three exchange annual reports—from a leading exchange, Gate, and Huobi HTX's complete version. I've developed a habit of reading these types of reports, and each time I organize my thoughts to share some observations and reflections with everyone.
The leading exchange's report is a full 26 pages with very clear content, divided into six major sections—core milestones and vision, products and data, institutionalization progress, compliance and security, daily applications and community, and finally outlook for the future.
The first three chapters are the main focus, presenting 2025's work achievements clearly through data and charts. The report placed "Abu Dhabi Financial License" and "user base exceeding 300 million" in the most prominent positions—these two achievements are indeed foreseeable accomplishments. What's interesting is that the Pakistan license (PVARA) obtained previously received minimal mention in the report. This choice itself is quite worth pondering.
The second chapter is the core of the entire report, showcasing the exchange's 2025 scorecard across five dimensions: registered users, trading volume, token variety, payment tools, and ecosystem applications. From the data, trading business remains the core driver, which also makes logical sense—trading volume and user activity have always been the foundation for exchanges' survival and development.
Comparing this report side-by-side with other exchanges' annual reports, each firm's strategic priorities indeed differ. This comparison actually helps us understand the overall direction of industry development more clearly.