According to the Gate News bot message, the official announcement from Gate on June 20, 2025:
Gate will adjust the NULS contract and leveraged trading. The NULS/USDT contract trading will be adjusted to a closing-only mode on June 20, 2025, at 19:30 ( UTC+8, and will be automatically settled at the average index price of the last half hour before the contract trading stops at 20:00 ) UTC+8.
At the same time, Gate has closed the new leveraged lending business for NULS, and existing leveraged positions will be automatically settled and repaid before June 20, 2025, 20:00:0(UTC+8). This adjustment does not affect NULS spot trading.
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