Gate Discloses 117% Reserve Coverage, with Approximately $4.61 Billion in On-Chain Verifiable Reserves
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DefiLlama says Gate’s disclosed addresses hold approximately $4.61 billion in on-chain reserves; Gate separately self-reports an overall reserve coverage ratio of 117% across approximately 500 types of assets, but user liabilities cannot be independently verified on-chain.
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Key points
Inside Gate’s Reserve Position: Diversified & Comfortably Over-Collateralized Credit: Defillama Research · © Gate Gate's derivatives-heavy trading book sits on top of a reserve base that's both verifiably substantial onchain and, by the exchange's own broader accounting, comfortably over-collateralized. Here's how the two pictures fit together. DefiLlama tracks 87 centralized exchanges, with a combined $31 billion in 24-hour spot volume and $128.5 billion in 24-hour derivatives volume — a total
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Why it matters to readers
The on-chain balances of the addresses disclosed by DefiLlama have a degree of verifiability, and the article clearly distinguishes between on-chain reserves and Gate’s self-reported figures; however, the 117% coverage ratio depends on liability and off-chain asset data provided by Gate, the material provides no independent audit conclusion, and the trading-volume figures in different sections of the article differ in scope or timing.
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Risks and unknowns
- Gate’s complete proof-of-reserves report and information about its audit or attestation provider
- Whether user liabilities, off-chain custodial assets, and undisclosed wallets can be independently verified
- Subsequent net inflows, net outflows, and changes in the reserve composition of the addresses tracked by DefiLlama
- Whether the differences in the scope and timing of the trading-volume figures in the article will be clarified
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