DefiLlama Research(@defillama_res):One of the more leveraged trading books in crypto is running on a reserve base worth taking a closer look. @Gate's open interest sits at $12.5B, and derivatives make up +2x the share of trades that spot does. That much leverage raises the question: what's backing it? Disclosed onchain reserves: → BTC: $1.28B → ETH: $709M → USD1: $370.5M → USDT (spUSDT): $108.4M → Other stables: $312.2M → DOGE: $161.3M → stETH: $115.7M $GT, Gate's native token, totals $727.9M and is tracked separately. Overall, per Gate's July 27 Proof of Reserves report, the exchange has a 117% coverage ratio across ~500 asset types, totaling $4.61 billion in clean (non-own-token) reserves. Read more about Gate in our latest spotlight:

2026.08.20 13:13

One of the more leveraged trading books in crypto is running on a reserve base worth taking a closer look. @Gate's open interest sits at $12.5B, and derivatives make up +2x the share of trades that spot does. That much leverage raises the question: what's backing it? Disclosed onchain reserves: → BTC: $1.28B → ETH: $709M → USD1: $370.5M → USDT (spUSDT): $108.4M → Other stables: $312.2M → DOGE: $161.3M → stETH: $115.7M $GT, Gate's native token, totals $727.9M and is tracked separately. Overall, per Gate's July 27 Proof of Reserves report, the exchange has a 117% coverage ratio across ~500 asset types, totaling $4.61 billion in clean (non-own-token) reserves. Read more about Gate in our latest spotlight:

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