#Gate最新储备金率达118.49% #WCTCS9
Gate's newest proof-of-reserves snapshot shows $8.688 billion in total reserves and a 118.49% coverage ratio. A headline ratio is only the start, so I built this post as a five-step checklist anyone can use to read a reserve report, with the live numbers filled in.
Step one: check the total and the date
Gate held $8.688 billion in reserves as of October 18, covering 118.49% of customer balances, with total reserves up 5.7% from the previous period across 500 cryptocurrencies. A reserve report is a snapshot, so the date matters. The previous audit snapshot, from September 13, showed reserves of about $8.22 billion with 117% coverage. The ratio edged up by about 1.5 percentage points while reserves grew.
Step two: turn the ratio into a dollar cushion
A ratio is easier to judge as a number of dollars. By my math, 118.49% coverage on $8.688 billion of reserves implies customer balances of about $7.33 billion, leaving roughly $1.36 billion of excess reserves. The September snapshot implies about $1.19 billion, so the cushion grew about 14%. These are derived figures, not reported ones.
Step three: check the largest assets one by one
Total coverage can hide weak spots, so I look at the biggest lines.
- Bitcoin: customer holdings of 21,156 BTC against 25,727 BTC in reserves, a ratio of 121.6%, up from 120.32%. The excess is about 4,571 BTC.
- Ether: customer holdings of 362,785 ETH against 449,042 ETH in reserves, a ratio of 123.78%, up from 123.59%. The excess is about 86,257 ETH.
- Four stablecoins, USDT, USD1, GUSD and USDC: about $1.746 billion in reserves against roughly $1.497 billion in customer assets, a combined ratio of 116.59%. That is about $249 million of excess.
The stablecoin line deserves attention because it is the thinnest of the three. An earlier report put the aggregate stablecoin ratio near 111.63%, so it has improved by about five points. Across all categories reported, reserve amounts exceeded the corresponding customer balances.
Step four: see how reserves are composed
At current prices of roughly $83,000 for BTC and $2,445 for ETH, I estimate BTC reserves at about $2.14 billion, ETH at about $1.10 billion and stablecoins at $1.75 billion. Together that is about 57% of total reserves. The remaining 43% sits across the other 497 assets, which means price swings in smaller tokens also matter for the total. Reserve values move with the market, so a ratio can shift without any deposit or withdrawal.
Step five: check how the proof is built
The report is based on a cryptographically verifiable audit that combines Merkle tree structures and zk-SNARK proofs, allowing users to confirm both the total reserve coverage and the inclusion of their own assets. In plain terms, a Merkle tree lets each user check that their balance is counted without revealing anyone else's. I treat this as the most useful step, because it moves trust from a headline to something a person can verify.
What the report cannot tell you
A proof of reserves shows assets against customer balances at one moment. It does not cover every kind of liability, it does not show how assets are stored day to day, and it says nothing about operational risk. Independent trackers also measure differently. A DefiLlama snapshot on October 17 showed tracked on-chain reserves of about $7.28 billion, a different figure from the company's report, because trackers attribute wallets differently. I read both and watch direction, not one number.
My ranking of security metrics
Which metrics matter most when choosing a platform? Here is my order:
1. Verifiable proof of reserves with individual inclusion checks.
2. Asset-level ratios for the coins I actually hold, not just the total.
3. Stablecoin coverage, since it is the thinnest line.
4. Reporting frequency and consistency across snapshots.
5. Independent tracker data that agrees on direction.
6. Operational basics such as two-factor authentication and withdrawal controls.
How I would use this report
I would check my own balance inclusion, compare the BTC, ETH and stablecoin ratios with the previous snapshot, and save the figures so I can compare the next report. I would also keep only what I need for active trading on any exchange and use self-custody for long-term holdings.
The market context
BTC is near $83,008 and ETH near $2,445 after a volatile month, with earnings and the Fed meeting on October 27-28 still ahead. In weeks like this, reserve data matters more, because stress tests the plumbing of every platform.
Bottom line
Reserves grew 5.7%, the total ratio rose to 118.49%, and BTC, ETH and stablecoin coverage all moved up or held. That is a constructive snapshot. The point of a reserve report is not to take the number on faith, but to use it as a checklist and verify it yourself.
@Gate_Square
Gate's newest proof-of-reserves snapshot shows $8.688 billion in total reserves and a 118.49% coverage ratio. A headline ratio is only the start, so I built this post as a five-step checklist anyone can use to read a reserve report, with the live numbers filled in.
Step one: check the total and the date
Gate held $8.688 billion in reserves as of October 18, covering 118.49% of customer balances, with total reserves up 5.7% from the previous period across 500 cryptocurrencies. A reserve report is a snapshot, so the date matters. The previous audit snapshot, from September 13, showed reserves of about $8.22 billion with 117% coverage. The ratio edged up by about 1.5 percentage points while reserves grew.
Step two: turn the ratio into a dollar cushion
A ratio is easier to judge as a number of dollars. By my math, 118.49% coverage on $8.688 billion of reserves implies customer balances of about $7.33 billion, leaving roughly $1.36 billion of excess reserves. The September snapshot implies about $1.19 billion, so the cushion grew about 14%. These are derived figures, not reported ones.
Step three: check the largest assets one by one
Total coverage can hide weak spots, so I look at the biggest lines.
- Bitcoin: customer holdings of 21,156 BTC against 25,727 BTC in reserves, a ratio of 121.6%, up from 120.32%. The excess is about 4,571 BTC.
- Ether: customer holdings of 362,785 ETH against 449,042 ETH in reserves, a ratio of 123.78%, up from 123.59%. The excess is about 86,257 ETH.
- Four stablecoins, USDT, USD1, GUSD and USDC: about $1.746 billion in reserves against roughly $1.497 billion in customer assets, a combined ratio of 116.59%. That is about $249 million of excess.
The stablecoin line deserves attention because it is the thinnest of the three. An earlier report put the aggregate stablecoin ratio near 111.63%, so it has improved by about five points. Across all categories reported, reserve amounts exceeded the corresponding customer balances.
Step four: see how reserves are composed
At current prices of roughly $83,000 for BTC and $2,445 for ETH, I estimate BTC reserves at about $2.14 billion, ETH at about $1.10 billion and stablecoins at $1.75 billion. Together that is about 57% of total reserves. The remaining 43% sits across the other 497 assets, which means price swings in smaller tokens also matter for the total. Reserve values move with the market, so a ratio can shift without any deposit or withdrawal.
Step five: check how the proof is built
The report is based on a cryptographically verifiable audit that combines Merkle tree structures and zk-SNARK proofs, allowing users to confirm both the total reserve coverage and the inclusion of their own assets. In plain terms, a Merkle tree lets each user check that their balance is counted without revealing anyone else's. I treat this as the most useful step, because it moves trust from a headline to something a person can verify.
What the report cannot tell you
A proof of reserves shows assets against customer balances at one moment. It does not cover every kind of liability, it does not show how assets are stored day to day, and it says nothing about operational risk. Independent trackers also measure differently. A DefiLlama snapshot on October 17 showed tracked on-chain reserves of about $7.28 billion, a different figure from the company's report, because trackers attribute wallets differently. I read both and watch direction, not one number.
My ranking of security metrics
Which metrics matter most when choosing a platform? Here is my order:
1. Verifiable proof of reserves with individual inclusion checks.
2. Asset-level ratios for the coins I actually hold, not just the total.
3. Stablecoin coverage, since it is the thinnest line.
4. Reporting frequency and consistency across snapshots.
5. Independent tracker data that agrees on direction.
6. Operational basics such as two-factor authentication and withdrawal controls.
How I would use this report
I would check my own balance inclusion, compare the BTC, ETH and stablecoin ratios with the previous snapshot, and save the figures so I can compare the next report. I would also keep only what I need for active trading on any exchange and use self-custody for long-term holdings.
The market context
BTC is near $83,008 and ETH near $2,445 after a volatile month, with earnings and the Fed meeting on October 27-28 still ahead. In weeks like this, reserve data matters more, because stress tests the plumbing of every platform.
Bottom line
Reserves grew 5.7%, the total ratio rose to 118.49%, and BTC, ETH and stablecoin coverage all moved up or held. That is a constructive snapshot. The point of a reserve report is not to take the number on faith, but to use it as a checklist and verify it yourself.
@Gate_Square
