As the year 2024 dawns, the world of crypto is abuzz with groundbreaking developments: governments across the globe are finally acknowledging cryptocurrency as a distinct asset class, traditional financial behemoths are joining the fray, and the highly-anticipated Bitcoin halving hints at a potential bull run on the horizon.
With a surge in market liquidity and a daring eagerness to invest, the utmost importance lies in safeguarding one’s assets.
Revolutionizing Trust: The Emergence of Proof of Reserves as the Cutting-Edge Industry Standard.
Gate.io has been a long-standing advocate of the Proof of Reserves concept, proving its dedication to transparency and security. Back in 2020, when others were still learning the ropes, Gate.io was already leading the way by conducting PoR through the trusted method of combining Merkle tree with a third-party auditing firm and independent user validation.
After FTX’s downfall in the same year, Gate.io took it a step further and made their implementation open source, setting the bar for other exchanges to follow suit. And now, in the year 2023, they have once again upgraded their method, incorporating regular reporting on a whopping 170 assets and implementing ZK-SNARKs for unparalleled security and privacy.
For those unfamiliar with ZK-SNARKs, it stands for the powerful acronym of Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. It’s like a secret weapon that allows one party to prove their possession of certain information without revealing a single detail.
But, let’s face it, even with all these impressive advancements, the main challenge still remains. Despite the 100% PoR becoming the gold standard for centralized exchanges (CEX), it’s crucial for the average user to easily understand and complete the Merkle tree verification process.
Unleashing their latest triumph in the ever-evolving world of cryptocurrency, Gate.io, a trailblazing exchange platform and pioneer of Web3 technology, has revealed their highly anticipated January 2024 Proof of Reserves (PoR). The audited report showcases a staggering $4.3 billion in assets held, surpassing expectations with a solid ratio of 115.47%. More impressively, a whopping $584 million exceeds the amount deposited by users, a true testament to Gate.io’s unwavering commitment to security and trust. As if that wasn’t enough, the latest report boasts a remarkable increase of $1.1 billion since their previous PoR in November, solidifying Gate.io’s reign as the leader in transparent and user-verified PoRs for the fourth consecutive year.
Gate.io’s latest report boasts coverage of a staggering 171 digital assets, surpassing any other exchange in the market. Adding to the impressive list, 59 more assets have been recently added, including 26 BRC-20 tokens like SATS, ORDI, MUBI, TRAC, NALS, PIZA (PIZABRC), PEPE (PEPEBRC), and more. Each of these 171 assets has been reported to have a reserve ratio of at least 100%, showcasing the exchange’s dedication to transparency and security.
The report also revealed some key data, revealing a total reserve value of a whopping 4,363,990,957 USD, with an additional 584,704,086 USD in extra reserves. The total reserve ratio stands at an impressive 115.47%, with BTC leading the pack at 127.33%, followed closely by ETH at 120.54%. Even stablecoins like USDT and USDC are reporting strong reserve ratios of 101.30% and 129.34% respectively.
Gate.io’s dedication to providing the most comprehensive and secure exchange experience is evident in their latest report, setting the bar high for other exchanges in the market.
Transparency matters for individuals and industry integrity. It ensures users can safely and confidently participate in the market and promotes best practices among exchanges. We will continually respond to input from users, external experts, and peers to ensure security, privacy, and transparency in our reserves reporting.
Dr. Lin Han, Founder and CEO of Gate.io
Gate.io has been utilizing its PoR since 2020, setting a high standard for transparency and accountability in the market. This approach was further validated in 2022, even before the collapse of FTX, when Gate.io proactively shared its method as open source and encouraged others to follow suit. Fast forward to November 2023, the exchange made significant upgrades to its PoR, solidifying its position as the most comprehensive among all other exchanges.
To top it off, Gate.io’s PoR portal provides users with easy access to the latest reserve report data, allowing them to independently verify their account balances and deposits, along with other essential details. With its continuous efforts towards innovation and transparency, Gate.io continues to set the bar high for the cryptocurrency industry.
Disclaimer
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