Gate’s November 2025 Transparency Report shows a sharp uptick in trading and protocol activity, led by $163 bn in spot trading volume and a TVL surge to $2.9 bn. The report positions Gate’s full-stack Web3 push—including Gate Layer and decentralized derivatives—as the main drivers of user growth and on-chain throughput.
Trading volume, reserves and Layer-2 scale
The exchange reported $163 bn in spot trading volume for November, a 39.1% month-over-month increase that lifted its market share to 6.04%. Decentralized derivatives activity was also sizable, with Gate Perp DEX exceeding $10 bn in monthly volume and $3.3 mn in Launchpool rewards distributed as evidence of active community participation.
On reserves, Gate disclosed total holdings of $10.453 bn and a 123.09% reserve ratio as of June 2025. The report underscores that Gate maintains a 100% proof-of-reserves model, framing this reserve posture as foundational to user trust and operational stability.
Gate’s decentralized stack recorded rapid expansion over the period. Total Value Locked rose to $2.9 bn, a 167% month-over-month increase, while Gate Layer—its proprietary Layer-2 network—surpassed 100 million wallet addresses in two weeks and operates at 5,700 TPS with 1-second block times and gas fees described as 99% cheaper than traditional alternatives. The report presents these figures as evidence of scalable throughput designed to reduce cost and latency for DeFi users.
Product upgrades are highlighted as part of the ecosystem build-out. Gate Wallet received major feature updates in Q2 2025 aimed at enhancing market-module functionality and security, while the Gate Pay App upgrade is positioned as a step toward broader Web3 payment use cases.
The report also acknowledges persistent security and regulatory risks across the stack. It cites smart contract vulnerabilities, private-key management weaknesses, phishing and fraud, as well as centralization risks where decentralized services depend on centralized infrastructure, and flags regulatory fragmentation as an ongoing constraint on innovation.
On governance and forward strategy, Gate frames its “All in Web3” approach around real-world asset tokenization and a Vision 2026 roadmap. The report quotes founder Dr. Han emphasizing a commitment to “security, transparency, risk control, and regulatory adherence,” signalling that compliance is intended to advance alongside product and ecosystem expansion.
Gate’s November 2025 Transparency Report ultimately documents material operational growth—$163 bn in spot volume, $2.9 bn in TVL and rapid Layer-2 adoption—while stressing reserves and a compliance posture as offsets to sector-wide risks. For traders and treasuries, the immediate implication is clearer capacity and liquidity on Gate’s stack, with execution against Vision 2026 and 2026 regulatory developments set to determine the durability of this trajectory.
