I would assume most is user funds, but that is just a guess as that would be a heck of a lot of fees on a platform that hasn't done much steem volume in years! Plus I would assume they would cash the fees as they go to make payroll and server costs etc.
I would assume they would cash out some of the coins from fees, but not all... As some coins have lot of trade transactions with low amounts, but fees are capped to minimum usable amount, they can accumulate even if total volume is relatively low. Because Steem has only two decimals, amounts on user side like 0.009 can be rounded downward to 0 instead of upward to 0.01.
I would assume most is user funds, but that is just a guess as that would be a heck of a lot of fees on a platform that hasn't done much steem volume in years! Plus I would assume they would cash the fees as they go to make payroll and server costs etc.
I would assume they would cash out some of the coins from fees, but not all... As some coins have lot of trade transactions with low amounts, but fees are capped to minimum usable amount, they can accumulate even if total volume is relatively low. Because Steem has only two decimals, amounts on user side like 0.009 can be rounded downward to 0 instead of upward to 0.01.