OKX’s PoR report shows no solvency concerns, assets worth $11.2 billion
Cryptocurrency exchange OKX has released its 11th consecutive proof-of-reserves report amid increasing demand of crypto investors asking for transparency from exchanges they trade with.
Published on its website, the updated report shows on-chain and off-chain asset balances, and a complete list of wallet addresses is available for public viewing. The monthly Proof of Reserves shows $11.2 billion held by the exchange in what is calls “primary assets.”
This PoR covers 22 commonly used digital assets, including BTC, ETH, USDT, USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX, and UNI. OKX has maintained a reserve ratio exceeding 100% for 11 consecutive months across all of these assets, with current reserve ratios for BTC at 102%, ETH at 103%, and USDT at 102%.
Per its statement, these findings are the largest 100% clean asset reserves among major exchanges, according to third party data. OKX pledges to release a monthly report on the 22nd day of each month to allow users to audit its reserves on a regular basis.
Audited by blockchain analytics firm CryptoQuant, OKX’s assets are considered “clean” as it doesn’t include the exchange’s own token, solely made up of high market cap assets such as BTC, ETH and USDT.
The statement further reads: “We have invested an incredible amount of time and resources in developing the best PoR in the industry, and the statistics show that crypto users value this. In August, we conducted two Twitter surveys to measure the sentiment of the online community with regards to the importance of PoR and transparency. Poll results showed that 84% of respondents say monthly PoR reports are either ‘somewhat important’ or ‘very important’ and 88% state that transparency is either ‘somewhat important’ or ‘very important’ when choosing which crypto platform to trust.”
OKX’s recent proof-of-reserves features tools that enable users to view reserve ratios for new and historical data to self-verify assets held within its platform. They are also able to download the files containing the most recent update, as well as all historical PoR data.
The exchange also upgraded the transparency of its system by making full liabilities, or total balance of user deposits, visible to the public. This allows anyone to download the full liability Merkle tree as opposed to the previous system, which showed a user’s own liabilities but obscured data from other users. To safeguard user privacy, OKX splits and shuffles account liabilities in the tree using a technical solution called ‘splitting leaf nodes.’
