cryptopotato.com
Leading cryptocurrency exchange OKX has released its tenth proof-of-reserves (PoR) report, becoming the first digital asset platform to release ten consecutive monthly PoR reports.
According to a press release, the latest numbers show balances of $10.4 billion in primary crypto assets like bitcoin (BTC), ether (ETH), and Tether (USDT).
OKX Publishes 10th PoR Report
The Seychelles-based exchange covered 22 digital assets, including USD Coin (USDC), Ripple (XRP), Dogecoin (DOGE), Solana (SOL), Polkadot (DOT), and OKB, in the latest audit. BTC, ETH, XRP, and SOL have reserve ratios of 102%, while USDT and USDC have ratios of 103% and 100%.
OKX’s August PoR report disclosed that the USD value of its reserves has dropped by roughly $1 billion from the $11.3 billion reported in July but increased by 38% of the total in January.
The exchange has published more than 210,000 addresses for the PoR program to allow users to view its asset flows through the Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) technology. The mechanism has safeguarded the privacy of other accounts by keeping their balances hidden since April.
User Sentiment on PoR Reports
OKX revealed that hundreds of thousands of users have engaged with its PoR reports, visited the page, and viewed their self-audits since its launch in late 2022. With the open-source verification tool, users can independently verify OKX’s solvency and confirm their assets are backed by the exchange’s reserves.
In commemoration of the 10th PoR report, OKX conducted two surveys on X (formerly Twitter) to evaluate the sentiment of the online crypto community on the importance of reserve reports and transparency.
Around 84% of the surveyees said monthly PoR reports are either “somewhat important” or “very important.” Moving a notch higher, 88% of the respondents agreed that transparency is either “somewhat important” or “very important” in choosing a crypto platform to trust.
“We asked our community how important PoR and transparency from exchanges are to them, and the results were as expected – users continue to call for monthly PoR and greater transparency. At OKX, we take user feedback to heart and will continue to invest in future tools for security and transparency in order to continue earning user trust,” said OKX’s Chief Commercial Officer Lennix Lai.