OKX, the world’s second-largest crypto exchange by trading volume and leading Web3 technology company, today published its fourth monthly Proof of Reserves (PoR) showing $8.6 billion USD held by the exchange in BTC, ETH and USDT.
OKX users showed significant interest in viewing the reserves as well as using open-source tools to check their liabilities, with over 175,000 unique users visiting the PoR page and over 90,000 unique users verifying their liabilities are accounted for in the PoR. Third party data again shows that OKX holds the largest 100% clean asset reserves among major exchanges.
OKX Managing Director of Financial Markets Lennix Lai said: “We are proud to continue the monthly publishing of our Proof of Reserves in line with our unwavering commitment to transparency and trust here at OKX. Our data shows that hundreds of thousands of our users have taken an active interest in viewing our historical reserves and using open-source tools to verify their liabilities are included. Proof of Reserves is far from a niche topic – it is of vital importance to building user trust and we are dedicated to ensuring OKX shows continued leadership in this area.”
OKX has published thousands of addresses for its Merkle Tree PoR program, and will continue to use these addresses to allow the public to view asset flows. The OKX PoR protocol is open source and available to the public on Github. Additional OKX holdings can be viewed on the OKX Nansen Dashboard.
OKX is pioneering this field – as Lai revealed freshly incorporated Proof of Reserve (PoR) technology on the world’s second-largest exchange. This creates a system that enables user verification of their funds. Using Merkle Tree data structures, PoR technology is able to disclose the total balance of a user’s assets while simultaneously checking this against on-chain snapshots of connect wallet addresses.
OKX has published thousands of addresses for its Merkle Tree PoR program, and will continue to use these addresses to allow the public to view asset flows. The OKX PoR protocol is open source and available to the public on Github. Additional OKX holdings can be viewed on the OKX Nansen Dashboard.
The results are impressive, claimed Lai. Affording the ability to reveal the exact total of all user funds on the exchange and verifying the existence of 1:1 CEX reserves. In a practical demonstration, Lai revealed that OKX has $8.6bn in reserve to match 1:1 user deposits over the past four months.
