OKX Releases Its Sixth Monthly Report, Unveils Significant Upgrade to Its Proof of Reserves System

OKX’s PoR system now allows the public to verify 21 crypto assets, including 18 new ones such as USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, OKT, PEOPLE, TON, TRX, and UNI. This marks the first time these assets have been available for public verification on the platform.

The enhanced PoR system incorporates zero-knowledge technology, specifically zk-STARK, which enables users to independently verify the exchange’s solvency and confirm that OKX reserves back their assets.

According to Lennix Lai, Chief Commercial Officer at OKX, the Proof of Reserves technology is crucial in showcasing transparency, ensuring financial stability, and fostering user confidence in the crypto industry. 

Lai stressed that OKX is dedicated to spearheading the crypto realm by empowering users to verify reserves and liabilities through reliable “future tools” like Proof of Reserves without the need for trust.

OKX’s fifth monthly PoR report, released last month, revealed that the platform held $8.9 billion worth of BTC, ETH, and USDT, with reserve ratios of 103% for BTC and ETH and 102% for USDT.

DeFi Planet reported OKX had been working to enhance transparency in its PoR system by revealing the full extent of liabilities, including total customer deposits. Following a series of upgrades, the platform now enables anyone to access and download the complete liability Merkle tree, representing a significant improvement from the previous system that only revealed a user’s liabilities and kept data hidden from others.

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