- Based on the proof-of-reserves report, OKX’s reserves have a complete of $7.5 billion in belongings.
- The belongings are unfold between bitcoin (BTC), USDT, and Ether (ETH).
- That is the third proof-of-reserve revealed by OKX change.
In its third try to supply transparency on its stability, the OKX crypto change has revealed a proof-of-reserves report that exhibits the precise breakdown of the belongings that the change has in its reserves.
Based on the report, the change has a complete of $7.5 billion value of belongings in reserves which don’t embrace its native token OKB. The worth of OKB has dropped has 6.10% in the present day to commerce at $30.69 on the time of writing.
The report exhibits that OKX is overcollateralized by all of the belongings in its reserves. It has a reserve ratio of 105% for ETH, 101% for USDT and 105% for BTC.
OKX reserves are 100% clear
OKX’s proof-of-reserves report comes proper on the heels of CryptoQuant creating a metric that measures the “cleanliness” of crypto exchanges’ reserves. The cleanliness is decided by how reliant the reserves are on an change’s native token.
Knowledge from CryptoQuant exhibits that OKX’s reserves are 100% clear since they don’t include its native token. The vast majority of different common crypto exchanges are removed from realizing such a degree of reserve cleanliness. The reserves of Binance, for instance, are 87% clear, whereas these of Bitfinex are 70% clear and people of Huobi are 60% clear.
Based on OKX’s Chief Advertising Officer, Haider Rafique, OKX has by no means used its native token to finance its enterprise. In an interview with one media outlet, Rafique stated:
“We’ve by no means used a local token to finance the corporate. The native token was by no means a giant a part of our enterprise or treasury. Our native token was at all times designed to have interaction our most energetic prospects and provides them a strategy to search reductions via exercise on the platform.”
Rafique additionally revealed that OKX plans to be publishing its proof-of-reserve report each month. The change additionally plans to launch a bug bounty program that can permit builders to guage the stories and discover out if there are any bugs within the system or with OKX that must be addressed.