In this round of Bear Market, I no longer have to worry every day about whether the big exchange will suddenly crash.

Why? To put it simply: users' money can now really be seen and tracked.

Do you remember the end of 2022? A leading exchange was the first to implement a Proof of Reserves, directly making all the platform's hot and cold wallet addresses transparent. What’s even more remarkable is the use of Merkle tree technology, allowing each user to verify for themselves — every penny you deposit, is it really on the chain?

This sounds simple, but for the entire industry? It can be considered a real first step towards transparency.

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NullWhisperer

· 14h ago

proof of reserves sounds nice until you realize merkle trees don't actually prove liabilities... anyone done an audit on the implementation yet or are we just vibing with the aesthetic of transparency

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UnluckyValidator

· 12-01 18:47

Oh, finally I don't have to worry about my funds being used for Cryptocurrency Trading every day.

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GasGuru

· 12-01 11:17

You are right, but I still don't quite trust these exchanges. After all, can the transparency on paper be the same as the actual flow of funds?

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GateUser-00be86fc

· 11-29 17:50

Ha, this time it finally shows some conscience, but we still have to see if anyone actually goes to verify it.

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GasFeeCrier

· 11-29 17:47

Well, that's fine, there's finally some progress, but I still don't quite trust this trap.

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OnchainDetective

· 11-29 17:44

Um... the Merkle Tree trap should have been done long ago, but the question is how many people have actually verified on-chain? I have tracked the wallets of several large exchanges, the liquidity patterns are quite interesting, there is indeed a lot lying in the Cold Wallet, but the inflow and outflow frequency of the Hot Wallet... is obvious.

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SlowLearnerWang

· 11-29 17:37

Ha, isn't this what we were forced to learn after the FTX collapse? Where were we earlier?

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BearMarketMonk

· 11-29 17:27

The matter of explosions is indeed frightening, but increasing transparency is the key.

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TradFiRefugee

· 11-29 17:26

Oh, finally an exchange dares to show its entire savings, this is more like it.