Per the announcement made by Binance, the newly included tokens are as follows: MASK, ENJ, WRX, GRT, CHR, CRV, 1INCH, CVP, HFT, SSV, and DOGE.
Binance is not only the platform that handles the most trading volume, but it also possesses a vibrant market comprising hundreds of tokens made available to consumers.
Following the failure of the FTX Derivatives Exchange in November of the previous year, the platform Binance was the first to publicly disclose its balance sheet, which contributed to the platform’s well-deserved reputation for being a leader in the market.
This action is now being taken by several market participants, which will hopefully bring increased confidence and openness within the industry.
According to Binance (1), the maximum number of coins that may be traded on its PoR platform has been increased to 24, making it the most comprehensive offering of all the rival trading platforms.
According to the information that was disclosed, the company’s reserve ratio for its Bitcoin (BTC) asset is currently 101.53%. This asset has an overall customer account of 547,627.87 units, then an exchange amount of 556,020.95.
This number demonstrates that Binance can fulfill all sorts of demands made by consumers while maintaining a healthy level of liquidity.
The coin known as USD Coin (USDC), which has a net customer total of 64,719,791.07 and an exchange balance of 3,553,466,042.49, has a reserve ratio that is the highest of any other cryptocurrency, coming in at 5490.54%. Binance may have as much as $63 billion in holdings locked up in 24 different assets at any time.
Leading the Drive Towards Transparency with Its Proof of Reserves
The Binance exchange has maintained its position as the leader in additional transparency fees with the help of the zk-SNARKS technology that was just released.
“In February 2023, we made a significant update to our Proof-of-Residency system by implementing zk-SNARKs, which are zero-knowledge protocols that boost the security and confidentiality of user data during the validation process,” the exchange said, adding that it has also made considerable headway in offering other participants in the field availability to copy its technology in an effort to widen the responsibility of centralized exchanges.
“This upgrade marked the initial occasion that a centralized crypto exchange (CEX) had put in place this kind of tech in their Proof of Reputation (PoR) work.
As a result, we chose to make the code public – not only because we want the entire industry to benefit from this innovative concept, but also because we want the community to help strengthen the system.”
The failure of FTX caused shockwaves throughout the industry, which in turn fostered a climate of mistrust toward centralized brokerage firms like Binance.
The publication of the Proof of Reserves has helped to allay the fears of some users in relation to the insolvency of some exchanges; however, one of the most common questions that is asked is whether or not an impartial and well-known accounting firm has actually audited the proofs that are being shared.