Binance, the world’s largest crypto exchange by market share, recently updated its Proof of Reserve system. As part of this update, the exchange added 11 novel tokens. The new currencies include well-known tokens such as DOGE, MASK, 1iNCH, and CERV.
Binance Runs in 11 Novel Tokens to Proof of Reserves
According to the latest information, USDC has the largest reserve ratio, with a 5490.54%. There are two reasons for this situation. The first is that Binance holds USDC worth $3.55 billion. The second reason is related to the first. Its users have a net asset balance of $64.7 million. The controversial BUSD has the second largest reserve, with 128.81%. BNB, the exchange’s native token, is in third place with 123.85%.
It is also significant to emphasize that Binance customers’ BTC and ETH holdings are collateralized at approximately 101% of their balance. Currently, there are 4.47 million ETH on the exchange, and BTC reserves consist of approximately 556,000 coins.
For PoR, Binance Switches to ZK-Snarks
Binance said in a statement that PoRs use Merkle Trees. Therefore, users will be able to know that their assets will be held in their custody at a 1:1 ratio.
On the other hand, the successful exchange’s inclusion of ZK-SNARKs last February marked a significant improvement in the PoR system. However, the exchange said that it would not only protect but also enhance users’ data privacy and security during the verification process.
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