In its third attempt to offer transparency on its stability, the OKX crypto exchange has published a proof-of-reserves report that shows the exact breakdown of the assets that the exchange has in its reserves.
According to the report, the swap has a total value of $7.5 billion in assets on reserves that do not include his indigenous okb token. The price of OKB has dropped has 6.10% today to trade at $30.69 at the time of writing.
The report shows that okx is overcollateralized by the assets of its reserves as a whole. It has a reserve ratio of 105 per cent for the EPF, 101 per cent for the USDT and 105 per cent for the BTC.
OKX reserves are 100% clean
OKX’s proof-of-reserves report comes right on the heels of CryptoQuant developing a metric that measures the “cleanliness” of crypto exchanges’ reserves. Cleanliness is determined by the extent to which reserves are dependent upon the Aboriginal token of a scholarship.
The cryptoquant data shows that the okx reserves are 100% clean because they do not contain his native token. Most other popular crypto stock exchanges are far from achieving such a reserve cleanliness level. Reserves of , for example, are 87 per cent clean, while those of bitfinex are 70 per cent clean and those of huobi are 60 per cent clean.
According to the okx marketing manager, haider rafique, okx never used his native chip to fund his business. Rafique told a media outlet in an interview:
"We have never used an Indigenous token to fund society. The Aboriginal token has never occupied a large place in our affairs or our treasury. Our Indigenous token has always been designed to engage our most active clients and give them a way to apply for discounts with the platform activity."
Rafique also revealed that OKX plans to release its reserve evidence report on a monthly basis. The exchange also plans to launch a bug bounty program that will allow developers to evaluate the reports and find out if there are any bugs in the system or with OKX that needs to be addressed.