CoinMarketCap Introduces New Proof-of-Reserve Tracker to Monitor Cryptocurrency Exchanges

CoinMarketCap is one of the most popular and quoted cryptocurrency analytical tools in the world. The platform has recently informed the members of the crypto community of the integration of a new PoR tracker.

The PoR tracker would monitor the reserves-related progress of several cryptocurrency exchanges. The tracker would take reference from the public wallet addresses and render the aggregated projection of total assets.

At the same time, this tracker will also inform cryptocurrency investors about the collective value of visible digital wallets on an exchange.


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Audit of Defi Protocols

It is important to mention that PoR is a type of audit for DeFi protocols. It ensures it keeps the users informed about the accumulated value of liquidity and reserves available at the disposal of any crypto exchange.

The cryptocurrency markets are currently collaborating to come up with a solution to the matter of the decline of investor confidence. The idea shared by Ethereum co-founder Vitalik Buterin Proof-of-Reserve has been endorsed by other DeFi personalities such as CZ and Brain Armstrong. The PoR tracker at CoinMarketCap would refresh every 5 minutes.

The details provided by the tracker include the total assets under the possession of a cryptocurrency enterprise.

In addition, the tracker would also report balances in the form of custodial funds, the latest price fluctuations, and the accumulated value of all the public wallets present on a cryptocurrency exchange.

Binance has recently posted a detailed thread on Twitter that contains its PoR report. As per the thread, the exchange holds around $65 billion in custodial funds.

On the other hand, there are cryptocurrency exchanges like Bitfinex, OKX, Bybit, Crypto.com, Huobi, and KuCooin that have also complied with PoR reporting.

CZ also retweeted a thread on Binance PoR details shared by CoinMarketCap on Twitter. However, there is one case of Grayscale that has refrained from complying with PoR on-chain audit citing concerns.

The management of Grayscale has backed away on account of security concerns. However, Coinbase Custodial services have issued a letter that claims that all crypto reserves of Grayscale are fully backed.


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