In the world of cryptocurrencies, transparency and security are crucial for investors and traders alike. With this in mind, Binance, the world’s largest crypto exchange, announced on March 7th that it has upgraded its proof-of-reserves (PoR) system to include 11 new tokens, bringing the total to 24.
According to a blog post on Binance’s website, the PoR system uses Merkle trees to add up on-chain data, allowing users to verify that their assets are held 1:1 in Binance’s custody.
The addition of 11 new tokens to the system means that Binance now has over $63 billion in reserves, a significant increase from when the system was first introduced in late 2022.
One of the most noteworthy aspects of this upgrade is the implementation of zk-SNARKs, a zero-knowledge protocol that enhances the privacy and security of user data during the verification process. This makes Binance the first centralized crypto exchange (CEX) to utilize this technology in its PoR system.
In a move that demonstrates Binance’s commitment to transparency and the broader crypto community, the exchange has made the code for its PoR system open-source. This means that other players in the industry can benefit from this innovative application, and the community can help to strengthen the system.
Binance Earn Launches “Range-Bound”
In other latest news, Binance Earn has announced the launch of a new product called Range Bound that enables users to earn higher rewards during periods of low market volatility.
With Range Bound, users can earn rewards if the Reference Price of their chosen digital asset remains within the Price Range they have selected for the entire Subscription Period. Users have the flexibility to choose the Price Range and Settlement Date that best suits their needs.
To potentially receive higher APR in token rewards, users can decide the amount of the Subscription Amount they are willing to forfeit if the Reference Price ever touches or exceeds the Upper/Lower Range of the selected Price Range during the Subscription Period.
The higher the Subscription Amount at Risk, the higher the Potential APR. If the Reference Price stays within the Price Range, users will be entitled to the corresponding APR without forfeiting their Subscription Amount at Risk.
However, if the Reference Price touches or exceeds the Upper/Lower Range of the selected Price Range, users will lose their Subscription Amount at Risk without receiving APR.
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