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The collapse of FTX and subsequent skepticism about cryptocurrency exchanges has caused a big rally in the mid-cap altcoin Trust Wallet Token (TWT).
Trust Wallet is a non-custodial app that gives users complete control over their crypto assets rather than leaving them on a centralized exchange where the platform technically holds the keys to the assets.
Trust Wallet users can also bet crypto assets, access certain decentralized applications, and exchange coins.
A wave of scrutiny prompts multiple crypto exchanges to disclose reserves to prove solvency after FTX was revealed to have 10x more liquid assets on its balance sheet became. include Coinbase, Kraken, Gate.io.
The scrutiny also affected the value of digital assets, with TWT outperforming the entire cryptocurrency market. The altcoin has risen a total of 189% from its 7-day low of $0.95 to his high of $2.75. The coin has since returned and changed hands at $2.27.
Decentralized exchange dYdX (DYDX) may also benefit from the feeling of uncertainty surrounding centralized exchanges and platforms, outperforming the broader crypto market. The altcoin surged from a weekly low of $1.32 to a high of $2.78 before correcting to his current value of $2.45.
Binance CEO Changpeng Zhao was transparent last week when he suggested that all cryptocurrency exchanges create a proof of reserve to prove that customers’ assets are backed 1:1. claimed sex.
All crypto exchanges must be Merkle Tree Proof of Reserve.
Banks operate on partial reserves.
Crypto exchanges should not.@Binance Proof of reservation will start immediately. Full transparency.CZ? Binance (@cz_binance) November 8, 2022
Merkle trees help encode blockchain data more efficiently and securely, and help verify information quickly without revealing the entire data set.
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Featured Image: Shutterstock/bestfoto77/INelson
