Crypto exchange Binance has recorded a substantial $1.2 billion net inflow within the last 24 hours, according to data by DeFiLlama. This surge represents one of the most significant inflows seen on the platform in 2024, as confirmed by Binance’s CEO, Richard Teng, on Aug. 6th.
Teng emphasized that despite fluctuations in the market and concerns about the broader economy, investor optimism remains robust. The significant inflow indicates that many traders are seizing the opportunity to amass digital assets at lower values.
Binance releases 21st POR report
The CEO observed a positive shift in major token prices, indicating a market recovery in line with current trends. Subsequent to the increased activity, Binance published its 21st proof of reserves report, underscoring the platform’s commitment to transparency.
The most recent data, captured on Aug. 1st, discloses a 1.29% rise in Bitcoin (BTC) holdings on Binance compared to the previous month, totaling 613,471 BTC. Conversely, Ethereum (ETH) and Tether (USDT) balances experienced marginal decreases of 0.21% and 1.52% correspondingly.
Binance implemented a proof of reserves system in November 2022, and since then, it has seen multiple enhancements aimed at boosting transparency and security. Presently, the platform offers details on reserves for 31 digital assets, with consistent records showing reserves exceeding 100% for each asset.
The implementation of zk-SNARK protocols by the exchange in February 2023 enhanced its proof of reserves system. This allows for verifying fund backing while safeguarding user privacy. Binance has shared this technology with the public, aiming to promote widespread adoption and advancement in the industry.
Nevertheless, Binance’s recent data and transparency initiatives, amidst the challenges faced by the cryptocurrency industry, showcase a strong dedication to safeguarding user funds and maintaining market stability.
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