No minimally usable snapshot, summary, or proof—or PoR has stopped. Users rely on brand, financial reports, or regulation, not reproducible PoR artifacts.
Public PoR transparency registry
Having a Safe CEX.
Independent records for exchange PoR disclosures, missing artifacts, and whether disclosures meet an effective PoR standard.
Methodology
PoR Stage framework
Who must users ultimately trust? Every public rating is a Stage label—Pre-Stage through Stage 2—measuring how much disclosure removes reliance on exchange narrative alone.
Has PoR artifacts, but third parties cannot independently reproduce global solvency. Summary or user inclusion primarily; key claims remain exchange narrative.
Public, reproducible reserves and liabilities—wallet_address_list, ownership proof, and global_proof. Minimum effective PoR for custody policy.
Permissionless verification, business-aligned proof constraints, canonical anchoring, and compressed risk windows. Long-term industry target; no complete Stage 2 yet.
Standard
Effective PoR policy
Stage 1 is the minimum bar for effective PoR. Exchanges that custody customer assets must publish evidence third parties can reproduce—not marketing summaries alone. Stage 0 is transitional; financial audit and PoR are complementary, not interchangeable.
Stage 0 is not effective PoR
Incomplete or unverifiable disclosures fail the minimum evidentiary bar.
Stage 1 is the minimum effective threshold
Public reserves, liabilities, ownership proof, and reproducible global proof.
Audit and PoR answer different questions
Regulators and institutions need a dual-track policy—audit plus PoR Stage.
Insights
Explainers, analysis, and industry notes
Editorial pieces on PoR practice, disclosure literacy, and transparency events—not exchange ratings. Stage outcomes remain in Reports.
Audience
For regulators, institutions, and reviewers
Custody transparency must be reproducible by third parties—traditional financial audit alone cannot substitute. Use reports for evidence-bound ratings, the standard for policy thresholds, and the audience guide for oversight and due-diligence workflows.