In 2020, some exchanges began experimenting with using Merkle tree technology to publish reserve proofs and open-sourced the方案 to share with the industry. However, at that time, almost no other exchanges were willing to follow this approach. The entire industry’s focus on transparency and risk management was still far from sufficient.

It wasn’t until the FTX collapse that the market was truly awakened. That incident made everyone realize—having a shiny brand and high fundraising amounts are not reliable. The safety of users’ assets is the fundamental factor for an exchange’s survival.

This event became a turning point. It transformed reserve proof and similar security mechanisms from "optional" to "essential." More and more platforms are taking asset transparency seriously and are beginning to realize that proactively disclosing reserve status and accepting user oversight can actually build a stronger trust foundation.

From another perspective, this shift from passive response to active defense actually signifies that the entire industry is maturing. Security is no longer just marketing talk but a genuine competitive advantage.