X @Solana

Proof of Reserves & Transparency - Backpack Exchange commits to daily Proof of Reserves, aiming for near real-time proofs in the future [1][5] - The exchange's ledger is built on a global linear log of authenticated transactions, making it verifiable [3][4] - Backpack's Proof of Reserves covers all "physical" balances, including available balances, open orders, and unborrowed lends [9] - All balances in the order book are physical, ensuring liquidity is real and anchored by the public chain [10] - Perpetual Futures on Backpack realize PnL in real time, which is accounted for in the Proof of Reserves [11] Technology & Implementation - The exchange is fully verifiable, with every state transition executable and matchable against the publicly attested ledger [5] - State integrity attestations are a key step in Backpack's journey to trust minimization [3] - Fiat currencies in banks require minting "deposit tokens" to integrate with the token-based system [12] - ZK proof code is public for anyone to see, clone, and run [13] Future Development & Considerations - The company acknowledges the need to publish code and data publicly to enhance the "trust me bro" aspect [6] - Comprehensive analysis of reserves should be paired with robust margin risk analysis [10]