 Welcome to the last set news. My name is Rob and today it's just a it's an interesting day because we see that a crypto Exchange token is breaking at the top 10 and when I take a look at it I don't usually start on all my videos off or any of my videos off these days with price action But today is just one of those days where we have to take a look at what's going on And one of those is okay be number eight and you can see here that it is it is skyrocketed in the top 10 I remember seeing a couple weeks ago It was in the top 30 and before that I didn't even really recognize it down in the top 60 or 70 and now here we are setting pretty at number eight and you can see that over the last seven days or so it's it's a Manifest itself to 31% in seven days 2% in 24 hours and that of course is the token for okay So the question that I had was first of all is what does Okay be the utility token will catch actually do and it took a look from the website and Those three things trading fee discounts passive income and token sales Tell me where you've heard this story before don't tell me right now put in the comment section We'll talk about in a second, but there are some things you need to be aware of and that is that Okay, it's pretty big. It's a very big exchange if you're not familiar with it This is a website called nomics comm there's a link in the description You can verify this data yourself. You can see that Binance as far as volume goes last 24 hours you're looking at 74 billion or 27% so a quarter of all Crypto digital asset trades and the entire world is on a Binance a quarter Next to that in a far second place is okay X and he got by bit bit get and big X and so on and so forth coin basis all the way down here and Bunch of other ones I don't even know so me as an American citizen I can't even use okay X, but it is interesting just how fast It's skyrocketed to number eight and who knows if that's done and the question is is why well the answer is here This is from the Twitter account star. This is a ming zing star zoo nailed it He is one of the co-founders or founders of okay X and on February 15th He said said hey we had an all-time high It's one of the few crypto digital assets that have actually it's all-time high as of today It's February 2023 and it's doing pretty good. He says look all-time high is good news Also, it's the community's trust to the exchange. Okay, X a new Okay, B chain will be launched in Q1 2023, which is independent with current Okay X chain start to build okay B decentralized ecosystem or looking into DeFi and then he goes on to further clarify this point It says to clarify okay X chain is a proof of stake chain, which is totally open and co-built by the communities Okay, B chain is developed and operated by Okay X company itself kind of like what buy-ins does the two chains are Totally separate so it just is interesting to me that if the chains are separate We get okay be here and it's rocking up number eight Wonder if why people are buying this this token moving forward again It sounds like this could be the greatest thing of all time and I not to Not to you know be the the wet blanket, but they are doing some good things one of those things is proof of reserves We talked about this many a time a lot of exchanges have talked about it after the collapse of you know FTX and Voyager and Celsius block by things like that So they talk about proof of reserves and they're actually putting their money or their mouth is and you can verify all this information I'll put this link in the description You can verify it via the Merkel tree where you can put in your Specific address and find all the different cryptos that are in there and then to make it even easier It's a look. Here's our proof reserve ratios We have a Bitcoin reserve ratio of 104 percent ETH reserve 104 mean They are essentially have more than what they actually need USDT reserve ratio is 102 percent, which is nice You know, it's it's pleasant. That's cute. It's adorable. And then also they said look You can verify all this stuff also on crypto quant on chain data And you can take a look at the different metrics against other Centralized exchanges and one of the big things they touted they touted which was a clean reserve And what is that a clean reserve is the total reserve of each exchange? Excluding exchange native tokens and why is that important? Because I don't know if you remember this, but there's a was a company called FTX and Unfortunately, they put a lot of their value on their FTT token which was you know wildly overvalued and went to zero and Unfortunately, that didn't hold up because they were or they had all their assets in one section And that's what part of the reason of why FTX collapsed So you want to take a look at the exchange native tokens. Is it a clean reserve? So if we take a look itself all exchanges, they just group them all together Which is Binance Crypto comm ok x there a bit Q coin bit for next who will be in by bit? 91% are clean reserves and there's a nice little data point here not really important to me if we just scroll down we can see Just how much? Binance for example as far as clean reserve. It's 94 percent Pretty darn good, and if we scroll down even more and we take a look at here's okx They have a hundred percent clean reserve even though that ok be token is is skyrocketing They are not putting that up as far as the assets or to verify the assets of everything that they have The valuation of their exchange now if we go down a little further that for next is 73% so that's so just be aware of these things also covered comm is 95.8% it's pretty good actually 95.8% and then going further down to coin eighty two percent That doesn't look too hot as they're putting up their exchange token, which honestly I don't know if it really holds any water who will be is even worse at nine point three nine percent That's pretty darn awful. I don't know if you'd want to be in who will be and very bit Which kind of smaller ones is a hundred percent. So that's great These are the good things that that okx is doing right proof of reserves doing audits Doing great things. They have clean reserves very nice. However on this article here. It talks about okx's February proof of reserves shows 8.6 billion USD It's pretty good with over a quarter million users viewing reserves and liabilities They say that more than a hundred and seventy five thousand unique users checked okx's proof of reserves now We did ourselves to and over 90,000 unique users viewed proof of liabilities and this is a sticking point Why is this important? It's because this is also the reason why FTX went down is because they had so much in liabilities They're like, hey, we got a ton of assets. Well, that's great that you have but what's your liability? Who do you owe? How many different people do you have to pay back? Well, okay? That's a little bit different. This was the FTX balance sheets after five billion customer withdrawals You had liquid assets. This is debatable 0.9 billion right less than a billion less liquid 5.5 eliquid total assets with 9.6 billion Liabilities of 8.9 billion dollars. That's a lot of liabilities And then of course it says well, what was it all about? Well, it was the different cryptos that they had which were Somewhat liquid serum Solana there FTX token APT maps and it was an issue Because of liabilities now me personally I couldn't find the proof of liabilities anywhere on the website I just couldn't find it apparently 90,000 people have viewed it I guess I just couldn't find it that and I was looking pretty tough However, it's not just that It's just that even though we give a lot of credence to these these centralized exchanges Do we not learn a lesson for different things? I'm not saying to not invest into it I'm not saying to invest in into okay It looks like a fine exchange if that if you want to use it for what it's built for Which is essentially I'll give you fiat you give me crypto and I will take it off in cold storage device And that's what I'll do. That's just this thing called terms of service in terms of use This is the thing that always got me It's the thing that we really should pay attention to a lot more And I think we learned lessons with FTX all the rest of them. This is in their okx.com support their articles terms of service custody risk in Certain circumstances permitted by the applicable laws and regulations or market practice of the relevant jurisdiction Okx may register or record a user's account in the name of the custodian or under okx's name So use your account you they would have say now that's ours. That's okx That's just the name alone But it gets worse if the accounts are held in the name of the custodian or okx's name such assets may not be Segregated ie co-mingled From okx's assets and in the event of a default for the custodian or okx May not be as well protected from claims of the creditors of the custodian or okx's creditors Or would be the case if the user's client assets had been segregated from the assets of the custodian Okay, so what it's saying is this look we can co-mingle it That's just the risk that you're gonna take you don't want to take it Then don't play here and that's pretty much what it comes down to Again, I'm not nothing against okx. I don't use okx I can't I can't even transact with okx because I'm an American citizen I just put this video out because when we take a look at how things skyrocket There's like this mentality switch and people said to look at then go. Okay. You know what? I fomo I'm missing on this. I need to do something. I need to buy this Hold on wait. It's not how much money you make It's how much money you keep and a lot of people have learned their lesson with the voyagers the Celsius The FTX is in the block flies, so just be careful out there and that's it So look like today's video give it a thumbs up consider subscribing I've been talking about is very time-sensitive, but that's all we have for today So thanks so much for stopping by do appreciate it, and I'll see you on the next one