Many people always repeat the phrase: "This platform has reserve proof, so it must be safe." But this logic is actually a bit flawed. PoR itself is fine; the problem is that everyone has misunderstood it—it’s not a certificate of "I have money," but rather a risk checklist of the counterparty. You need to know: where the money is stored, who has the authority to move it, which part is most likely to collapse, and ultimately who bears your risk.

It looks like auditing a bunch of numbers, but in reality, you are categorizing your own risks.

Why is it worth frequently monitoring the transparency dashboard of a leading platform? Not because it makes the charts flashy, but because it lays out the entire "risk custody chain": reserve totals and backing ratios are just basic data. The truly visible parts are the proportions of "third-party custody reserves" and "reserves on centralized exchanges," plus the distribution of on-chain liquidity pools and staking pools. The platform explicitly lists these modules in its transparency statements and commits to daily updates. The purpose is to shift the safety discussion from "Do I trust it?" to "Has the structure changed?"

The deeper logic here is that most reserves are managed through MPC multi-signature wallets, combined with professional custody services like Fireblocks and Ceffu. The assets are mainly stored in off-chain settlement accounts. What is the purpose of this architecture? It’s to disperse and trace risks, rather than putting all eggs in one basket.