In the competition for exchange asset transparency, Proof of Reserves is becoming the industry standard. Recently, a leading exchange publicly disclosed through a third-party framework that its total assets have reached $309 million, along with verifiable on-chain data. The logic behind this approach is simple—replace hollow promises with auditable on-chain data. Transparent asset structures and regular reserve audits are key to gaining user trust. After multiple trust crises in the industry, those who can open their books for users to see will have the upper hand in the competition.