Proof of Reserves — honestly
A proof of the methodology, not of real reserves. We show that NAV reconciles from its parts and is cryptographically tamper-evident — on a simulated book.
Read this first
This is PAPER. $0 real capital. There is no custody, no real reserves, and no client funds. The book is a simulated $100,000 USDC portfolio. The figures below prove that NAV reconciles correctly from its components and is tamper-evident — not that real reserves exist.
$0
real capital / custody
$100k
simulated book (USDC)
methodology
is what's proven — not reserves
NAV reconciliation (paper book)
source: static / offlineEvery (simulated) dollar accounted for, cryptographically verifiable
The NAV is recomputed from its parts (deployed + cash + accrued) and reconciled against the reported equity. This is a paper proof-of-reserves: the verifiable methodology on the virtual $100k book, not real custody.
Deployed
—
Cash
—
Accrued
—
NAV (= equity)
Reconciliation delta
—
Positions
—
Last verified
—
Verification hash (NAV)
verifiable · tamper-evident—
components: —
NAV = Σ(per-protocol positions) + cash + accrued yield. components_hash = sha256 of the canonical JSON of the sorted positions; nav_hash binds the NAV to its components and timestamp. Anyone can recompute the published NAV from its components. All amounts are simulated (paper).
What this is NOT
- Not proof of real on-chain reserves or a custodial balance.
- Not a claim that client funds or external capital are under management.
- Not a Merkle-proof attestation over user deposits (there are no users and no deposits).
- It is proof that our own accounting reconciles and is tamper-evident — the same discipline a live book would need, rehearsed on paper.
Verify it yourself
The desk's proof-bearing decision chains and exit schedules verify under the zero-dependency standalone verifier — with none of our code. The same "don't trust, check" discipline applies across every public artifact.
python3 verify_spa.py data/rates_desk/ verifier: scripts/verify_spa.py · spec: docs/PROOF_CHAIN_SPEC.md