For example: If a user's BTC token balance is A, its BTC equity is A and BTC debt is 0 If a user's ETH token balance is -B, its corresponding equity is 0 and the debt is B Next, we build a Merkle tree with these account values as leaves. The root of the tree acts as a single value representing all user balances. Each user can prove their account is part of this tree by using a Merkle Path that shows how their account connects to the root.

*Execution trace table and Merkle tree constructed for zk-STARK PoR* 1.