**ReFi carbon offset projects face scrutiny over transparency, with mixed results:**  

1. **On-Chain Proofs**:  
   - Leaders like *Toucan* and *KlimaDAO* use **Verra/Moss audits** + blockchain tracking (e.g., Polygon IDs), enabling real-time supply checks (~80% offsets verified).  

2. **Opaque Areas**:  
   - *Legacy credit conversions*: Pre-2022 offsets lack granular MRV (measurement/reporting), risking double-counting.  
   - *DAO governance*: Voter apathy allows low-quality projects (e.g., phantom forests) to slip through (~15% of proposals).  

3. **Improvements**:  
   - *dMRV* (decentralized sensors) pilots by *Regen Network* boost farmland offset trust.  

**Verdict**: More transparent than OTC markets, but gaps remain.  

(120 words)  

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*Key point: Evolving from "trustless" to "verified"—not there yet.*