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CoinMarketCap manipulated the DeFi rankings?


en.cryptonomist.ch 25 July 2020 03:50, UTC
Reading time: ~2 m

Yesterday, the famous CoinMarketCap platform, the reference point for monitoring cryptocurrency price and volume trends, registered the Binance token (BNB) as the first in the ranking among the tokens of decentralized finance (DeFi).

Apparently @CoinMarketCap has a #DeFi project ranking now.

Guess what is on #1?

Right, $BNB! What a coincidence. At this point, everybody has to realize how shameless #Binance is acting pic.twitter.com/GMFBcRRLhO

— CR1337 (@cryptonator1337) July 23, 2020

The screenshot is eloquent and leaves no room for doubt: Binance’s (BNB) token was placed first in the ranking with 2.63 billion dollars, even surpassing Chainlink’s (LINK) token which stops at 2.61 billion dollars.

The mistake concerned the ranking of DeFi projects and therefore all the tokens and cryptocurrencies that have to do with this sector, which according to CMC are just 52, ordered by market capitalization.

Coinmarketcap and the DeFi mistakes

The mistake of putting it at the top of the list of decentralized finance was twofold, since BNB has little to do with DeFi and since it was designed to save on fees when using the Binance platform.

Many claim that this was not an accident or human error, as Coinmarketcap later stated, and many pointed the finger at Binance, who had recently bought the platform.

Coinmarketcap, in fact, stated that it was just a mistake and currently BNB no longer appears in the DeFi rankings.

“Like any of us, the people that work at CMC are human. The addition of BNB to the CMC DeFi page was a case of human error, and when it was pointed out to CMC, we rectified that error.”

Coinmarketcap and Paper Token

At this year’s April Fool’s Day, Coinmarketcap listed a new asset that surpassed everyone, even Bitcoin (BTC).

Let’s talk about the Toilet Paper Token (TPT), which highlights how these types of changes are not only feasible, but allow you to add tokens at will in the ranking.

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