CoinMarketCap Introduces New Section for DeFi Tokens

CoinMarketCap Introduces New Section for DeFi Tokens

By Abhi K | News | 29 Jun 2020


CoinMarketCap has added a new section that tracks decentralized finance (defi) tokens. At the time of publishing, the $COMP asset holds the highest market cap in the defi space with roughly $610 million in market cap, followed by MKR with roughly $456 million. There are currently 39 assets classified under this section.

CoinMarketCap was acquired by Binance in April 2020, a move that was criticized heavily by the cryptocurrency community. CoinGecko co-founder Bobby Ong said that it would be hard for the platform to remain neutral after the acquisition. He followed the statement by saying that, as a result of the acquisition, CoinGecko had become the largest independent crypto market data aggregator. 

Binance is in fact the top ranked exchange on CoinMarketCap, with a maximum web traffic score of 1000. The metric was introduced after a new algorithm was rolled out in early June 2020, and was criticized by  Huobi Group’s head of global markets Ciara Sun and OKEx CEO Jay Hao, among others. Critics highlighted the conflict of interest that was inherent in the acquisition of CoinMarketCap.

Binance has also been criticized for its new UP and DOWN tokens, which purportedly eases liquidation risks and the “nitty gritty” of managing a leveraged position. However, the cryptocurrency community pointed out a dealing in double standards, as Binance has earlier delisted the BULL and BEAR leverage tokens for being too much of a risk. 


Abhi K
Abhi K

Technophile, cryptocurrency enthusiast and journalist.


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