InsideBitcoins.com

CoinMarketCap Blames Human Error For Listing BNB As No.1 DeFi Token

Twitter Accounts of CoinDesk, Bitfinex and Binance Hacked

CoinMarketCap has managed to list its parent company’s Binance Coin as the best coin in its new list of DeFi coins, having the thing reach the top with no clear indication as to why. After a barrage of somewhat understandable criticisms, the coin has subsequently been delisted from the DeFi coins list.

CMC’s Listings Causing Massive Criticisms

Yannick Eckl, a podcaster, noticed BNB’s ranking first. The incredible thing is how the BNB token managed to be ranked higher than many other well-known Decentralised Finance (DeFi) tokens, such as LINK, MKR, as well as COMP.

It wasn’t long before the tweet went viral, and Three Arrows Capital’s CEO and founder, Su Zhu, retweeted the statement as well, with the simple addition of “Wut” added to it.

Qiao Wang, a crypto trader, stated that it was a sure sign that projects were starting to rebrand themselves to DeFi. However, Qiao stated that this wasn’t for any good purposes, instead just to catch some of the hype surrounding the space.

coinmarketcap

Blaming Human Error

As CMC gained criticism from this move, it was quick to defend itself. According to the statement they made regarding this, the BNB listing on their new DeFi ranking was a human error, and boldly proclaimed that they were neutral in regards to Binance, their parent company.

As the statement detailed, the people that work at CMC are still fundamentally human. As such, they stated that BNB’s listing on the DeFi rankings was by virtue human error, something that CMC states have been rectified.

Suspicions Aplenty

What makes this statement suspect isn’t the act itself, since human error can be forgiven after a bit. It’s the consistent biasing towards Binance ever since the global exchange had acquired CoinMarketCap back in March of this year.  Ever since, CMC’s exchange ranking algorithms have been consistently changed in order to favor Binance in particular, pushing it all the way in top position in the data aggregator’s rankings.

The start of CMC’s DeFi listings occurred by chance at the very same day Binance announced that it would integrate Binance Smart Chain with data oracles of Chainlink. According to the Binance announcement, this integration will allow its smart contracts to expand into the payments, asset management, and DeFi space.

Changpeng Zhao is quite good at seeming innocent. The way he does this is simply refusing to engage in any talks regarding anything suspect with the Binance exchange. As a response to the entire debacle, CZ only announced that the exchange was going into DeFi, not really acknowledging any wrongdoing from any part of the space.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.