CoinMarketCap put the token of its parent company Binance Coin at the top of its new DeFi list, then quickly removed it after a barrage of criticism.
Podcaster and Twitter user Yannick Eckl (@cryptonator1337) noticed it for the first time; the BNB was ranked higher than other well-known decentralized finance tokens such as Maker (MKR), Compound (COMP), and Aave (LEND).
Chainlink leads DeFi ranking in CoinMarketCap amid „unfounded criticism
The tweet soon went viral. The CEO and founder of Three Arrows Capital retweeted it by simply saying „What,“ while cryptomoney trader Qiao Wang said it was a sign that the projects were rebranding to DeFi to take advantage of the advertising:
„The total market capitalization of DeFi will increase tenfold in the next three months not because DeFi’s current projects will increase tenfold, but because all the crypto projects will rename themselves as DeFi.“
CoinMarketCap users question the latest ranking of exchanges
CMC said in a statement that the inclusion of Binance in DeFi’s ranking was a mistake and that CMC maintained its neutrality with respect to the parent company Binance:
„Like any of us, the people who work at CMC are human. The addition of BNB to the CMC’s DeFi page was a case of human error, and when it was pointed out to the CMC, we rectified that error“.
CoinMarketCap presents another algorithm update… and Binance remains in first place
The incident is just the latest in a series of controversial changes that occurred after Binance acquired CoinMarketCap in March. The changes in the CMC exchange classification algorithms have appeared to favor Binance, bringing it to the top position.
The DeFi listing arrived the same day, Bitcoin Method announced the integration of Binance’s Smart Chain with Chainlink data oracles. According to Binance, this integration will allow their smart contracts to expand into DeFi, payments and asset management.
Binance’s CEO and founder, Changpeng Zhao, said: „And we are into the world of #DeFi“.