CoinMarketCap recently issued the list of top DeFi tokens by market capitalization and listed Binance Coin (BNB) as the no.1 DeFi token due to which the company had to face severe criticism. Following the criticism, CoinMarketCap has removed BNB as the top DeFi coin and says that it was just a human mistake.
It was a case of human error
CoinMarketCap (CMC) has clarified the situation and claimed that they have mistakenly listed Binance’s BNB coin in the DeFi ranking. A Spokesperson at CMC says that the addition of Binance Coin was just a case of human error and nothing else and that they have corrected their mistake:
“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. We want to underline again that we maintain our neutrality from our parent company, and strive to showcase the crypto revolution to the world with accurate and relevant data.”
Firstly, Twitter user @cryptonator1337 noted this mistake and shared it on Twitter. People were surprised that CMC had neglected other prominent and famous DeFi coins such as MakerDAO (MKR), Compound’s governance token COMP, and Aave’s LEND token while issuing the list of top DeFi tokens and placed Binance Coin (BNB) on the no.1 position.
Binance Coin (BNB) is the native token of the leading cryptocurrency exchange Binance who is also the parent company of CoinMarketCap. Some people in the community believe that the ranking algorithms of CMC favor the major cryptocurrency exchange. This is why CMC usually faces criticism by the community because it thinks that Binance is using CMC to push its native cryptocurrency to top position in the industry.
This is not the first allegation put on the major cryptocurrency ranking site CMC and Binance. Both of them have been facing such allegations in the past since the time when Binance acquired CMC at the beginning of this year.
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