A swarm of critics might have pressured CoinMarketCap to remove Binance Coin (BNB)from the list of leading decentralized finance tokens. The company withdrew the coin and claimed it had been placed at number one as a result of human error. Popular crypto podcaster Yannick Eckl first noticed a change in the listing, stating that Binance coin was listed above other popular DeFi tokens such as Compound (COMP), Maker (MKR) and Aaver (LEND). It was only a matter of time before the tweet went viral and other crypto fanatics began to comment.
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
Three Arrows Capital founder and CEO retweeted Eckl’s tweet with “Wut;” while another Twitter user, Jim Yang, criticized Coinmarketcap for ranking and claimed that crypto required a decentralized Coinmarketcap.
Apparently, dozens of crypto fans felt that blockchain projects were cusping towards the DeFi hype to take advantage of the bubble. A few opined below Eckl ‘s comment that Bitcoin was the # 1 DeFi token; and some still questioned the methodology used to rank the project along the lines of Decentralized Finance. Qiao Wang said the following:
“Total DeFi market cap will 10x in the next 3 months not because current DeFi projects will 10x, but because all crypto projects will rebrand themselves as DeFi.”
Coinmarket Maintains Neutrality with Parent Company -Binance
However, CoinmarketCap alleged that the ranking of Binance Coin was a mistake and reinforced the human nature of their employees. In addition, the ranking agency emphasized its neutrality from its parent company, Binance, which most people believe might have influenced the ranking. Binance, however, deleted Binance Coin from the ranking moments later.
This is not the first criticism that coinmarketcap faces following Binance ‘s controversial acquisition back in March. Several observers pointed to many improvements in the site’s ranking algorithm and noted that it was in Binance’s favor.