CoinMarketCap has changed its declaration on the best DeFi token, saying it mistakenly mentioned it was BNB.
CoinMarketCap (CMC) first mentioned that the native token of Binance, its parent company, was the best DeFi token. But it quickly withdrew its stance after several criticisms.
Yannick Eckl who is known on Twitter as @cryptonator1337 was the first to observe this. BNB was said to be the best among other important tokens such as Compound (COMP), Maker (MKR), and Aave (LEND).
Yannick’s tweet spread so quickly and it led to the reactions of many including the CEO and founder of Three Arrows. Qiao Wang also said something about the listing:
“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.”
CoinMarketCap said its earlier listing of BNB as the best was purely a mistake and had nothing to do with its relationship with Binance:
“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.”
Not new to criticisms
The criticisms that rolled in after CMC’s error is just the latest of many that have happened since Binance took over CMC four months ago. Binance has also been mentioned by CoinMarketCap as the best crypto exchange and CMC has been accused of changing its ranking algorithms to suit Binance.
The listing was made on the day Binance made known its intention to add Chainlink data oracles to Binace Smart Chain. Binance said the addition was necessary to make its DeFi programs work better.