The cryptocurrency classification resource CoinMarketCap is criticized after Chainlink (LINK) was listed as the largest DeFi token by market capitalization.
The website’s new DeFi section lists what executives consider to be the most important altcoins in the room., which receives great interest from dealers and investors.
DeFi: Will Binance Coin be next week?
In conversation with Cointelegraph, head of research at CoinMarketCap, Gerald Chee said that he uses a “strict methodology” to determine whether a given token qualifies as “DeFi” and is therefore eligible for inclusion in its leaderboard.
However, Chainlink, an intelligent contract platform, is an unlikely addition. After starting the section, several commentators argued that LINK is not just a DeFi token.
“”Chainlink is currently number 1 in Defi-Token thanks to Coinmarketcap, which decided it was a Defi-Token and added it to the list“” tweeted ironically, analyst and spokesman Jason Fernandes on Monday.
Turn on next week when Binance Coin becomes the second largest defi token. “
The DeFi or “Decentralized finance” has formed a kind of hobby in business circles this year, reminiscent of the similar attention that stablecoins and ICO tokens have received in recent years.
As Cointelegraph reported, suspicions have accompanied the increase in the phenomenon; Several tokens have seen huge gains – and losses – in the short term.
CoinMarketCap’s ten best DeFi tokens were available on July 21. Source: CoinMarketCap
“For no reason and without foundation”
CoinMarketCap flatly denied any idea that its rankings were set or that its methodology was biased.
“The criticism that ‘Chainlink CMC paid to move this category up’ is unfounded and unfounded,” said Chee.
“We reject any suggestion that a project is behind the creation of our ranking page, and reiterate that CMC has never received compensation for the inclusion of a token or exchange.”
He added that Ether (ETH) was also removed from the list because it had not followed its methodology.
CoinMarketCap is no stranger to controversy. In the past month, the adjustments to the rankings triggered not only protests for the tokens, but also for other components of the crypto ecosystem, such as the exchange.
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