CoinMarketCap delists BNB as a number one DeFi token, saying it was a human error as we are reading more in the Binance coin news today.
Coinmarketcap delists BNB as the top DeFi token because they believe it was a mistake. BNB was listed at the top of the new Defi list and then it was quickly delisted following a wave of criticism. This was first noticed by podcaster and Twitter user Yannixk Eckl that BNB was ranked higher than other popular decentralized finance tokens such as Maker (MKR), Compound (COMP), and Aave (LEND). The tweet went viral in a matter of minutes and the CEO of Three Arrows Capital retweeted it by simply saying “Wut” while another crypto trader Qiao Wand said that this is a sign that projects are rebranding to DeFi in order to cash in on the huge hype:
“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.”
CMC said in a statement that listing the BNB token in the DeFi ranking was a mistake and that the platform maintained its neutrality from its parent company 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.”
The incident is the latest in series of controversial changes that happened after the acquisition of CoinMarketCap by Binance. Many changes in the CMC exchange ranking algorithm were made in favor of binance, so it gets listed in the top position. The DeFi listing came the same day but Binance announced the integration of the Binance Smart chain with the Chainlink oracle platform. According to the biggest crypto exchange, the integration will allow smart contracts to expand into DeFi, asset management, and payments. Binance’s CEO Changpeng Zhao said:
“And we’re onto #DeFi”.
Guess what is on #1?
— CR1337 (@cryptonator1337) July 23, 2020
As we reported previously, Binance destroyed $60.6 million BNB coins in its biggest burn ever in hopes to boost the price of the token. The burn removed approximately 3,477,388 BNB coins that are worth $60.5 million from its circulation. Binance destroyed BNB in the past quarters as well to boost the price of its native cryptocurrency however, this time, the burn didn’t boost the price.
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