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CoinMarketCap Delists BNB As Top DeFi Token, Claims It Was Mistake

Stefan by Stefan
24/07/2020
in Binance Coin News
Reading Time: 2 mins read
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coinmarketcap ceo, chan, binance
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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.”

Binance Coin get delisted

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:

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 “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”.

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

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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Tags: binance coinbnbbnb delistedbnb withdrewcmcCoinMarketCaocoinmarketcapdefidefi tokendelisttop defi token
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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