CoinMarketCap Sets November Target Date for New Liquidity Rankings

A new liquidity marketing system will be announced by CoinMarketCap on 12th November 2019. This news was shared during the first roundtable held on 27th August 2019 of the Data Accountability & Transparency Alliance (DATA), a group of exchanges and projects in the crypto space formed in May 2019.

Binance, Bittrex, Huobi, OKEx, and few others are the members of Data Accountability & Transparency Alliance (DATA). In the roundtable conference, three topics were discussed by CMC: the use of liquidity metrics, self-reported data, and a unified crypto-asset ID database.

The use of liquidity metrics tops the roundtable discussion as using liquidity metrics can have an issue as liquidity metrics are non-numeric and there is a constant change and in return, it is difficult to record and report.

However, as per CMC if liquidity metrics are still used, then a redesigning is needed for better rankings and records.

The second point discussed in DATA meeting was to create transparency in the crypto space. CoinMarketCap decides to give a reward in the form of a token for the number of data points the exchange reveals. The data point should have information about KYC, office location, shared order books with other exchanges to redeem the reward of a token.

The third point discussed in the DATA roundtable was to the delisting of “bad projects.” The last delisting was done for BSV. Ben O’Neil from crypto research firm Messari, also encourages exchanges to deal with third party project by having real repercussions.

If exchanges do not submit mandatory data to CMC, then they will be removed from its site.

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