CoinMarketCap, a well-known crypto data provider, revealed that the majority of listed exchanges meets its transparency requirements. 70% of the exchanges have complied with CoinMarketCap’s mandatory data requests aimed at boosting transparency.
Let us remind you that this year in the frameworks of celebrating its 6th anniversary a data tracker has announced a number of new initiatives. One of them was the establishment of a new Data Accountability and Transparency Alliance (DATA).
The main aim of this initiative is to ensure a higher level of transparency. It requires greater accountability and disclosure from projects in the crypto space.
The data that should be disclosed include live trading and order book data. According to the CoinMarketCap team, access to up-to-date and accurate information can let users of the site male more conscious and informed conclusions.
Speaking about their transparency-boosting initiative Carylyne Chan, CoinMarketCap’s global head of marketing, noted:
“The new and detailed criteria for listings will provide clear and concrete guidelines for everyone looking to be listed on CoinMarketCap. We want to be as exhaustive as possible, eventually listing every qualifying project and exchange on CoinMarketCap!”
CoinMarketCap has announced a 45-day grace period for all exchanges to provide the necessary data. It has also warned that if an exchange fails to provide the required data, the platform will remove it from the adjusted volume calculations. The grace period started on May 1. It means that the exchanges had a possibility to submit the data till June 14.
Now the first phase of the Data Accountability & Transparency Alliance (DATA) initiative has come to its end.
Having analyzed the final results after the grace period expired, the company revealed that 70.3 percent of all the exchanges that are currently listed have provided the necessary information. Namely, these exchanges will be now included in the tracker’s calculations of volume-weighted average price and adjusted trading volume.
Those exchanges that haven’t fulfilled the CoinMarketCap’s requirements will be placed below the others in the listings. Nevertheless, the exchanges still have a chance to restore their positions. However, to do it, they need to submit the data that they’ve managed to provide earlier.
Moreover, CoinMarketCap plans to introduce stricter measures for evaluating projects and exchanges. Among the factors that CoinMarketCap is going to take into consideration are trading volume, team, uniqueness, stage of development, product-market fit, impact, and other parameters.
Though CoinMarketCap is making its requirements stricter, it is still going to give a chance for those projects that fail to meet the minimum requirements to be presented on the website. They will be placed in a so-called “untracked listing” category with a chance to strengthen their positions.
While preparing for its first CoinMarketCap DATA roundtable with alliance partners, the company has also paid attention to its own transparency. For the first time since its establishment, it has published its delisting policy.