CoinMarketCap, the leading coin tracking website, has introduced a web traffic metric for ranking cryptocurrency exchanges.
The effort is meant to bring more transparency to the 'front page of crypto' that is constantly criticized for incentivizing trading platforms to report inflated trading volumes.
Binance leads the pack
According to CMC’s blog post, the new web traffic factor takes into account a wide array of important traffic characteristics such as page views, unique visitors, bounce rate, etc.
As of now, Binance is in the first place, with Coinbase Pro and BitMEX sitting in second and third places.
Notably, BKEX, a British Virgin Islands-registered crypto exchange, occupies a very distant 107th spot despite being the second-largest crypto exchange by reported trading volumes.
Binance CEO Changpeng Zhao says that the exchange ranking is currently ‘heavily biased’ towards web traffic, but it's better than its previous iteration.
This ranking is currently heavily biased towards web traffic, not 100% accurate, but better than before. Will continue to iterate.— CZ Binance 🔶🔶🔶 (@cz_binance) May 14, 2020
As reported by U.Today, CMC, the most visited crypto-related website, was acquired for a hefty $400 mln back in April.
Since the acquisition, it has already stepped up with new tools that are meant to combat fake trading volumes.
After adding the web traffic factor, CMC also plans to implement an advanced algorithm that would help to better detect inflated trading volumes.