Cryptocurrency exchange Binance has announced significant changes to the circulating supply data of listed altcoins, considering feedback from users. The exchange clarified that it based its current data on the methodology provided by CoinMarketCap (CMC). However, it emphasized that new metrics will be integrated in the near future.
Current Data and the Role of CMC
Binance stated that it relies on CMC for the circulating supply information of the listed altcoins, excluding those that are shared privately. Consequently, the exchange took action in response to user demands for more transparent data.
The CMC methodology plays a critical role in enabling market participants to make decisions based on real-time data. However, it is also acknowledged that some shortcomings may arise from this methodology.
Processing New Data and the Transition Process
Binance expressed the need for understanding and patience from the community regarding the integration of new metrics. The addition of new data will provide a more transparent view on altcoin information pages, which is believed to help users make more informed decisions.
The implementation of CMC’s upcoming “Open Market Capitalization” (UMC) and “Open Circulating Supply” (UCS) data will be a significant innovation for both individual traders and market specialists. By offering these data points, Binance reaffirms its commitment to transparency. Meeting user demands and presenting updated information remains one of Binance’s primary objectives.
Binance anticipates active community participation during the implementation of these innovations. The exchange also stated that it will continue its efforts to provide a more transparent and user-friendly experience.
