CoinGecko's Bitcoin DEX Rankings Questioned Over Classification Standards
CoinGecko's Bitcoin DEX Rankings Questioned Over Classification Standards
🤔 Bitcoin DEX Rankings
A community member has challenged CoinGecko's Bitcoin DEX rankings, pointing out apparent inconsistencies in how platforms are classified.
The rankings currently show:
- ChangeNOW listed at #1 with 99.8% market share, despite being a custodial aggregator
- Magic Eden included, though it trades Runes NFTs rather than Bitcoin swaps
- THORChain absent from the list, despite processing $118 billion in native BTC swaps through 100+ independent node operators
The question raises concerns about what qualifies as a "decentralised" exchange in CoinGecko's methodology. If platforms with custody or validators can be classified as DEXs, the absence of THORChain - which operates with native Bitcoin swaps and no wrapped assets - appears inconsistent.
The issue highlights ongoing challenges in the industry around defining and categorizing decentralised infrastructure.
Quick question for @CoinGecko: what's the definition of a Bitcoin DEX? Your rankings show ChangeNOW at #1 with 99.8% market share. But ChangeNOW is a custodial aggregator, not a decentralised exchange. Magic Eden is listed but trades Runes NFTs, not Bitcoin swaps. THORChain has
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