Ergo Challenges CoinMarketCap’s Verification Process
Decentralized finance (DeFi) platform Ergo has criticized CoinMarketCap (CMC) for demanding a $5,000 fee to update the circulating supply of the Ergo (ERG) token. Ergo argues that CMC’s data vetting process is more complicated compared to its competitor, CoinGecko.
CMC asked Ergo to create a social media post with the CMC ticket number to verify that the requested data changes have been posted on the project’s website. However, Ergo believes that the high fees could discourage regular updates, potentially rendering much of the information hosted by CMC irrelevant.
CoinMarketCap Faces Scrutiny
CMC has faced criticism for its opaque listing criteria and its significant influence in retail trading and connections to crypto exchanges. A listing on CMC can greatly impact the success or failure of smaller altcoins.
In contrast, CoinGecko claims to independently source and aggregate cryptocurrency data and charges a fee for an ad-free trader experience. The platform’s independent aggregation and API are considered superior to the free APIs offered by exchanges because they provide a broader view of asset prices across different platforms.
Hot Take: Ergo Calls for Data Integrity on CMC
Ergo’s spokesperson questioned the integrity of data on CMC for projects that refuse to pay the high verification fees. They argue that accuracy should be a priority for CMC since it is their main product. Ergo urges CMC to clean up its data and address these concerns.
By
By
By
By
