In a move to enhance transparency, Binance has announced updates to the circulating supply data for various altcoins, taking into account suggestions from its user base. The cryptocurrency exchange clarified that its current information aligns with the methodology established by CoinMarketCap (CMC) and indicated plans to incorporate additional metrics soon.
How Does CMC Influence Binance’s Data?
The exchange confirmed its dependence on CMC for circulating supply details of listed altcoins, with the exception of data that is shared privately. This step was taken in response to community requests for clearer and more accurate information.
What Are the Upcoming Changes in Data Metrics?
Binance emphasized the importance of understanding and patience from users as it works on integrating new metrics. The introduction of these data points is designed to give a clearer picture on altcoin information pages, thus aiding users in making more informed choices.
The forthcoming launch of CMC’s “Open Market Capitalization” (UMC) and “Open Circulating Supply” (UCS) metrics is set to be a notable development for both individual traders and market analysts. Key points include:
- Enhanced transparency in altcoin supply data.
- Updated methodologies to support user decision-making.
- Active participation encouraged from the Binance community.
As Binance moves forward with these updates, the exchange remains committed to delivering a more transparent and user-friendly platform for its community.