CMC accuses Binance of "tripling the amount of swiping", what is the truth?

特邀专栏作者

2020-04-24 11:05 (UTC+8)

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Binance’s data changes because CMC may be testing a new model, so the adjusted data removes the trading volume of derivatives.

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Binance’s data changes because CMC may be testing a new model, so the adjusted data removes the trading volume of derivatives.

After Binance acquired CMC, there was an extremely strange scene in the transaction volume data. Xiong Yue, director of Bixin Research Institute, first pointed out that Binance’s adjustment data is only 1/4 of the original, while other exchanges have not changed, so is CMC accusing Binance of brushing volume?

Considering that Binance delisted FTX leveraged tokens before, people who eat melons have wondered whether the newly acquired CMC had a dispute with Binance. Wu said that the blockchain was also investigated.

First of all, Wu said that from the perspective of the blockchain, it is a common phenomenon that the spot market has a serious amount of brushing. Looking at the top of the rankings are all second- and third-tier exchanges (many of which are from China), it may only be that the trading volume is more serious. Although ranking agencies have their own analysis models, the data sources are all exchange APIs, and they do not have the ability to distinguish true and false data.

Here comes the question, why the adjusted data of institutions with more serious spam volume is consistent, and only Binance, which acquired CMC, has a huge difference before and after the adjustment.

According to people close to CMC, the change in Binance’s data is because CMC may be testing a new model, so the adjusted data removes the trading volume of derivatives.

We can see that other platforms have also begun to adjust. For example, in the data on April 23, OKEx made adjustments. The data of many mainstream platforms such as Bitfinex also began to change before and after the adjustment. Binance was the first to adjust, most likely because of some wider data access after the acquisition.

This also shows that according to CMC data, the trading volume of derivatives on Binance is more than twice that of spot (OK spot and derivatives are about half and half). According to previous data, the trading volume of Binance Futures has surpassed BitMex to become the world's number one, which seems to have some basis. The profit of Binance in the first quarter was as high as 262 million US dollars, a record high, which is also inseparable from the rapid development of the derivatives business.

As for why other exchanges such as Huobi did not reflect it. This is mainly due to not submitting related APIs to get data. Of course, the model and ranking mechanism itself still needs to be updated. For example, how should some exchanges with derivatives as the core be ranked? In short, CMC should better make the rules public, so as to win the trust of users and avoid such oolong questions.

In addition, it needs to be reminded that since the credibility of spot trading volume is indeed not high, the credibility of liquidity in terms of spot strength of exchanges is actually higher.