The Logbook: Anatomy of a top-ranked CoinMarketCap exchange

The effort of exchanges to fake volumes in an attempt to get listed on CoinMarketCap (CMC) have been widely covered by media outlets. In 2019, Bitwise released a report analyzing fake volumes of exchanges — criticizing CMC for not accurately measuring these volumes. Since then, CMC has taken some action in trying to improve their ranking by introducing new metrics like liquidity.

However, the ranking platform’s “top 100” exchange tools still get prominent placement above their “liquidity” tool.