From the CoinMarketCap Team
Dear CoinMarketCap Community,
To say that a lot has happened in the crypto space between this quarter and last quarter would be a huge understatement — DeFi became the main talking point overnight, meme-based coins became the new normal and Bitcoin stayed over $10,000 for one of its longest runs ever.
However, CoinMarkeCap also moved beyond just numbers and rankings on a page. We began to provide more educational materials about how to actually interact with these new protocols and how they work, giving our users a more 360 degree picture of the crypto space than before.
Farming, DeFi and DEX
The biggest hurdle for CoinMarketCap this quarter has been keeping up with the latest DeFi innovations, and presenting data to our users in both a useful, clear (and timely!) manner.
(With that in mind, we’ve also created a CoinMarketCap Telegram announcements channel to keep you all abreast of all of the new products on CoinMarketCap!)
Our first foray into ranking and highlighting the DeFi space started with our DeFi tokens ranking page — while DeFi tokens were by no means “invented” in the spring of 2020, they certainly became way more important than ever before, and we gave them their own page.
Then, after the release of Compound’s COMP governance token in May, yield farming — a previously almost unheard-of concept in crypto — became the next big deal.
Yield farming, in simplest terms, is how you earn interest by investing crypto in decentralized financial markets (check out our glossary definition for a more in-depth explanation).
Since yield farming offered the possibility of such high returns, and new yield farming-focused protocols were entering the space, we launched our yield farming ranking in Q3.
Now, CoinMarketCap users that want to see the total value locked, reward types and return on investment (ROI) for yield farm projects can do so in one place — we’ve even included an impermanent loss calculator to help you calculate the temporary loss of funds that liquidity providers sometimes experience because of trading pair volatility.
And as decentralization is the first half of DeFi (decentralized finance, of course), CoinMarketCap also released a decentralized exchange (DEX) ranking page.
As we noted above, CoinMarketCap this quarter has aimed to move beyond numbers and into words, educating our users on why the rankings they see matter, what projects are behind the data and how to actually use them in everyday life. With this in mind, this quarter CoinMarketCap launched CMC Alexandria with the somewhat lofty goal of collecting all of the information about cryptocurrency in the world in one place — following in the footsteps of the founding members of the original Library of Alexandria.
So far, we have published in-depth dives into why yearn.finance could be worth more than Bitcoin (what?!), a total breakdown of the DeFi space by DeFi expert and author Camila Russo and a guide to the upcoming Ethereum 2.0 release.
CMC Alexandria should be your guidebook to navigating the crypto space with CoinMarketCap, and we have more how-to guides and crypto basic explainers coming in the future. Check back on CMC Alexandria often to see which crypto influencer may be writing with us next, and what complex DeFi term we explain to you in a way that you finally understand.
Continuing along our theme of wanting to educate our users about cryptocurrencies, what better way to get started then if someone actually pays you (in crypto) to learn about that crypto? That’s exactly what CoinMarketCap Earn has done — and the response has been overwhelmingly positive.
This quarter, we have launched two educational campaigns with both Band Protocol and Kava, providing educational videos and then testing you with a quiz to earn rewards — to all our users that are still thirsty for more knowledge, and perhaps more crypto rewards, keep checking the Earn page to see who we have partnered with next!
CoinMarketCap is always looking out for the best interests of our users — and that’s why we launched a page that tells you when an exchange is currently having a promotion. Our newly launched Exchange Events page tells our users about exchange giveaways, prizes, staking opportunities and other promotions, bringing you ways to save on your crypto transactions.
Bitcoin was the very first cryptocurrency invented — which is why we chose it for our first ever guide to buying cryptocurrencies, right on CoinMarketCap. On our BTC buying guide, CoinMarketCap users can see a list of exchanges, where they are regulated and associated fees for buying and selling, so that you can pick an exchange that suits your needs.
A Whole New Look
One of the new CoinMarketCap releases this quarter that we are most excited about is our new homepage. We put user experience as our first priority and we’d like to improve ourselves for all of our users.
Now, users can more clearly see the circulating supply of different cryptos without clicking away from the main page, as well as all of the new pages we mentioned above (DeFi, Yield Farming, etc.).
Looking to the Future
Our main job is to serve our users, and we plan on listening, iterating, listening again, iterating again in order to provide the world with the single most comprehensive place to find information about cryptocurrencies.
As we move into Q4 2020, we don’t know what to expect — 2020 has taught us that the unexpected can easily come out of nowhere and disrupt normal life. However, we are confident that we can move fast and give our users the quality information that they need to make decisions in the rapidly growing crypto space — we look forward to seeing what Q4 will throw at us!
With love, respect and wear a mask!
The CoinMarketCap Team
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