The crypto landscape has evolved rapidly. Wrapped and restaked assets are a major part of this space, but they come with their own set of challenges.
You Know What's Crazy?
The crypto world never stops evolving.
Just when you think you've got a handle on things, a new product pops up, and suddenly everyone's talking about it.
This time, it's all about wrapped and restaked crypto assets. You've probably heard of them, but what's the deal?
The Origin
Before getting into the details, let us take you on a little journey!
Back in the day, when CoinMarketCap was just a twinkle in Brandon Chez's eye, crypto was still finding its footing. But Chez, being the visionary he was, saw an opportunity to bring order to the chaos.
Inspired by the leaderboards concept from games like Dance Dance Revolution, he created a simple site to rank crypto projects by market cap. Little did he know, that small project would grow into the global powerhouse CMC is today, striving to provide accurate and transparent data.
Evolving Challenges
Fast forward to 2023, and the crypto landscape has evolved rapidly. Wrapped and restaked assets are a major part of this space, but they come with their own set of challenges.
There are two major hurdles.
First up, repetition. With all these different versions of the same asset floating around – like stETH, rsETH, and rETH for Ethereum – rankings were starting to look like a mess. It was getting harder for you all to browse smoothly, and we just couldn't have that.
Then there was the double-counting dilemma. This wasn't just a small hiccup - it was a potential issue for the entire crypto market. You see if we didn't get a handle on these wrapped and restaked assets, our global market cap figures could get seriously inflated beyond their actual value. We're talking about a market currently worth $2.36T (as of June 17, 2024) - that's not a small number!
Now, why does this matter?
Well, these global market cap stats aren't just numbers on a screen. They help investors spot whether we're at the top or bottom of a market cycle. And some VCs out there believe that a $10T global market cap could mark the peak of this cycle. But does that $10T target include our wrapped and restaked assets?
It's a detail that often gets brushed under the rug, but it could have a massive impact on how long this cycle lasts. Think about it - if we're accidentally counting these assets twice, we might hit that $10T mark way earlier than we should.
And here's where it gets really interesting. There's this idea called the Thomas Theorem - if people believe something's real, it becomes real in its consequences. So if we're out here reporting inflated global market cap stats, we might see that $10T target get hit sooner than expected. This could lead to a shorter cycle.
All of this adds up to potentially inaccurate market assessments that could throw investors for a loop and chip away at CMC's rep for providing solid, reliable data. And let's be real - in this wild world of crypto, accurate data isn't just nice to have, it's absolutely crucial.
30 slots will be freed up from ranks 201-300 after the update
And you know us, we're not ones to back down from a challenge. We put our heads together and came up with a solution that's gonna make your crypto-tracking lives a whole lot easier while ensuring the accuracy of our data.
Introducing: The CMC Wrapped/Restaked Assets Ranking Page
This updated Rehypothecated Ranking Page is our way of giving wrapped and restaked assets the spotlight they deserve while also solving those burning problems we mentioned earlier.
Here's what you can expect:
A Clutter-Free Experience
By isolating these assets onto their own page, our global rankings stay nice and tidy. You can still easily browse the top projects without extras clogging up the listings.
No More Double-Counting
One of the big issues with these assets is the potential for inflated global market cap totals if they are double-counted. Our new page ensures that doesn't happen by properly accounting for them separately, so the market cap data you see remains accurate.
Designed for You
We've spent a lot of time and thought into making this new ranking page as user-friendly as possible based on your needs. The layout, functionality, and data presented are all optimized for easily tracking wrapped and restaked tokens.
Looking Ahead
At the end of the day, the Web3 space is constantly morphing into something new. Just when you think you've got it all figured out, a fresh trend or innovation comes along to shake things up.
But no matter how the landscape evolves, you can count on CoinMarketCap to adapt right along with it, ensuring the accuracy and reliability of our data. We'll keep pushing boundaries, solving new challenges, and rolling out novel solutions — because providing you with a smooth, transparent data experience isn't just a goal, it's ingrained in our DNA.
Learn more about the impetus for creating a new rehypothecated ranking page here.
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