Following recent disappointing news that around 95% of cryptocurrency exchanges report exaggerated trading volumes, Messari, a crypto market and news aggregator, has announced the creation of a “Real 10 Volumes” data feed for cryptocurrency markets.

The Real 10 service stands in stark contrast to services like CoinMarketCap, a website that relays statistics sent to them from a vast range of cryptocurrency exchanges. Problematically, many of these exchanges appear to be reporting numbers of dubious veracity. Of 81 exchanges that Bitwise Investments recently examined, for example, only 10 had reported genuine trading volumes. Most exchanges reported grossly inflated numbers, presumably to attract more traders and to profit from listing fees.

From the announcement:

“Real 10” refers to the ten exchanges we believe have reported significant and legitimate crypto trading volumes via their APIs. The constituent exchanges are: Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken, and Poloniex.


In the announcement, Messari also explains they will work to add more exchanges proven to have “clean order book data” to their market data feeds. The service plans to also add a “Liquid Cap” data service that more accurately reports cryptocurrency market values with volume-weighted pricing. Liquid Cap will also exclude “restricted supply” and stablecoins for a truer estimate of market cap valuations.

Through these new reporting tools, Messari adds greater transparency and legitimacy to the industry, stating:

We look forward to receiving input on our methodology, and collaborating with other industry aggregators to improve the quality and consistency of crypto markets data.



CoinMarketCap has tweeted in response to the “fake volume” reports:

CoinMarketCap Twitter followers are encouraged to respond with their opinions. Perhaps a “Real 10” data aggregator on CoinMarketCap is in the works…