How to participate on OpenMarketCap

  1. What is OpenMarketCap?
    OpenMarketCap (OMC) is a cryptocurrency data tracker that only uses prices and trading volumes from trusted exchanges in calculating average prices and total volumes for coins.
  2. Why are your trading volumes lower than the numbers on CoinMarketCap?

    CoinMarketCap calculates trading volume and prices using data from over 245 exchanges, many of which report fake or suspicious trading activity based on research by Bitwise. By including exchanges with suspicious trading activity, other crypto-trackers significantly over-estimate the total trading volume.

    OMC presents a more accurate representation of cryptocurrency prices by calculating trading volume from 10 trusted exchanges. We selected these 10 exchanges based on the Bitwise report. See our list of trusted exchanges.

  3. How do I nominate a trusted exchange?
  4. How do you decide what exchanges are trusted?

    OMC allows any user to nominate a new exchange and vote on accepting it as a trusted exchange using order book analysis as evidence of trustworthiness. If the exchange is approved by the community after viewing the evidence, OMC will then verify the exchange as trusted.

    OMC's process for selecting trusted exchanges is by default collaborative and is powered by a Community Moderated Dataset (CMD). A CMD is a election process where participants vote with tokens. Users can participate in three ways:

    • Nominators: stakes tokens to nominate an exchange to join the trusted exchange list.
    • Challengers: challenge to block a nomination or remove an existing entry from the trusted exchange list.
    • Voters: vote to approve or reject challenges. Voters earn tokens if they vote with the majority and lose tokens if they vote with the minority.

    Each voting period lasts 24 hours. Challengers can present their evidence and voters can discuss how to vote on the OMC subreddit.

  5. What is in an order book analysis?

    OMC allows any user to nominate a new exchange and vote on accepting it as a trusted exchange using order book analysis as evidence of trustworthiness. Order book analysis consists of three parts:

    • Trade size histogram in the last 7 days: For all the transactions in the order book for the last 7 days, bucket the trade sizes into a histogram. The x-axis is the trade size bucket, and the y-axis is the number of trades in that trade-size bucket.
    • Trade volume over time in the last 7 days: Plot out the trade volume over time for a market pair. The x-axis is the time stamp bucket for the trade, and the y-axis is the total trade size for the time stamp.
    • The bid-ask spread over time in the last 7 days: Plot the bid-ask spread over time. The x-axis is the time stamp bucket, and the y-axis is the bid-ask spread.
    This analysis should be done with the most popular market pairs in the exchange.

  6. How do you know a vote is the best way to identify an exchange as reputable?
    As strong believers in transparency, we believe it is important to allow users to participate in the process of picking trusted exchanges. Our team will review each submission and participate in each vote to keep the trusted exchange list high quality.
  7. Why is community based voting is the best way to identify an exchange as reputable?
    It is important to allow users to participate in the process of picking trusted exchanges. Using DIRT protocol we ensure transparency in the process. DIRT makes sure that any one who tries to get an exchange listed in the trusted exchange list will be penalized by losing their DIRT tokens if it is discovered that an exchange has been faking its volume.
  8. How do I add a trusted exchange to the list?

    First, sign in using your Twitter handle. Next, click "Add an exchange", fill out the form and submit it along with an order book analysis.

    Nominated exchanges will be added if they are either:

    1. Not challenged by another user.
    2. Challenged but succeed in the vote as the side with more tokens.

    Head to OpenMarketCap on Reddit and participate in the discussion.

  9. How do I challenge a trusted exchange?
    Click the "Challenge" link under the exchange you wish to challenge. To challenge a trusted exchange, you must stake an amount greater than the existing stake.
  10. How do I challenge a nominated exchange?
    Click the "Challenge" link under the exchange you wish to remove from the list. To challenge a nominated exchange, you must stake an amount greater than the existing stake.
  11. The voting period ended, but the exchange is [still listed / not there]!

    If the exchange is not added to the list after the voting period has ended, this means the challenge failed.

    Since most exchanges report fake volume, the community is biased towards rejection unless there's overwhelming evidence the exchange is trusted.

  12. How do I get more tokens?
    You can either get tokens by voting on the winning side. During the beta period, you can early tokens by clicking on "Get tokens" once every 24 hours.
  13. I have a feature request / found a bug. How do I reach you?
    Thanks! Send us a note at hello@openmarketcap.com.