Coin Metrics Prices Methodology
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The full text of this document can be downloaded as a pdf document using the link below.
Coin Metrics publishes a collection of prices for a set of cryptocurrencies and fiat currencies consisting of the Coin Metrics Reference Rates (“CM Reference Rates”) and the Coin Metrics Principal Market Prices (“CM Principal Market Prices”), which are collectively referred to as the Coin Metrics Prices (“CM Prices”). This document describes the data inputs, calculation methodologies, and data exclusion rules for the CM Prices.
The CM Reference Rates are published once a day, once an hour, once a minute, once a second, and once every 200 milliseconds and utilize volume-weighted median, time-weighted average, and inverse price variance-weighted median techniques. Common use cases for the CM Reference Rates include research, backtesting, calculating net asset value for investment funds, serving as a data source for on-chain price oracles, risk management, and indicative intraday values.
The CM Principal Market Prices are published once a day, once an hour, once a minute, and once a second and adhere to the guidelines regarding fair value measurement issued by the International Financial Reporting Standards and the Association of International Certified Professional Accountants, specifically standards IFRS 13 and FASB ASC 820. The Principal Market Prices identify a principal market for each asset and utilize the most recent price from this market. Common use cases are for fair value measurement and preparing financial statements.
The CM Prices are designed to serve as a set of transparent and independent pricing sources that promote the functioning of efficient markets, reduce information asymmetries among market participants, facilitate trading in standardized contracts, and accelerate the adoption of cryptocurrencies as an asset class with the highest standards. The CM Prices are calculated using robust and resilient methodologies that are resistant to manipulation.
The CM Prices are collectively governed by policies described in Coin Metrics Prices Policies which describes the administration, conflicts of interest, material changes, recalculations, internal controls, complaints, record retention, and compliance policies.
Coin Metrics evaluates markets traded on digital asset exchanges as input data sources for the CM Prices using a three step process. The first step relates to how to quantify an exchange’s trustworthiness to be used in subsequent steps. The second step relates to how to generate a universe of candidate constituent markets that are eligible for selection as constituent markets. The third step relates to how to select a unique set of high-quality constituent markets for each instrument.
Coin Metrics produces a unique set of selected markets for each asset in the coverage universe on a quarterly basis and during interim periods if market conditions warrant. Such market conditions include, but are not limited to, material changes in an exchange’s solvency risk, material changes in the degree of free capital flows in and out of an exchange, the presence of long-lasting price differences from other exchanges, and times of market stress.
Trading in cryptocurrencies can occur at several hundred centralized or decentralized exchanges. The process of selecting constituent markets for calculating the price of a given cryptocurrency becomes highly challenging due to the large number of eligible exchanges. The difficulty is further compounded by the fact that some cryptocurrency exchanges engage in deceptive practices to manipulate their reported trading activity, such as facilitating or engaging in trades between the same party to artificially boost price, liquidity or interest (known as wash trading).
To address this issue, the CM Prices relies upon the Coin Metrics Trusted Exchange Framework to quantify the trustworthiness of an exchange. The Trusted Exchange Framework assesses exchanges using several criteria that represent the fundamental properties of exchange trustworthiness: transparency, resilience & security, data quality, regulatory compliance, and API quality. The criteria examine public information about an exchange such as incident history, financial statements, and license disclosure as well as market activity that can be derived from an exchange’s data.
The Coin Metrics Trusted Exchange Framework assigns a numerical rating ranging to an exchange for each category as well as an overall numerical rating for each exchange. The numerical rating ranges from 0.00 to 1.00. The numerical rating is transformed into a letter rating ranging from A to D. A letter rating of A indicates that the exchange excels in most or all of the factors assessed and a letter rating of D indicates that the exchange scores poorly across most of the factors assessed.
The CM Prices uses the overall numerical rating for each exchange in subsequent steps. If a centralized exchange is not evaluated in the Coin Metrics Trusted Exchange Framework, the numerical rating for the exchange defaults to 0.00. If a decentralized exchange is not evaluated in the Coin Metrics Trusted Exchange Framework, the numerical rating for the exchange defaults to 0.10.
The set of candidate markets for each asset in the coverage universe is determined by the following set of rules:
If the asset is Bitcoin or Ethereum, the candidate markets are spot markets on Coin Metrics’ exchange coverage universe where the base asset is Bitcoin or Ethereum, respectively, and the quote asset is U.S. dollars.
If the asset is Tether or USD Coin, the candidate markets are (1) spot markets on Coin Metrics’ exchange coverage universe where the base asset is Tether or USD Coin, respectively, and the quote asset is U.S. dollars, and (2) spot markets on Coin Metrics’ exchange coverage universe where the base asset is Bitcoin or Ethereum and the quote asset is Tether or USD Coin, respectively. The logic to generate candidate markets for Tether differs from other assets because market convention sets Tether as the quote asset for the majority of active markets.
If the asset is a cryptocurrency that is not a stablecoin, the candidate markets are spot markets on Coin Metrics’ exchange coverage universe where the base asset is the given cryptocurrency and the quote asset is either U.S. dollars, Bitcoin, Ethereum, Tether, USD Coin, or Wrapped Ether.
If the asset is a stablecoin, the candidate markets are (1) spot markets on Coin Metrics’ exchange coverage universe where the base asset is the stablecoin and the quote asset is U.S. dollars, Tether, USD Coin, or Wrapped Ether and (2) spot markets on Coin Metrics’ exchange coverage universe where the base asset is Bitcoin or Ethereum and the quote asset is the stablecoin. The logic to generate candidate markets for stablecoins differs from other spot assets because market convention sets stablecoins as the quote asset for the majority of active markets. The following assets in the coverage universe are considered to be stablecoins:
Tether
usdt
TrueUSD
tusd
USD Coin
usdc
Paxos Standard
pax
Gemini Dollar
gusd
Wrapped Bitcoin
wbtc
Binance USD
busd
Dai
dai
Tether Gold
xaut
PAX Gold
paxg
BIDR
bidr
sUSD
susd
Wrapped Ether
weth
Brazilian Digital Token
brz
TerraClassicUSD
ust
USDD
usdd
EURC
euroc
poundtoken
gbpt
Terra 2.0
luna2
First Digital USD
fdusd
If the asset is a fiat currency, the candidate markets are (1) spot markets on Coin Metrics’ exchange coverage universe where the base asset is the fiat currency and the quote asset is U.S. dollars, Tether, USD Coin, or Wrapped Ether and (2) spot markets on Coin Metrics’ exchange coverage universe where the base asset is Bitcoin or Ethereum and the quote asset is the fiat currency. The logic to generate candidate markets for fiat currencies differs from other spot assets because market convention sets fiat currencies as the quote asset for the majority of active markets. The following assets in the coverage universe are considered to be fiat currencies:
Euro
eur
British Pound
gbp
Japanese Yen
jpy
Canadian Dollar
cad
Korean won
krw
Russian Ruble
rub
Ukrainian Hryvnia
uah
Turkish Lira
try
Australian Dollar
aud
Brazilian Real
brl
Swiss Franc
chf
Singapore Dollar
sgd
For each asset in the coverage universe, a unique set of constituent markets are selected from the set of candidate markets. The set of constituent markets are determined by the following set of rules:
For each candidate market, calculate the average daily volume in U.S. dollars for the previous 90 days. If the constituent market is quoted in an asset other than U.S. dollars, the average daily volume is converted to U.S. dollars using the Coin Metrics Reference Rate.
If a candidate market is on a centralized exchange, exclude the candidate market if it has a volume market share of less than 1 percent, where the volume market share is calculated as the average daily volume in U.S. dollars described above.
If a candidate market is on a decentralized exchange, exclude the candidate market if it has a volume market of less than 5 percent, where the volume market share is calculated as the average daily volume in U.S. dollars described above.
For each candidate market, calculate the volume-weighted average price in U.S. dollars using the most recent 24 hour period beginning at 00:00:00.000000 UTC time and ending at 23:59:59.999999 UTC. If the constituent market is quoted in an asset other than U.S. dollars, the volume-weighted average price is converted to U.S. dollars using the Coin Metrics Reference Rate.
Exclude the candidate market if the absolute value of the volume-weighted average price in U.S. dollars exceeds 3 percent from the median volume-weighted average price in U.S. dollars, where the median is calculated using the volume-weighted average price in U.S. dollars for all candidate markets for the asset.
Sort the remaining candidate markets by quote asset using the following order: U.S. dollars, Bitcoin, Ethereum, USD Coin, Tether, Wrapped Ether. All other quote assets, if they exist, are sorted at the end. Within each grouping of quote asset, sort in descending order the candidate markets by each candidate market’s exchange score from the Coin Metrics Trusted Exchange Framework. If a given candidate market’s exchange is a decentralized exchange that is not covered in the Trusted Exchange Framework, the exchange score assigned to the decentralized exchange is 0.1. If a given candidate market’s exchange is not covered in the Trusted Exchange Frameowrk, the exchange score assigned to the exchange is 0.
Select a candidate market as a constituent market if the candidate market is ranked within the top six according to the sorting described above.
Also select a candidate market as a constituent market if the candidate market meets the following criteria: (1) the candidate market is ranked within the top 10 according to the sorting described above, and (2) the candidate market has a volume market share greater than 20 percent.
If the above rules result in zero constituent markets, then the constituent markets are selected using expert judgment.
The CM Reference Rates represent the reference rate of one unit of the asset quoted in U.S. dollars or other currency. The CM Reference Rates supports multiple frequencies. The daily and hourly frequencies utilize one calculation methodology and the minute, second, and 200 millisecond frequencies (“real-time frequencies”) utilize a separate calculation methodology. The daily and hourly frequencies are calculated at the end of every hour and day, respectively, (the “Calculation Time”) and are published within 5 minutes (the “Publication Time”). The real-time frequencies are published in real-time with no delay.
The set of assets included in the CM Reference Rates coverage universe are included in Appendix A.
The calculation algorithm of the CM Reference Rates for daily and hourly frequencies is described below.
All observable transactions from Constituent Markets are combined and partitioned into time intervals, with each time interval spanning a period of one minute. The first one-minute time interval begins 60 minutes before the Calculation Time and the last one-minute time interval begins at the Calculation and ends one minute after the Calculation Time. In total, the calculation period spans a period of 61 minutes (the “Observation Window”). A total of 61 one-minute time intervals are created.
The price of each observable transaction for one unit of the given asset is converted to U.S. dollars if necessary using the Reference Rates calculated for Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), or Tether (USDT).
The volume-weighted median price (VWMP) of each time interval is calculated. The volume-weighted median rate is calculated by ordering the transactions from lowest to highest price, taking the cumulative sum of volumes of these transactions, and identifying the price associated with the trades at the 50th percentile of volume measured in native units.
The time-weighted average price (TWAP) of the 61 time intervals is calculated using a custom weight function. The weight function assigns a weight of 0 percent to the first time interval, subsequent time intervals are assigned a weight that increases linearly, and the last two time intervals are assigned a weight of 5 percent such that the sum of all weights equals 100 percent. The weight function assigns more weight to time slices that are closer to the Calculation Time. The resulting figure is the published reference rate.
The weights for each time interval are listed in Appendix B:
The following contingency rules are followed to address situations where data is delayed, missing, or unavailable due to periods of illiquidity, extraordinary market circumstances, or outside factors beyond the control of Coin Metrics.
If observable transactions from a constituent market are unable to be collected due to technical problems specific to the constituent market’s exchange during the calculation of a reference rate, the observable transactions from the constituent market are not included in the calculation of the specific instance of the given reference rate.
If no observable transactions from constituent markets occur during the first one-minute time interval, the next one-minute time interval’s volume-weighted median price is used as the volume-weighted median price. This contingency rule is applied recursively if necessary.
If no observable transactions from constituent markets occur during any one-minute time intervals, excluding the first and last one-minute time intervals in the Calculation Window, the next one-minute time interval’s volume-weighted median price is used as the volume-weighted median price. This contingency rule is applied recursively if necessary.
If no observable transactions from constituent markets occur during the last one-minute time interval, the previous time interval’s volume-weighted median price is used as the volume-weighted median price. This contingency rule is applied recursively if necessary.
If no observable transactions from constituent markets exist during the Calculation Period for a reference rate, the reference rate will be determined to equal the previous hourly reference rate in which there were trades during that hour’s Observation Window.
The calculation algorithm of the CM Reference Rates for the real-time frequencies is described below.
Calculate the volume denominated in units of the given asset from observable transactions that occurred over the trailing 60 minutes for each of the Constituent Markets. Calculate the volume weight for each of the Constituent Markets by dividing the volume figure for each of the Constituent Markets by the total volume across all Constituent Markets. The resulting figure is referred to as the volume weight.
Convert the trade price of all observable transactions over the trailing 60 minutes for each of the Constituent Markets to U.S. dollars if necessary using the Real-Time Reference Rate calculated for Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), or Tether (USDT). Calculate the inverse variance of the trade price converted to U.S. dollars for each of the Constituent Markets using the population mean in the calculation of variance, where the population mean is defined as the mean price of all trades from Constituent Markets over the trailing 60 minutes. If a Constituent Market has an infinite or undefined inverse price variance, the inverse price variance for that Constituent Market is set to zero. Calculate the inverse price variance weight for each of the Constituent Markets by dividing the inverse price variance by the total inverse price variance across all Constituent Markets. The resulting figure is referred to as the inverse price variance weight.
Calculate the final weight for each of the Constituent Markets by taking a mean of the volume weight and the inverse price variance weight.
Extract the most recent observable transaction from each of the Constituent Markets. Convert the trade price of the most recent observable transactions to U.S. dollars if necessary using the Reference Rate calculated for Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), or Tether (USDT).
Calculate the weighted median price of the most recent observable transactions using the prices calculated in step 4 and the final weights calculated in step 3. The weighted median price is calculated by ordering the transactions from lowest to highest price, and identifying the price associated with the trades at the 50th percentile of final weight. The resulting figure is the published reference rate for the given asset.
The following contingency rules are followed to address situations where data is delayed, missing, or unavailable due to periods of illiquidity, extraordinary market circumstances, or outside factors beyond the control of Coin Metrics.
If observable transactions from a constituent market are unable to be collected due to technical problems specific to the constituent market’s exchange during the calculation of a real-time reference rate, the observable transactions from the constituent market are not included in the calculation of the specific instance of the given real-time reference rate.
If no observable transactions from constituent markets exist during the trailing 60 minutes, the value of the real-time reference rate will be determined to equal the value calculated during the previous second.
The Principal Market Prices are published once per second, every day of the year, and represent the price of one unit of the asset quoted in U.S. dollars.
The Principal Market Prices were developed taking into account the requirements of IFRS 13 and FASB ASC 820 accounting guidelines defining what a Principal Market is and how it should be selected. These guidelines also allow for additional controls to verify the market is active and trades are orderly.
As Coin Metrics already provides the CM Reference Rates methodology to price cryptocurrencies which we believe to be robust and stable, it is worth briefly describing the philosophy behind producing the Principal Market Prices to supplement the reference rates. The first and most significant criteria is that certain regulatory agencies require a methodology consistent with the aforementioned accounting principles. These principles clearly describe the preferred “fair market value” calculation as one which identifies a Principal Market by trade volume and tracks executed trades in that market.
Beyond external requirements, the benefits for a Principal Market Prices methodology are that it is clearly defined and auditable. The price is always taken from a single market, which tends to remain constant, and can easily be traced and verified for a given time stamp. We minimize computations being done on the price, which reduces the likelihood of unforeseen behavior. Additionally, the trades are always taken from the exchange where the most of the activity occurs, which is a characteristic users are interested in.
Like all things in life, this comes with some trade offs. Our CM Reference Rates look for a central tendency among several markets. In some cases this can avoid volatility and the presence of outliers if the Principal Market Prices deviate from the global average, but it also means that the final price may be taken from comparatively insignificant market where the price is between the prices of markets of larger volume. With these trade-offs in mind, our methodology seeks to err on the side of trusting the largest market by volume of trades and only excludes a market in extreme situations.
We also attempt to avoid numerical comparisons of the price between markets in the methodology, in order to minimize the possibility that a price anomaly in another market could affect the calculation. Our CM Reference Rates by contrast choose to combine multiple markets to identify a more stable price representative of the global environment.
The set of assets included in the Principal Market Prices coverage universe are included in Appendix A.
The calculation algorithm of the Principal Market Prices is described below.
Consider the list of Constituent Markets selected by the Market Selection Framework.
Identify any inactive markets, and exclude all trades associated with the inactive market. A market is considered inactive if it meets the following conditions: (1) The last trade was more than 1-minute ago and the last trade was either: longer than 10 minutes from the calculation time or longer than 100 * [mean trade interval], (2) The mean trade interval is defined as the the average of all intervals between sequential trades in the window 0 to 60 minutes before the calculation time. For example, if trades occur at timestamps [00:02, 00:12, 00:37, 01:15], the mean trade interval will be mean([10 seconds, 25 seconds, 38 seconds]) = 23.3 seconds.
If there are no active markets, then the Principal Market Price will forward-fill the last non-null value available.
Check if any trades in the markets are not considered orderly (IFRS 13.B37-B38). Exclude any non-orderly trades from the calculation. This is accomplished by examining the window 60 to 120 minutes before the calculation time to calculate a reference standard deviation of prices in each market separately. If there are insufficient trades to calculate a standard deviation, then all trades are considered orderly (i.e. no trades are dropped if there is sparse data).
We then partition the calculation window 0 to 60 minutes before the calculation time into 60 one-minute time intervals and calculate how far each trade is from the mean price of trades from that market in the one-minute time interval the trade resides in.
Finally, we exclude trades that occur more than three reference standard deviations from the mean price of trades within a particular one-minute time interval. We require at least five trades occur in a particular one-minute time interval in order to exclude trades. The two parameters (3 reference deviations and 5 trades) may be adjusted in the future.
Identify the active market with the largest volume of orderly trades in the calculation window 0 to 60 minutes before the calculation time. This will serve as the Principal Market (IFRS 13.16, FASB ASC 820-35-5).
Use the most recent orderly trade from the Principal Market and publish its price as the Principal Market Price.
All observable transactions from constituent markets are evaluated using a systematic data quality control process. If potential errors or anomalies in the data are detected, the exercise of expert judgment will be applied to determine if the potentially erroneous data is included in the calculation of the price. The exercise of expert judgment in this circumstance is used to determine if the potentially erroneous data reflects observable transactions that are entered into at arm’s length between buyers and sellers and constitute an active market in the underlying asset, whether the observable transactions in question are formed by the competitive forces of supply and demand, and whether the observable transactions in question are a credible indicator of executable prices in the underlying asset. The exercise of expert judgment may include adding or removing markets from the set of constituent markets for a particular asset.
An investigation into the causes of the potential error, including whether any price deviations are specific to the exchange itself, is conducted. Any exercise of expert judgment is subject to dual approval by staff members, and is logged and reported to the Oversight Committee which periodically reviews the application of expert judgment to ensure consistency.
The following table lists the current coverage universe:
Bitcoin
btc
Bitcoin Cash
bch
Litecoin
ltc
Euro
eur
XRP
xrp
Ethereum
eth
Ethereum Classic
etc
British Pound
gbp
Zcash
zec
Monero
xmr
Dash
dash
Japanese Yen
jpy
IOTA
miota
EOS
eos
OMG Network
omg
Neo
neo
Metaverse ETP
etp
Qtum
qtum
Aventus
avt
Bitcoin Gold
btg
Streamr
data
QASH
qash
Status
snt
Basic Attention Token
bat
Decentraland
mana
FUNToken
fun
0x
zrx
TRON
trx
iExec RLC
rlc
Augur
rep
aelf
elf
IOST
iost
Request
req
Loopring
lrc
WAX
waxp
Aragon
ant
Mithril
mith
Storj
storj
Stellar
xlm
Verge
xvg
Lympo
lym
Maker
mkr
VeChain
vet
Kyber Network Crystal
knc
xMoney
utk
Ripio Credit Network
rcn_ripiocreditnetwork
Polymath
poly
Fusion
fsn
Cortex
ctxc
Zilliqa
zil
Bancor
bnt
NEM
xem
BNB
bnb
Gas
gas
Tether
usdt
OAX
oax
district0x
dnt
Waltonchain
wtc
SONM
snm
Chainlink
link
Moeda Loyalty Points
mda
Metal DAO
mtl_metal
AirSwap
ast
Viberate
vib
Powerledger
powr
Ark
ark
Enjin Coin
enj
Komodo
kmd
NULS
nuls
AirDAO
amb
Quantstamp
qsp
BitShares
bts
Lisk
lsk
Etherparty
fuel
Bitcoin Diamond
bcd
AdEx
adx
Cardano
ada
Waves
waves
ICON
icx
PIVX
pivx
OST
ost
Civic
cvc
Steem
steem
Nano (New)
nano
Bluzelle
blz
Aeternity
ae
Ontology
ont
Wanchain
wan
Syscoin
sys
Ardor
ardr
Holo
hot_holo
Loom Network
loom
Bytecoin
bcn
TrueUSD
tusd
Horizen
zen
Theta Network
theta
IoTeX
iotx
QuarkChain
qkc
SelfKey
key
Siacoin
sc
Nebulas
nas
Dent
dent
Dock
dock
Gnosis
gno
Canadian Dollar
cad
Enzyme
mln
Dogecoin
doge
Bytom
btm
BitKan
kan
Arcblock
abt
ACENT
ace
Achain
act
Auto
auto
CyberVein
cvt
Decred
dcr
DigiByte
dgb
InsurAce
insur
Cred
lba
Measurable Data Token
mdt
NAGA
ngc
TenX
pay
Revain
rev
Ren
ren
SwftCoin
swftc
TokenClub
tct
VITE
vite
Odyssey
ocn
Huobi Token
ht
Elastos
ela
WaykiChain
wicc
DeepBrain Chain
dbc
Propy
pro
Open Campus
edu
Bibox Token
bix
HyperCash
hc_hypercash
MaidSafeCoin
maid
Amp
amp
Chrono.tech
time
Pluton
plu
Tezos
xtz
Stacks
stx
Atletico De Madrid Fan Token
atm
PolySwarm
nct
Kin
kin
IndiGG
indi
Wilder World
wild
OriginTrail
trac
Nexo
nexo
Telcoin
tel
Cryptex Finance
ctx
Berry
berry
Crypterium
crpt
IHT Real Estate Protocol
iht
VeThor Token
vtho
DxChain Token
dx
CEEK VR
ceek
Carry
cre
Oxygen
oxy
UNUS SED LEO
leo
Sentinel Protocol
upp
Game.com
gtc_gamecom
MediBloc
med
Creditcoin
ctc
NKN
nkn
Moss Coin
moc
Callisto Network
clo
Uquid Coin
uqc
Korean won
krw
IQ
iq
Ravencoin
rvn
LBRY Credits
lbc
Unbound
unb
Memecoin
meme
Numeraire
nmr
Russian Ruble
rub
Ukrainian Hryvnia
uah
Turkish Lira
try
Australian Dollar
aud
BOB
bob
Brazilian Real
brl
Swiss Franc
chf
Ethernity
ern
Mantle
mnt
Ronin
ron
Singapore Dollar
sgd
OpenDAO
sos
Dragonchain
drgn
Kleros
pnk
USD Coin
usdc
KuCoin Token
kcs
Paxos Standard
pax
Gemini Dollar
gusd
Constellation
dag
Nimiq
nim
GoChain
go
Electroneum
etn
Bitcoin SV
bsv
Artificial Liquid Intelligence
ali
MXC
mxc
Livepeer
lpt
RSK Infrastructure Framework
rif
v.systems
vsys
Grin
grin
Project Portal
portal
Lambda
lamb
Dora Factory
dora
Beam
beam
Unibright
ubt
Only1
like
FTX Token
ftt
Kryll
krl
Fetch.ai
fet
Ontology Gas
ong_ontologygas
Ankr
ankr
Quant
qnt
SOLVE
solve
Aergo
aergo
Circuits of Value
coval
Cronos
cro
Cosmos
atom
Orbs
orbs
Theta Fuel
tfuel
BORA
bora
Function X
fx
IRISnet
iris
Celer Network
celr
ABBC Coin
abbc
Verasity
vra
Wrapped Bitcoin
wbtc
Polygon
matic
Litentry
lit
Fantom
ftm
Algorand
algo
Dusk
dusk
XYO
xyo
Ocean Protocol
ocean
Celsius
cel
RFOX
rfox
Synthetix
snx
ThunderCore
tt
MovieBloc
mbl
Reserve Rights
rsr
STP
stpt
Harmony
one_harmony
ARPA
arpa
Phoenix
phb
WINkLink
win_wink
Binance USD
busd
Dai
dai
Tether Gold
xaut
PAX Gold
paxg
OKB
okb
Hedera
hbar
Nervos Network
ckb
Solar
sxp
Terra Classic
luna
Chiliz
chz
ROOBEE
roobee
Orchid
oxt
LCX
lcx
Nahmii
nii
WazirX
wrx
Band Protocol
band
Kusama
ksm
Hive
hive
GateToken
gt
Kava
kava
MX TOKEN
mx
Arweave
ar
Compound
comp
Keep Network
keep
Origin Protocol
ogn
Render Token
rndr
Contentos
cos
PERL.eco
perl
TROY
troy
DREP
drep
LTO Network
lto
COTI
coti
Solana
sol
Cartesi
ctsi
Chromia
chr
StormX
stmx
BIDR
bidr
Polkadot
dot
Celo
celo
Filecoin
fil
Play Token
play
BABB
bax
sUSD
susd
AVA
ava
Wirex Token
wxt
Syntropy
noia
VIDT DAO
vidt
Akropolis
akro
Ampleforth
ampl
Newscrypto
nwc
Bepro
bepro
SENSO
senso
XDB CHAIN
xdb
Sylo
sylo
WOM Protocol
wom
KardiaChain
kai
Energy Web Token
ewt
Wrapped Ether
weth
yearn.finance
yfi
UMA
uma
Avalanche
avax
BOSagora
boa
JUST
jst
Bifrost
bfc
Brazilian Digital Token
brz
DEAPcoin
dep
DIA
dia
FIO Protocol
fio
ForTube
for
Green Satoshi Token
gst
Helium
hnt
IDEX
idex
Kadena
kda
Klaytn
klay
MUX Protocol
mcb
MixMarvel
mix
MiL.k
mlk
mStable Governance Token: Meta (MTA)
mta
Meter Stable
mtr
Meter Governance
mtrg
NEST Protocol
nest
MANTRA
om
Orion
orn
Polygon Ecosystem Token
pol
Prom
prom
PARSIQ
prq
Rocket Pool
rpl
THORChain
rune
ShareToken
shr
Sologenic
solo
Sperax
spa
Serum
srm
SUKU
suku
tBTC
tbtc
Polytrade
trade
Tellor
trb
BiLira
tryb
UFO Gaming
ufo
Curve DAO Token
crv
Velas
vlx
Wrapped NXM
wnxm
XPR Network
xpr
DFI.Money
yfii
Balancer
bal
SushiSwap
sushi
Swerve
swrv
Cream Finance
cream
Sun Token
sun
MultiversX
egld
Uniswap
uni
Alchemy Pay
ach
Aleph.im
aleph
Bella Protocol
bel
dForce
df
Frontier
front
Klever
klv
TrustSwap
swap
Toncoin
ton
TerraClassicUSD
ust
Handshake
hns
Ultra
uos
BakeryToken
bake
BurgerCities
burger
Aavegotchi
ghst
New BitShares
nbs
Rarible
rari
Velo
velo
Aave
aave
PancakeSwap
cake
DODO
dodo
Harvest Finance
farm
Polkastarter
pols
RioDeFi
rfuel
Secret
scrt
Venus
xvs
Core
core
Dego Finance
dego
Ergo
erg
MATH
math
NEAR Protocol
near
DeFiChain
dfi
Audius
audio
Axie Infinity
axs
Conflux
cfx
Shentu
ctk
Celo Dollar
cusd
Kava Lend
hard
Hyve
hyve
Injective
inj
Keep3rV1
kp3r
Oasys
oas
Smooth Love Potion
slp
DEXTools
dext
StaFi
fis
Flamingo
flm
Oasis Network
rose
TrueFi
tru
Unifi Protocol DAO
unfi
Golem
glm
Hegic
hegic
API3
api3
Badger DAO
badger
Firo
firo
MobileCoin
mob
Synapse
syn
Virtua
tvk
The Graph
grt
1inch
1inch
Stella
alpha
OctoFi
octo
saffron.finance
sfi
Perpetual Protocol
perp
AS Roma Fan Token
asr
BarnBridge
bond
Cobak Token
cbk
Furucombo
combo
CUDOS
cudos
DeXe
dexe
Bonfida
fida
Frax
frax
Frax Share
fxs
Hydra
hydra
Juventus Fan Token
juv
Linear
lina
MahaDAO
maha
Mdex
mdx
Mirror Protocol
mir
Nord Finance
nord
OG Fan Token
og
OKT Chain
okt
Marlin
pond
Paris Saint-Germain Fan Token
psg
REVV
revv
Rook
rook
Trust Wallet Token
twt
Huobi BTC
hbtc
Flow
flow
Stratis
strax
VAIOT
vai
Reef
reef
Bitcoin Standard Hashrate Token
btcst
The Sandbox
sand
SafePal
sfp
SKALE
skl
Phala Network
pha
WOO
woo
Raydium
ray
AC Milan Fan Token
acm
Akash Network
akt
Alchemix
alcx
Alpha Quark Token
aqt
Forj
bondly
DAO Maker
dao
Dypius (Old)
dyp
HAPI Protocol
hapi
HOPR
hopr
Ideaology
idea
Inverse Finance
inv
UniLayer
layer
MAPS
maps
Mask Network
mask
Muse
muse
NFTX
nftx
Oraichain
orai
Pando
pando
PolkaBridge
pbr
Prosper
pros
BENQI
qi
Radworks
rad
Rally
rly
SparkPoint
srk
SuperVerse
super
Tornado Cash
torn
AIOZ Network
aioz
Alpaca Finance
alpaca
Anchor Protocol
anc
Boson Protocol
boson
Convergence
conv
DSLA Protocol
dsla
Fei USD
fei
Fire Protocol
fire
Flux
flux
Franklin
fly
Galxe
gal
Illuvium
ilv
JasmyCoin
jasmy
Konomi Network
kono
Polkacity
polc
Pastel
psl
Rai Reflex Index
rai
Strike
strk
Alien Worlds
tlm
Tribe
tribe
Curate
xcur
XSGD
xsgd
Symbol
xym
Internet Computer
icp
Shiba Inu
shib
FC Barcelona Fan Token
bar
SpookySwap
boo
Somnium Space Cubes
cube
Dogelon Mars
elon
EasyFi
ez
Ampleforth Governance Token
forth
Gitcoin
gtc
Hot Cross
hotcross
Ispolink
isp
Kishu Inu
kishu
Liquity
lqty
Media Network
media
MVL
mvl
APENFT
nft
Origin Dollar
ousd
Songbird
sgb
Step Finance
step
Standard
stnd
Telos
tlos
Persistence
xprt
Liquity USD
lusd
Lido DAO
ldo
Baby Doge Coin
babydoge
BitDAO
bit
Coin98
c98
Ternoa
caps
Celo Euro
ceur
Centrifuge
cfg
Tranchess
chess
CLV
clv
Covalent
cqt
Cratos
crts
Convex Finance
cvx
DeRace
derc
Dvision Network
dvi
EPIK Prime
epik
Gala
gala
Goldfinch
gfi
GAMEE
gmee
Metahero
hero
IAGON
iag
Jupiter
jup
Karura
kar
Lithium
lith
MOBOX
mbox
Mango
mngo
Moonriver
movr
Orbit Chain
orc
PlayDapp
pla
Pangolin
png
Qredo
qrdo
RadioCaca
raca
SuperRare
rare
Router Protocol
route
SingularityDAO
sdao
Shiden Network
sdn
Seedify.fund
sfund
Solanium
slim
SOMESING
ssx
StarLink
starl
Wing Finance
wing
Wrapped NCG
wncg
SideShift Token
xai
Avalaunch
xava
XCAD Network
xcad
eCash
xec
Yield Guild Games
ygg
Yield App
yld
Unizen
zcx
Pax Dollar
usdp
My Neighbor Alice
alice
ASD
asd
XDC Network
xdc
Mina
mina
Adventure Gold
agld
Star Atlas DAO
polis
dYdX
dydx
Spell Token
spell
Angle
angle
Ariva
arv
Assemble Protocol
asm
AstroSwap
astro
Star Atlas
atlas
Aurory
aury
Beta Finance
beta
Bloktopia
blok
BinaryX
bnx
Braintrust
btrst
Manchester City Fan Token
city
Clearpool
cpool
DOSE
dose
EQIFI
eqx
FLOKI
floki
Gods Unchained
gods
GooseFX
gofx
Highstreet
high
JOE
joe
S.S. Lazio Fan Token
lazio
Doge Killer
leash
Moss Carbon Credit
mco2
Marinade Staked SOL
msol
Nakamoto Games
naka
Opulous
opul
Orca
orca
Paribus
pbx
Pendle
pendle
Port Finance
port
Ribbon Finance
rbn
Samoyedcoin
samo
Saber
sbr
ssv.network
ssv
Strips Finance
strp
Tokemak
toke
Vega Protocol
vega
VEMP
vemp
Wrapped Centrifuge
wcfg
X World Games
xwg
Cere Network
cere
Mines of Dalarnia
dar
Ethereum Name Service
ens
GM Wagmi
gm
GYEN
gyen
Immutable
imx
KOK
kok
Magic Internet Money
mim
O3 Swap
o3
PixelVerse
pixel
FC Porto Fan Token
porto
ParaSwap
psp
SHILL Token
shill
Alkimi
ads
Aurora
aurora
Binance Beacon ETH
beth
Boba Network
boba
Everscale
ever
Genopets
gene
Merit Circle
mc
Maple
mpl
Connext Network
next
Numbers Protocol
num
ConstitutionDAO
people
Santos FC Fan Token
santos
Symbiosis
sis
TRVL
trvl
Wrapped liquid staked Ether 2.0
wsteth
BitTorrent (new)
bttc
Vulcan Forged (PYR)
pyr
Radix
xrd
Tether EURt
eurt
SPACE ID
id
Casper
cspr
Automata Network
ata
PlatON
lat
ApeCoin
ape
LooksRare
looks
Moonbeam
glmr
Tulip Protocol
tulip
Osmosis
osmo
GMT
gmt
Biconomy
bico
Alpine F1 Team Fan Token
alpine
Astar
astr
Biswap
bsw
PowerPool
cvp
Decentralized Social
deso
Gari Network
gari
Guild of Guardians
gog
Index Cooperative
index
UNKJD
mbs
Multichain
multi
Optimism
op
REI Network
rei
SHPING
shping
Stargate Finance
stg
Umee
umee
Voxies
voxel
Zebec
zbc
Acala Token
aca
Bounce Token
auction
Eden
eden
Ellipsis
epx
Shapeshift FOX Token
fox
Geojam Token
jam_geojam
League of Kingdoms Arena
loka
Metis
metis
Ooki Protocol
ooki
Pundi X
pundix
Threshold
t
Toko Token
tko
UniLend
uft
Voyager Token
vgx
USDD
usdd
Chia
xch
EURC
euroc
Beefy
bifi_beef
Lido Staked ETH
steth
poundtoken
gbpt
Terra 2.0
luna2
Nano
xno
Onyxcoin
xcn
NYM
nym
WEMIX
wemix
Step App
fitfi
Sweat Economy
sweat
FirmaChain
fct2
Tokenlon Network Token
lon
pSTAKE Finance
pstake
Vesper
vsp
Walken
wlkn
Swarm
bzz
GuildFi
gf
LeverFi
lever
Euler
eul
Bifrost Native Coin
bnc
GensoKishi Metaverse
mv
EthereumPoW
ethw
DappRadar
radar
ParagonsDAO
pdt
Reflexer Ungovernance Token
flx
JUNO
juno
Altered State Token
asto
BreederDAO
breed
Arsenal Fan Token
afc
Aptos
apt
Axelar
axl
Bubblefong
bbf
Bitcicoin
bitci
Cult DAO
cult
Coinweb
cweb
Forta
fort
GMX
gmx
Hashflow
hft
LABEL Foundation
lbl
Marinade
mnde
Metaplex
mplx
NEOPIN
npt
Polymesh
polyx
SIDUS
sidus
XEN Crypto
xen
XPLA
xpla
Agoric
bld
Avocado DAO Token
avg
ECOx
ecox
Evmos
evmos
Stader
sd
Tribal Finance
tribl
Argentine Football Association Fan Token
arg
Bonk
bonk
Hooked Protocol
hook
SpaceMine
mine
Vita Inu
vinu
Volt Inu
volt
Dogechain
dc
Flare
flr
Hifi Finance
hifi
PREMA
prmx
Friends With Benefits Pro
fwb
Mythos
myth
StakeWise
swise
Access Protocol
acs
Blur
blur
Dimitra
dmtr
DeFi Kingdoms
jewel
Dopex
dpx
Angle Protocol
ageur_eth
Magic
magic
Arbitrum
arb
Bone ShibaSwap
bone
Bitgert
brise
Gifto
gft
Gains Network
gns
Onomy Protocol
nom
Echelon Prime
prime
Radiant Capital
rdnt
SingularityNET
agix
Wrapped Axelar
waxl
XANA
xeta
Blockchain Brawlers
brwl
IguVerse
igu
KCAL
kcal
MOVEZ
movez
Push Protocol
push
RSS3
rss3
Aleph Zero
azero
Amazy
azy
BoringDAO
boring
Caduceus
cmp
Cryowar
cwar
Everdome
dome
Ertha
ertha
TopGoal
goal
Camelot Token
grail
GetKicks
kicks
Lumerin
lmr
MagicCraft
mcrt
Morpheus.Network
mnw
Gold Fever
ngl
Nodle
nodl
Origin DeFi Governance
ogv
OpenLeverage
ole
Orbcity
orb
Pocket Network
pokt
PUMLx
pumlx
RankerDAO
ranker
Skeb Coin
skeb
Splintershards
sps
Bit.Store
store
StreamCoin
strm
Victoria VR
vr
Moonwell
well
WeWay
wwy
XDEFI
xdefi
LayerAI
lai
Pepe
pepe
ArbDoge AI
aidoge
ASTRA Protocol
astra
Beldex
bdx
CANTO
canto
Cetus Protocol
cetus
ChainGPT
cgpt
FINSCHIA
fnsa
Fuse
fuse
Izumi Finance
izi
Karate Combat
karate
Kaspa
kas
Milady Meme Coin
ladys
MongCoin
mong
Myria
myria
Superpower Squad
squad
Sui
sui
SUIA
suia
Tamadoge
tama
TENET
tenet
tomiNet
tomi
TomTomCoin
toms
Turbo
turbo
Turbos Finance
turbos
VVS Finance
vvs
WiFi Map
wifi
World Mobile Token
wmt
Wojak
wojak
COMBO
combo_combo
Lybra Finance
lbr
Maverick Protocol
mav
Rollbit Coin
rlb
Tortuga Finance Aptos
tapt
Shimmer
smr
Vela Exchange
vela
Bitget Token
bgb
Quickswap
quick_new
Arkham
arkm
DexCheck
dck
UniBot
unibot
Worldcoin
wld
Neon EVM
neon
First Digital USD
fdusd
Sei
sei
Wombat Exchange
wom_wombatexchange
ORDI
ordi
r/CryptoCurrency Moons
moon
Big Time
bigtime
r/FortNiteBR Bricks
brick
CyberConnect
cyber
LimeWire
lmwr
MARBLEX
mbx
Neutron
ntrn
Bittensor
tao_bittensor
Celestia
tia
Veloce
vext
Wall Street Memes
wsm
ZELIX
zelix
ZTX
ztx_ztx
Viction
vic
BEAM (Merit Circle)
beamx
Pyth Network
pyth
SwissBorg
borg
Hunt Town
hunt
DIMO
dimo
PayPal USD
pyusd
SATS (Ordinals)
sats
Bitcoin Cats
1cat
analoS
analos
Moon App
app
Communis
com
Coq Inu
coq
Chainflip
flip
Inspect
insp
Jito
jto
Manta Network
manta
Multibit
mubi
Myro
myro
NFPrompt
nfp
Ondo
ondo
Port3 Network
port3
The Root Network
root
RepubliK
rpk
Saros
saros
Shrapnel
shrap
Silly Dragon
silly
sols
sols
TokenFi
token
TurtSat
turt
Vanar Chain
vanry
Vertex Protocol
vrtx
dogwifhat
wif
Zignaly
zig
ZKFair
zkf
Pepe 2.0
pepe2
Artyfact
arty
Rats
rats
Dypius
dyp_new
Sleepless AI
ai_sleeplessai
Fusionist
ace_fusionist
Dymension
dym
The following table lists the weights applied to each one-minute time interval described in Section 5.4 Calculation Algorithm.
0
0.000000
1
0.000526
2
0.001052
3
0.001578
4
0.002104
5
0.002630
6
0.003156
7
0.003682
8
0.004208
9
0.004734
10
0.005260
11
0.005786
12
0.006312
13
0.006838
14
0.007364
15
0.007890
16
0.008416
17
0.008942
18
0.009468
19
0.009994
20
0.010520
21
0.011046
22
0.011572
23
0.012098
24
0.012624
25
0.013150
26
0.013676
27
0.014202
28
0.014728
29
0.015254
30
0.015780
31
0.016306
32
0.016832
33
0.017358
34
0.017884
35
0.018410
36
0.018936
37
0.019462
38
0.019988
39
0.020514
40
0.021040
41
0.021566
42
0.022092
43
0.022618
44
0.023144
45
0.023670
46
0.024196
47
0.024722
48
0.025248
49
0.025774
50
0.026300
51
0.026826
52
0.027352
53
0.027878
54
0.028404
55
0.028930
56
0.029456
57
0.029982
58
0.030508
59
0.050000
60
0.050000
Version 1.6 on March 28, 2024: Added clarifying language on how candidate markets are selected. The coverage universe is expanded to include the following assets: zeta, htx, mavia, dmail, defi, far, lends, aitech, ice_icenetwork, navx, bome, planet, weeth, nos. The following assets are terminated from the coverage universe: ssx, rev, pla.
Version 1.5 on March 8, 2024: The coverage universe is expanded to include the following assets: jup wif ondo arty pixel nfp portal coq flip myro vrtx ace_fusionist app rats root rpk saros shrap zkf ai_sleeplessai com insp pepe2 port3 token zig 1cat dyp_new mubi turt analos tao_bittensor silly sols dym. The following assets are terminated from the coverage universe: quick, phnx.
Version 1.4 on January 25, 2024: The coverage universe is expanded to include the following assets: pyusd, pyth, xai, beamx, sats, vic, hopr, borg, cbk, dck, combo, xsgd, dimo, hunt, manta, mvl, dext, gog, moc, upp, bzz, mix, bax, layer, gene, pbx, phnx, hapi, idea, lmr, maha, nord, srk, jto, vext, vanry. The following assets are terminated from the coverage universe: zks, ice, jet, srn, cover, saitama.
Version 1.3 on December 13, 2023: Modify data inputs section to remove usage of Market Selection Framework and replace it with the Trusted Exchange Framework. Modify logic used to generate candidate markets and select constituent markets. The coverage universe is expanded to include the following assets: ace, act, insur, ngc, wild, ctx, cre, clo, unb, meme, like, rfox, roobee, play, nwc, bepro, weth, mcb, mlk, pol, trade, ufo, rfuel, hyve, hydra, okt, hbtc, aqt, bondly, muse, orai, pando, pbr, dsla, kono, psl, xcur, isp, stnd, caps, crts, derc, epik, gmee, orc, png, route, sdao, slim, xava, yld, zcx, blok, eqx, leash, naka, opul, vega, xwg, cere, jet, o3, shill, ads, next, trvl, wsteth, lat, deso, wlkn, bnc, pdt, bbf, cweb, lbl, npt, xpla, arg, mine, fwb, swise, dmtr, ageur_eth, nom, waxl, brwl, push, azero, azy, boring, cmp, cwar, dome, ertha, goal, kicks, mcrt, mnw, ngl, nodl, ogv, ole, orb, pokt, pumlx, ranker, skeb, sps, store, vr, well, wwy, xdefi, bdx, fnsa, fuse, izi, karate, myria, suia, tama, toms, vvs, wifi, wmt, lbr, unibot, fdusd, wom_wombatexchange, ordi, moon, bigtime, brick, cyber, lmwr, mbx, ntrn, tia, wsm, zelix, ztx_ztx. The following assets are terminated from the coverage universe: tomo, efi, ddx, cra, onston, sdl, mona, ignis, vtc, rdd, nxt.
Version 1.2 on November 8, 2023: Removes language around policies and oversight which are contained in the Coin Metrics Prices Policies.
Version 1.1 on August 15, 2023: The coverage universe is expanded to include the following assets: ali, dep, hotcross, tlos, cfg, lith, sfund, dose, num, sis, jam_geojam, mv, mplx, sidus, acs, blur, arb, snm, fuel, tct, edu, bob, mnt, ron, cos, perl, troy, vidt, wom, brz, fio, mtr, mtrg, solo, spa, xpr, df, burger, nbs, hard, cover, vai, ez, ousd, iag, mngo, wing, aury, gofx, ice, pendle, xrd, id, mbs, umee, tko, uft, radar, mnde, xen, vinu, volt, prmx, myth, bone, brise, gft, gns, prime, rdnt, agix, xeta, igu, kcal, movez, rss3, grail, strm, lai, pepe, aidoge, astra, canto, cetus, cgpt, kas, ladys, mong, squad, sui, tenet, tomi, turbo, turbos, wojak, combo_combo, mav, rlb, tapt, hades, smr, vela, bgb, quick_new, arkm, wld, neon, sei. The following assets are terminated from the coverage universe: nu, usdk, chat, cmt, mof, inx, qlc, renbtc, dta, hkd, cocos, rsv, xhv, nrg, aoa, seele, ohm, tnb, path, ncash, hades.
Version 1.0 on March 16, 2023: Initial publication of Coin Metrics Pricing Methodology. Previous versions of this document were contained in our Market Selection Framework, Hourly Reference Rates Methodology, Real-Time Reference Rates Methodology, and Principal Mark Price Methodology. Those four documents are now consolidated into the Coin Metrics Pricing Methodology. The coverage universe is expanded to include the following assets: bonk, cusd, cra, jewel, apt, asto, aurora, avg, axl, bld, breed, ceur, cpool, ecox, evmos, flx, fly, fort, gf, index, indi, inx, multi, path, rpl, rsv, sd, sdl, tbtc, tribl, gmx, bifi_beef, dpx, boo, beth, magic, juno, port, phb, kishu, lever, flr, hft, porto, polyx, lazio, atm, acm, xcad, ssv, pros, rei, qlc, dego, vite, firo, iq, bar, og, hifi, asr, dyp, time, sylo, polc, bitci, fct2, onston, vsp, afc, bsw, epx, xno, dexe, core, vemp, cult, saitama, ever, babydoge, dc, kar, fsn, hero, oas, hook, cocos. The following assets are terminated from the coverage universe: mft, hpt, hxro, usdn, aion.
Coin Metrics Real-Time Reference Rates Methodology Version 0.15 on February 9, 2023: Added a 200 milliseconds publication frequency.
Coin Metrics Hourly Reference Rates Methodology Version 2.13 and Coin Metrics Real-Time Reference Rates Methodology Version 0.14 on September 21, 2022: The coverage universe is expanded to include the following assets: loka, mc, polis, sgb, steth, frax, rai, lusd , dfi, gbpt, ooki, fis, nest, drep, math, aleph, media, luna2, t, ethw, bttc, vra, swftc, raca, pyr, mbox, sweat, fitfi, qrdo, wemix, zbc, psg, voxel, chess, prq, gari, nym, arv, cudos, efi, for, juv, cvp, mbl, auto, eden, xcn, kai, velo, akt, berry, klv, kok, senso, floki, sdn, alpine, step, eurt, bfc, toke, shping, oxy, ssx, lit, conv. The publication of reference rates is terminated for the following assets: ramp, grs, ppt, nav, itc, qc, meta, cope, zb. Minor changes to internal audit section.
Coin Metrics Hourly Reference Rates Methodology Version 2.12 and Coin Metrics Real-Time Reference Rates Methodology Version 0.13 on July 1, 2022: The coverage universe is expanded to include the following assets: fei, op, usdd, xch, gmt, bico, ctk, flm, sfp, starl, glmr, tulip, astro, sfi, gst, mob, bit, vgx, auction, pundix, stg, ata, bel, dar, gal, astr, cqt, cspr, metis, boba, twt, aca, dao, xprt, cube. The publication of reference rates is terminated for the following assets: gxs, dgtx, wluna, dgd, foam, csp, cnn, bft.
Market Selection Framework Version 1.0.2 on February 15, 2022: The selection algorithm was modified so that any market with volume, measured in U.S. dollars over the past 90 days, of less than 5 percent of the volume of the selected market with the largest volume is excluded.
Coin Metrics Hourly Reference Rates Methodology Version 2.11 and Coin Metrics Real-Time Reference Rates Methodology Version 0.12 on February 15, 2022: The coverage universe is expanded to include the following assets: xec, kda, mina, xdc, elon, flux, movr, ceek, win_wink, dvi, dusk, asd, gala, spell, ens, tru, alcx, clv, imx, agld, jasmy, farm, alice, chr, dydx, tlm, mdt, gtc, sun, c98, people, lina, rndr, ach, super, mask, quick, arpa, qi, idex, rad, bond, mir, joe, gods, front, pla, orn, ramp, rgt, fida, forth, tribe, wluna, coval, rbn, lcx, asm, ddx, suku, krl, rari, mco2, gyen, btrst, api3, rly, wcfg, musd, ilv, atlas, usdp, joe, ldo, cvx, fxs, kp3r, alpaca, bnx, boson, dora, ghst, nft, ohm, om, pond, rare, revv, stpt, torn, tvk, wncg, xym, ygg. The publication of reference rates is terminated for the following assets: hedg, eurs, bzrx, poa, wpr, dmg, cdt, phx, appc, btt, idrt, rdn, via, evx. The section “Data Inputs”, subsections “Other Cryptocurrencies Excluding Stablecoins” and “Stablecoins”, was modified to consider markets quoted in USD Coin or Tether to serve as constituent markets. The constituent markets for all assets in the coverage universe are updated. The constituent markets for all assets in the coverage universe are updated.
Coin Metrics Hourly Reference Rates Methodology Version 2.10 and Coin Metrics Real-Time Reference Rates Methodology Version 0.11 on September 28, 2021: The coverage universe is expanded to include the following assets: amp, axs, shib, audio, bake, med, dag, slp, xdb. The publication of reference rates is terminated for the following assets: agi ,btmx, dgx, ethos, mco, sngls, cpay, eng, lun, pnt. The constituent markets for all assets in the coverage universe are updated.
Coin Metrics Hourly Reference Rates Methodology Version 2.9 and Coin Metrics Real-Time Reference Rates Methodology Version 0.10 on May 27, 2021: The coverage universe is expanded to include the following assets: icp, cope, maps, btcst, ctsi, erg, woo, prom, strax, usdn, cfx, mdx, nkn, sand, fx, pha. The publication of reference rates is terminated for the following assets: tnt, npxs, zar. The constituent markets for all assets in the coverage universe are updated.
Coin Metrics Hourly Reference Rates Methodology Version 2.8 and Coin Metrics Real-Time Reference Rates Methodology Version 0.9 on April 25, 2021: The methodology was modified to add fiat currencies to the coverage universe. The coverage universe is expanded to include the following assets: eur, krw, gbp, jpy, aud, try, brl, rub, sgd, bidr, ngn, cad, chf, zar, idrt, hkd, uah, qc, klay, cake, btmx, flow, zks, stmx, skl, reef, dodo, coti, bora, cream, ray, tryb, rook. The publication of reference rates is terminated for the following assets: xzc, bcpt, yamv2, xns, tmtg, kp3r.
Coin Metrics Hourly Reference Rates Methodology Version 2.7 and Coin Metrics Real-Time Reference Rates Methodology Version 0.8 on February 23, 2021: The coverage universe is expanded to include the following assets: 1inch, alpha, octo, perp, scrt, grt, keep, xvs, nu, tel, badger.
Coin Metrics Hourly Reference Rates Methodology Version 2.6 and Coin Metrics Real-Time Reference Rates Methodology Version 0.7 on January 26, 2021: The coverage universe is expanded to include the following assets: susd, pols, ust, lto, swap, nim, lbc, mta, kp3r, glm, near, noia, rose, inj. The publication of reference rates is terminated for the following assets: gnt, fxc, bht, cmct, strat, loki. The constituent markets for all assets in the coverage universe are updated.
Coin Metrics Hourly Reference Rates Methodology Version 2.5 and Coin Metrics Real-Time Reference Rates Methodology Version 0.6 on November 5, 2020: The coverage universe is expanded to include the following assets: akro, ampl, ar, bal, bzrx, celo, comp, crv, csp, dmg, dot, foam, kin, oxt, rune, sol, srm, vtho, wbtc, wnxm, xhv, xyo, yamv2, yfi, yfii, uma, ewt, rev, rsr, avax, tmtg, jst, hnt, trac, vlx, mxc, fet, aoa, iris, pnk, mln, shr, uqc, one_harmony, trb, ogn, ava, loki, hxro, wxt, cpay, fil, uni, swrv, sushi, aave, egld, hns, dia, boa, uos, ctc, renbtc. The publication of reference rates is terminated for the following assets: arn, pma, erd, man, iq, lend. The Market Selection Framework was amended such that extremely low volume markets are less likely to be selected as a constituent market if higher volume markets of similar quality are available. The constituent markets for all assets in the coverage universe are updated.
Market Selection Framework Version 1.0.1 on November 5, 2020: The selection algorithm was modified so that any market with volume, measured in U.S. dollars over the past 90 days, of less than 1 percent of the volume of the selected market with the largest volume is excluded.
Coin Metrics Hourly Reference Rates Methodology Version 2.4 on July 29, 2020 and Coin Metrics Real-Time Reference Rates Methodology Version 0.5 on July 29, 2020: The coverage universe is expanded to include the following assets: wrx, band, ksm, usdk, snx, stx, fxc, kcs, hive, nrg, cel, ubt, chsb, crpt, bht, cvt, data, eurs, xns, gt, dgtx, kava, tt, sxp, mx, ocean, erd, lpt. The publication of reference rates is terminated for the following assets: storm, gto. A revision policy was amended. The constituent markets for all assets in the coverage universe are updated.
Coin Metrics Hourly Reference Rates Methodology Version 2.3 on February 27, 2020 and Coin Metrics Real-Time Reference Rates Methodology Version 0.4 on February 27, 2020: The coverage universe is expanded to include the following assets: xaut, paxg, husd, dgx, busd, ftt, hedg, okb, zb, hbar, ckb, mof, vsys, cennz, luna, chz, seele, dx, matic, abbc, rif, tomo, hpt, and ant.
Coin Metrics Hourly Reference Rates Methodology Version 2.2 on February 6, 2020 and Coin Metrics Real-Time Reference Rates Methodology Version 0.3 on February 6, 2020: The constituent markets for all assets in the coverage universe are updated. The coverage universe is adjusted to remove the following assets: box, cosm, fsn, medx, pst, and ttc_protocol. The coverage universe was expanded to include Dai and the previous asset with this name was renamed to Sai to appropriately reflect MakerDAO’s transition from Single-Collateral Dai (Sai) to Multi-Collateral Dai (Dai).
Coin Metrics Hourly Reference Rates Methodology Version 2.1 on December 9, 2019 and Coin Metrics Real-Time Reference Rates Methodology Version 0.2 on December 9, 2019: The coverage universe is expanded to include the following assets: algo and beam. Updated calculation methodology to include price inverse variance weighting to reduce the impact of outliers.
Coin Metrics Real-Time Reference Rates Methodology Version 0.1 on August 30, 2019: Initial publication of Real-Time Reference Rates Methodology.
Coin Metrics Hourly Reference Rates Methodology Version 2.0 on July 8, 2019: Increased publication times from once daily at midnight UTC to once hourly. Changed human oversight from once daily at midnight UTC to once daily at 16:00 New York time.
Coin Metrics Hourly Reference Rates Methodology Version 1.2 on June 13, 2019: The coverage universe is expanded to include the following assets: gno, hot_holo, maid, nuls, qkc, rdd, rvn, zen, and mona.
Coin Metrics Hourly Reference Rates Methodology Version 1.1 on May 30, 2019: Updated data contingency rules. If no observable transactions from constituent markets occur during a one-minute time interval, the next one-minute time interval’s volume-weighted median price is used instead of the previous. This contingency rule is applied recursively.
Coin Metrics Hourly Reference Rates Methodology Version 1.0 on May 13, 2019: Initial publication of Reference Rates Methodology.
Market Selection Framework Version 1.0.0 on May 13, 2019: Initial publication of Market Selection Framework.