Cosmos’ Atom, Solana’s native currency and Internet Computer (formerly Dfinity) all entered the CoinDesk 20 in this quarter’s reconstitution, in a shift where Web 3 software platforms, tools and infrastructure replaced decentralized finance (DeFi) and DeFi-related applications among the most-traded currencies in crypto.
The three new currencies replaced Aave, The Graph and Uniswap, reversing a trend earlier in the year, in which listings of DeFi assets on major centralized exchanges propelled them into the CoinDesk 20 and remade the list.
The CoinDesk 20 is a list of the top 20 cryptocurrencies by volume, as measured on a select list of trusted exchanges. The list is reconstituted quarterly, using data observed over the prior two quarters. The full list is here. A full description of the methodology can be found here. Volume data is provided by Nomics.
All three of the new currencies are related to Web 3, a category of cryptocurrency projects aimed at providing globally decentralized and permissionless computer networks. Here’s a brief introduction to the new assets in the CoinDesk 20:
- Solana trades under the ticker SOL. It’s the native currency of a project by the same name that aims to deliver a faster, more cost-efficient Web 3 platform for decentralized applications. As such, it is a competitor to Ethereum.
- Atom trades under the ticker ATOM. It’s the native currency of Cosmos, a project that looks to provide Web 3 developers with tools to allow interoperability between blockchains. It is sometimes referred to as an “internet of blockchains.”
- Internet Computer trades under the ticker ICP. It’s the native currency of a project by the same name that aims to provide a network of cloud computing providers accessible via the ICP token – essentially a decentralized version of Amazon Web Services. Internet Computer was formerly known as Dfinity.
The three replaced assets are all DeFi-related:
- Aave is the native currency of a lending application that sets interest rates and serves depositors and borrowers.
- The Graph is a decentralized data indexing service that manages data from Web 3 projects. It is widely used by DeFi applications.
- Uniswap is among the largest decentralized exchanges by volume and its native token is one of the top DeFi currencies by market cap.
This quarter’s reconstitution of the CoinDesk 20 came later than expected, due to technical issues with the CoinDesk 20 page on coindesk.com.