The BitUSD CoinMarketCap (CMC) price information has made some folks speculate about a broken peg (looking at you, Twitter!). The first thing to mention, is they are wrong about that! You can rest assured, the actual BitUSD fundamentals are fully operating. One BitUSD is still redeemable for almost exactly $1 USD worth of BTS. It is also inaccurate to speculate that traders were profiting or losing from a high price, as the temporarily high prices showing in CMC mostly came from stale pairs with minuscule volume or ‘dust’ orders.
The crypto-collaterized stablecoins of the BitShares blockchain (BitAssets) are all available and functioning, and as price-stable as they should be. The most prominent ones would be BitCNY and BitUSD, in wide daily usage by businesses and individuals across dApps and services built on the BitShares blockchain. However, coinmarketcap.com website has been showing anomalies for (mainly) BitUSD pricing information.
API issue for CMC Phase 1
The team already complied to much of the phase 1 CMC data requirements for the BitShares blockchain. Due to some missing APIs, CMC has excluded the BitShares Asset Exchange (the decentralized exchange running on top of the BitShares blockchain as a native dApp) as a source of trading volumes. We are in contact with CMC, and working on the correct API feed towards their website. The BitShares team kindly requests the community’s patience until the work is complete.
Unique factors of not being a straightforward CEX
Some of the factors in the delay are down to the unique decentralized technical properties of the BitShares Asset Exchange. Being the native exchange of the BitShares blockchain, compared with a straightforward and (in theory) easy to audit centralized exchange, there’s no central authority to contact, which can cause delays. There are other exchanges running atop of the BitShares blockchain that are already compliant with the CMC requirements, such as OpenLedger and CryptoBridge.
BitCNY is displaying the correct information and shows the proper functionality of BitShares crypto-collaterized stablecoins. This is due to the fact BitCNY has higher liquidity and volume and is listed across several other third-party exchanges (decentralized and centralized). Compare this to BitUSDs main market, the BitShares Asset Exchange – which is currently excluded from CMC. Fact remains, BitUSD highlighted the necessity to complete the API integration for CMC. In turn this is good for all BTS holders and BitAsset users: As they say, ‘no such thing as bad publicity’, the Twitter uproar only serves to let more people discover BitShares.
A look at the CMC markets
First BitUSD. What you see in the below image depicted by asterisks, is the data being excluded from the chart calculations. Without these volumes, it is difficult for BitUSD to show an accurate metric on the CoinMarketCap website.
Compare this to BitCNY markets (below) which has good uptake in China, as a result being available on more exchanges than BitUSD. These exchanges are already in compliance with the CMC data requirements providing their own API feeds:
BitUSD Market Pricing – Resolution Coming
The correct API configurations for CMC are coming soon. Your patience is therefore much appreciated. You can help spread the word and dissipate further misinformation by sharing this article. The BitShares community always seeks to improve the blockchain and involved mechanisms, with recent BitShares Improvement Proposals demonstrating this commitment.
- DATE: June 27, 2020[Worker Proposal] Marketing: Social Media and new Videos
- DATE: June 25, 2020[Witness Proposal] XBTSIO-WALLET
- DATE: June 21, 2020OIP1: Asset Feature - MLP2 (Market Liquidity Pool 2)
- DATE: June 20, 2020[POLL]BAIP8 : Reduce price threshold by 30% for bitcny
- DATE: June 10, 2020[Poll] BAIP7: Proposal on bitASSETS reward and BTS destruction