CoinMarketCap (CMC), the main source of data on all traded cryptocurrencies, set the target date for the announcement of the new liquidity ranking system as 12 November 2019. CMC announced this to the Data Accountability & Transparency Alliance (DATA), formed in May 2019 with exchanges and other crypto projects in its portfolio. At present, DATA members include Binance, Bittrex, Huobi, OKEx and others.

CoinMarketCap presented three topics to DATA for consideration: the use of liquidity metrics, self-reported data and a unified crypto asset ID database. On 14 October 2019, a dashboard for self-reporting data will also be launched.

According to CMC’s presentation, the idea of using liquidity indexes to rank exchanges came up partly due to problems with manipulations in the crypto markets. In its presentation, CMC also said that using liquidity as a metric may prove problematic because it keeps changing and it is difficult to record and report.

The DATA Group was originally formed after two major reports about manipulations in the crypto markets were released this spring.