Key Highlights
- CoinGecko ranks ChangeNOW as the top Bitcoin DEX with ~99.8% market share, a designation THORChain says is inaccurate.
- THORChain claims more than $118 billion in native BTC swaps since launch, yet it does not appear in the Bitcoin DEX category.
- The protocol points to 100+ independent node operators and millions in bonded RUNE securing non-custodial swaps as the core distinction.
THORChain, a cross-chain DEX protocol, has publicly challenged crypto market data source website CoinGecko over how it defines and ranks “Bitcoin DEXs.” The protocol argued that the current list elevates custodial services while excluding the only protocol to process large-scale, non-custodial native BTC swaps.
The dispute follows CoinGecko data showing ChangeNOW controlling nearly all reported Bitcoin DEX volume, despite operating as a custodial intermediary.
ChangeNOW listing brings backlash
THORChain questioned CoinGecko’s criteria after the data site listed ChangeNOW, described by THORChain as a custodial aggregator, rather than a dominant Bitcoin DEX.
The protocol also highlighted Magic Eden’s inclusion, noting its activity centers on Runes NFTs rather than native Bitcoin swaps. According to THORChain, labeling such platforms as “decentralized” misrepresents where on-chain Bitcoin liquidity actually exists.
THORChain says the omission creates a “statistical blackout” that understates Bitcoin DeFi. Despite processing $118 billion in native cross-chain volume since 2019, its Bitcoin pools are unranked in the specific Bitcoin DEX subcategory.
According to CoinGecko data, total volume across all DEXs hovers near $10.42 billion in the last 24 hours, representing 6.8% shares in global DeFi activity.
Nodes versus custodians
THORChain maintained that a validator-based system, secured by more than 100 independent node operators and roughly $51.28 million in bonded RUNE, cannot be grouped with services that custody user funds behind internal accounts.
From the protocol’s perspective, the issue isn’t rankings but definitions. If custodial aggregators qualify as “DEXs,” it says, then the label itself has lost meaning and needs to be reworked to reflect how decentralization actually functions on-chain.
CoinGecko has long been a widely trusted data source in the crypto market, used by traders, analysts, and developers to track prices, volumes, and on-chain activity across thousands of assets. The company is reportedly valued at around $500 million, reflecting its role in crypto market infrastructure and the growing competition in data and analytics.
Market context
THORChain’s RUNE is currently trading around $0.49, with roughly $37 million in daily volume and a market cap near $175 million, according to CoinMarketCap. The dispute comes as Bitcoin DeFi gains attention and data platforms face scrutiny over methodology, especially as CoinGecko itself is reportedly exploring strategic options amid a tougher data market.
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