Messari has added Huobi, OKEx, Liquid, Bithumb, and UPBit into the top 10 by volume

Crypto data and research platform Messari has added 10 new exchanges to its “real volume” metric as part of a revamp of the methodology.

The results of our methodology change propel Huobi, OKEx, Liquid, Bithumb, and UPBit into the top 10 by volume without catapulting them past original “Real 10” constituents inaccurately. (Binance remains #1 by real volumes across most listed assets.), according to the announcement.

“Real 10” refers to the ten exchanges that have reported significant and legitimate crypto trading volumes via their APIs. The price methodology already accounted for apparent volume discrepancies between these exchanges and other components.

Messari CEO Ryan Selkis said the revamp was due to the fact that the real volume metric omitted some big players “with *some* overstated volume, but *enormous* legitimate trading volume at the same time. Giants like Bithumb, UpBit, and CoinOne in Korea, Liquid in Japan, and most importantly, Huobi, OKEx/OKCoin, and Gate.io in China.”

The added Korean and Chinese exchanges received “a 50% haircut … to better approximate their true volumes.” This is believed to be better than web traffic analysis of these exchanges which resulted in ‘real volumes’ being reduced by 90% from reported trading volumes.

However it’s clearly still a bit of an approximation.

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