Coin Metrics is pleased to announce the version 2.11 release of our Hourly Reference Rates and version 0.11 release of our Real-Time Reference Rates. Updated methodology documents for both products can be found here.

Coin Metrics produces the CM Reference Rates, a collection of prices quoted in U.S. dollars and other currencies published once per hour and once per second for a set of cryptocurrencies and fiat currencies.

This release includes a regularly scheduled reconstitution of the constituent markets for all assets, a modification of the methodology regarding the eligible markets that are considered to serve as constituent markets, the addition of several additional cryptocurrencies to our coverage universe and some terminations to our coverage universe.

Reconstitution of Constituent Markets

The constituent markets that serve as the input data source for the calculation of the reference rates for each asset was refreshed on January 21, 2022 as part of a regularly scheduled quarterly review. During each quarterly review our Market Selection Framework is applied and the highest scoring markets are selected for each asset.

Methodology Changes

The section “Data Inputs”, subsections “Other Cryptocurrencies Excluding Stablecoins” and “Stablecoins”, was modified to consider markets quoted in USD Coin or Tether to serve as constituent markets. The methodology change was implemented after evaluating the volume market share for quote assets. Stablecoin market share continues to grow and a growing number of assets trade exclusively in stablecoin pairs. Our new methodology will always attempt to select high quality markets quoted in U.S. dollars, Bitcoin, or Ethereum first before considering markets quoted in USD Coin or Tether. A total of 266 out of the 464 assets in our coverage universe include one or more stablecoin constituent markets.

Coverage Universe Additions

This release expands our coverage universe to include 94 additional assets. This release brings our total coverage universe to a total of 464 assets. The additional assets are included below.

  • eCash (xec)
  • Kadena (kda)
  • Mina (mina)
  • XDC Network (xdc)
  • Dogelon Mars (elon)
  • Flux (flux)
  • Moonriver (movr)
  • CEEK VR (ceek)
  • WINk (win_wink)
  • Dvision Network (dvi)
  • Dusk Network (dusk)
  • ASD (asd)
  • Gala (gala)
  • Spell Token (spell)
  • Ethereum Name Service (ens)
  • TrueFi (tru)
  • Alchemix (alcx)
  • Clover Finance (clv)
  • Immutable X (imx)
  • Adventure Gold (agld)
  • Jasmy (jasmy)
  • Harvest Finance (farm)
  • My Neighbor Alice (alice)
  • Chromia (chr)
  • dYdX (dydx)
  • Alien Worlds (tlm)
  • Measurable Data Token (mdt)
  • Gitcoin (gtc)
  • SUN (sun)
  • Coin98 (c98)
  • ConstitutionDAO (people)
  • Linear (lina)
  • Render Token (rndr)
  • Alchemy Pay (ach)
  • SuperFarm (super)
  • Mask Network (mask)
  • QuickSwap (quick)
  • ARPA Chain (arpa)
  • BENQI (qi)
  • IDEX (idex)
  • Radicle (rad)
  • BarnBridge (bond)
  • Mirror Protocol (mir)
  • JOE (joe)
  • Gods Unchained (gods)
  • Frontier (front)
  • PlayDapp (pla)
  • Orion Protocol (orn)
  • RAMP (ramp)
  • Rari Governance Token (rgt)
  • Bonfida (fida)
  • Ampleforth Governance Token (forth)
  • Tribe (tribe)
  • Wrapped LUNA Token (wluna)
  • Circuits of Value (coval)
  • Ribbon Finance (rbn)
  • LCX (lcx)
  • Assemble Protocol (asm)
  • DerivaDAO (ddx)
  • SUKU (suku)
  • Kryll (krl)
  • Rarible (rari)
  • Moss Carbon Credit (mco2)
  • GYEN (gyen)
  • Braintrust (btrst)
  • API3 (api3)
  • Rally (rly)
  • Wrapped Centrifuge (wcfg)
  • mStable USD (musd)
  • Illuvium (ilv)
  • Star Atlas (atlas)
  • USD Paxos (usdp)
  • JOE (joe)
  • Lido DAO (ldo)
  • Convex Finance (cvx)
  • Frax Share (fxs)
  • Keep3rV1 (kp3r)
  • Alpaca Finance (alpaca)
  • BinaryX (bnx)
  • Boson Protocol (boson)
  • Dora Factory (dora)
  • Aavegotchi (ghst)
  • APENFT (nft)
  • Olympus (ohm)
  • MANTRA DAO (om)
  • Marlin (pond)
  • SuperRare (rare)
  • REVV (revv)
  • Standard Tokenization Protocol (stpt)
  • Tornado Cash (torn)
  • Terra Virtua Kolect (tvk)
  • Wrapped NCG (wncg)
  • Symbol (xym)
  • Yield Guild Games (ygg)

Coverage Universe Terminations

The following 14 assets are terminated from our coverage universe due to low volume from our constituent markets token swaps, token rebrandings, or delistings from exchanges.

  • HedgeTrade (hedg)
  • STASIS EURS (eurs)
  • bZx Protocol (bzrx)
  • POA (poa)
  • WePower (wpr)
  • DMM: Governance (dmg)
  • Blox (cdt)
  • Phoenix Global (phx)
  • AppCoins (appc)
  • BitTorrent (old) (btt)
  • Rupiah Token (idrt)
  • Raiden Network Token (rdn)
  • Viacoin (via)
  • Everex (evx)

About the CM Reference Rates

The CM Reference Rates are designed to serve as a transparent and independent pricing source that promote the functioning of efficient markets, reduce information asymmetries among market participants, facilitate trading in standardized contracts and accelerate the adoption of cryptocurrencies as an asset class with the highest standards. The reference rates are calculated using a robust and resilient methodology that is resistant to manipulation and adheres to international best practices for financial benchmarks including the International Organization of Securities Commissions’ (IOSCO) Principles for Financial Benchmarks. The Coin Metrics Oversight Committee and an independent governance structure protect the integrity of the reference rates and ensure the reference rates serve as sources of transparent and independent pricing.

Please contact Coin Metrics through our website or at for more information on the CM Reference Rates.