DefiLlama Introduces REAL Ranking System to Measure Exchange Trustworthiness

DefiLlama has launched its REAL Ranking tab to provide an alternative to exchange leaderboards, which often rely on reported volume. The new ranking system takes into account four pillars: reserves, execution, activity, and liquidity, with reserves making up 30% of the final score.

The concern is that volume can be easily inflated by exchanges, while reserves and execution can be verified through trade data and filed numbers.

Binance currently leads the REAL Ranking with a score of 86, followed closely by Coinbase at 79. However, DefiLlama cautions that scores for centralized and decentralized exchanges should not be directly compared due to differences in methodology.