CoinDesk 20 Update: OXT Is In, BAT Is Out

The CoinDesk 20 has made its first change since launching in July: Orchid (OXT), issued by Orchid Labs Inc., developer of virtual private network (VPN) software designed to be decentralized and open source, has replaced the basic attention token (BAT) issued by Brave Software Inc., developer of the Brave browser.

First rolled out two months ago, the CoinDesk 20 is a list of the digital assets that matter most to the market. We filter by consistent, verifiable volume, listing the 20 assets that have the most volume on trusted exchanges for two consecutive quarters. It was initially composed of exchange volume data gathered in Q4 of 2019 and Q1 of 2020. Since the launch, we've updated the list using data from Q1 and Q2 of 2020.

Our goal with the CoinDesk 20 is to develop an objective method for filtering assets, not by their investment or speculative potential but by their currency with traders and investors. Our set of eight trusted exchanges, which provide the exchange volume data used to create the list, is conservative by design.

Orchid's price pumped in the past month, benefiting from attention from David Portnoy, a publisher and media personality. It's worth reiterating the dollar volume that put Orchid in the CoinDesk 20 preceded this pump. It's possible it came in anticipation of Orchid's mobile and desktop apps, released in July.

For investors learning about Orchid for the first time, inclusion in the CoinDesk 20 may signal it is an asset with some level of staying power in the market. Intelligent investors need that assurance before devoting time and resources to researching or trading a new asset.

In the weeks since the start of Q3, we gathered the requisite data on Orchid to populate its asset price page. There, in addition to the price graph, you'll find volume, volatility, returns and a handful of on-chain metrics designed to provide a snapshot of the asset's fundamentals, as well as CoinDesk's news reporting and video content.

We welcome your feedback on the CoinDesk 20 as a product. A detailed look at the methodology behind it is available here. Please contact CoinDesk Research with questions, comments, etc. You can reach us on research@coindesk.com.

Note: Due to a calculation error, one asset was listed incorrectly in the 2021 Q1 update to the CoinDesk 20. Cardano should have been excluded. In its place, compound should have been added to the list.