60% of CoinMarketCap's Tokenised Real-World Assets Have No Tracked Market
A developer analysing CoinMarketCap's real-world asset (RWA) API found that 476 of 791 underlying assets flagged as 'has_tokens: true' have no wrapper with a CMC-tracked market, representing 60.2% of the flagged pool. The finding emerged from a small open-source tool called Shelfware, built using Python's standard library and querying CoinMarketCap's RWA and cryptocurrency endpoints. The core issue is a definitional mismatch: the 'has_tokens' boolean confirms a token has been minted, but does not indicate whether CoinMarketCap actively tracks a market for it. CoinMarketCap classifies such listings as 'untracked', meaning they are registered but do not yet meet the platform's methodology requirements for market tracking. The developer noted that most price-based RWA tools silently drop null-price rows, effectively hiding the scale of this gap.
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