CoinDesk 20 Update: OXT Is In, BAT Is Out

The CoinDesk 20 has made its first change since launching in July: Orchid (OXT) has replaced the Basic Attention Token (BAT).

AccessTimeIconSep 8, 2020 at 7:00 p.m. UTC
Updated Mar 9, 2024 at 2:02 a.m. UTC

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.

CoinDesk 20, ranked by two-quarter volume
CoinDesk 20, ranked by two-quarter volume

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.

Orchid price & volume
Orchid price & volume

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

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.


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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Galen Moore

Galen Moore is the content lead at Axelar, which is building interoperable Web3 infrastructure. Prior to this, Galen was the director of professional content at CoinDesk.