Competition Among the Five Major Exchange Platform Tokens: Who Will Be the Dark Horse This Round?#
Recently, major exchanges have been very active, first with OKX strongly boosting $OKB, followed by Bitget designating $BGB as the token for the Morph public chain.
Why are exchanges focusing on platform tokens recently?
On one hand, the loosening of the regulatory environment in the U.S. has prompted platforms to seize the opportunity to accelerate the value of platform tokens and pave the way for future development;
On the other hand, with the trend of integration between cryptocurrencies and stocks, exchange platform tokens, as scarce assets with real support in the crypto space, are being revalued by the market.
The following analyzes the core players of the five major exchange platform tokens to help you grasp the overall situation.
1️⃣ Binance's $BNB#
Binance empowered BNB early on, with its application scenarios covering the widest range.
From Launchpad/Launchpool new token offerings to wallet Alpha projects, and to BSC chain gas fees, BNB carries the value flow of Binance's multiple business lines.
This has allowed BNB's market capitalization to exceed $100 billion, firmly placing it among the top three in the blockchain industry.
In the future, Binance will continue to deepen its involvement in on-chain and asset issuance frontiers, with BNB serving as a key link to play a core role.
2️⃣ OKX's $OKB#
The OKX exchange and wallet business need to be evaluated separately.
As a foundation, the exchange has long been suppressed by Binance, and the issue of listing tokens is frequently questioned by the community.
However, OKX has taken a different path by laying out its on-chain business in advance, with its Web3 wallet leading the industry and occupying a traffic entry point.
Unfortunately, the public chain ecosystem is weak, far inferior to BSC, leading to insufficient empowerment of $OKB and a lack of wealth effect.
Recently, OKX has strongly boosted $OKB, activating the X Layer ecosystem, which has already spawned several popular projects.
In the long run, the strategic position of $OKB is solid, and its potential remains.
3️⃣ Bitget's $BGB#
Bitget continues to integrate its ecosystem: first merging the Bitget Wallet token $BWB into $BGB, and now designating $BGB as the token for the Morph public chain.
Similar to OKX, Bitget's wallet business is strong (having acquired Bitkeep for an advantage), but the public chain is a shortcoming.
Previous support for the Morph public chain has faced numerous issues, and now Bitget is personally stepping in to connect the exchange, wallet, and public chain business with $BGB.
Bitget's recent surge in $BGB and the release of positive news make it a strong competitor in the platform token battle.
4️⃣ Bybit's $MNT#
Bybit does not have an official platform token; $MNT is the token supporting its public chain Mantle.
The two have a deep connection: in 2021, Bybit established BitDAO amid the DAO craze, injecting hundreds of millions of dollars to build a crypto treasury, with the native token being BIT.
The DAO model avoided compliance risks but led to Bybit's inability to directly integrate its business, weakening its competitiveness.
In 2023, BitDAO transformed into Mantle Network, with BIT being exchanged for MNT at a 1:1 ratio.
Currently, the Mantle ecosystem is quiet, and the price of $MNT is sluggish.
Among the top exchanges, Bybit's platform token is the weakest, but there may be future actions, making it a value undervalued.
5️⃣ Gate's $GT#
There is controversy over whether Gate ranks in the top five (the industry often refers to the "top five" as actually ten), but it has performed strongly in this round, with contract trading volume ranking in the top five.
Compared to OKX and Bitget, its on-chain business (with its own public chain GateChain and wallet) is not outstanding, but its strength is solid.
The path of platform token empowerment is similar: integrating business lines, creating deflation through token burns, and raising token prices to activate the public chain ecosystem.
Except for Binance, the public chain ecosystems of the leading exchanges all need improvement:
- OKX is the strongest, empowering the X Layer;
- Bitget is next, integrating Morph;
- Bybit's Mantle is lukewarm;
- Gate's on-chain business has no remarkable achievements.
In terms of platform token market capitalization, BNB stands alone above $100 billion, while the others are around $5 billion, showing significant growth potential.
Who will be the first to break through the $10 billion market cap?
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