Competition Among the Top Five Exchange Platform Tokens: Which Dark Horse Will Prevail?#
Recently, major exchanges have been very active, first with OKX aggressively boosting $OKB, followed by Bitget positioning $BGB as the token for the Morph public chain.
Why are exchanges focusing on platform tokens recently?
On one hand, the relaxation of U.S. regulations has created a window of opportunity, prompting exchanges to empower platform tokens and pave the way for future development;
On the other hand, the trend of integration between cryptocurrencies and stocks highlights the value of platform tokens—being scarce assets supported by real business operations in the crypto space, their value is being reassessed by the market.
Next, we will analyze the top five participants in this platform token battle to gain a comprehensive understanding of the overall situation.
1️⃣ Binance's $BNB#
Binance has long been working to empower BNB, with its application scenarios being the most extensive among all exchanges.
From the exchange's Launchpad/Launchpool for new projects, to wallet's Alpha for new projects, and to Gas fees on the BSC chain, BNB carries the value accumulation and liquidity of multiple business lines within the Binance ecosystem.
This explains why BNB has already surpassed a market capitalization of 100 billion, firmly ranking among the top three in the blockchain industry.
In the future, Binance will continue to deepen its involvement in on-chain frontiers and asset issuance, with BNB playing a core role as a key vanguard and value connection tool.
2️⃣ OKX's $OKB#
OKX's exchange business and wallet business need to be evaluated separately.
The exchange business, as the foundation, has long been suppressed by Binance, failing to break through, with frequent issues regarding new listings that have drawn criticism from the community.
However, OKX has taken a different path, early on laying out its on-chain business, with its Web3 wallet far ahead, already occupying the entry point for Web3 traffic.
Unfortunately, the OKX public chain ecosystem is far inferior to the BSC ecosystem, leading to insufficient empowerment of $OKB and a lack of the wealth effect seen with $BNB.
OKX has recognized this shortcoming and recently aggressively boosted $OKB to activate the X Layer public chain ecosystem through its price.
It is evident that multiple projects in the X Layer ecosystem have already risen by leveraging this momentum.
In the long run, $OKB is crucial for OKX's strategic positioning, and there is no possibility of abandonment; opportunities still exist.
3️⃣ Bitget's $BGB#
Bitget continues to integrate its ecosystem, first merging the Bitget Wallet token $BWB into $BGB, and now positioning $BGB as the token for the Morph public chain.
Bitget is similar to OKX: its wallet business is strong, having achieved a leap through the acquisition of Bitkeep; however, it has shortcomings in its public chain business.
Previously, Bitget supported the Morph public chain, but faced continuous issues; now it is personally stepping in to connect the exchange, wallet, and public chain business with $BGB.
Overall, as a strong exchange, $BGB has recently been boosted, with positive news continuously released, making it a formidable 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.
Bybit has a deep connection with Mantle:
In 2021, Bybit established BitDAO amid the DAO craze, aiming to build a crypto treasury and injecting hundreds of millions of dollars.
The native token of BitDAO is BIT, and Bybit holds a large amount of BIT.
This move is essentially to avoid compliance risks, attracting community participation through the DAO, and avoiding the legal pitfalls of centralized platform tokens.
However, the compliance solution has raised new issues: Bybit cannot directly integrate its business through BIT, lacking empowering tools, which weakens its competitiveness.
In 2023, BitDAO transformed into Mantle Network, with BIT converted to MNT at a 1:1 ratio.
Currently, the Mantle chain is performing quietly, and the price of $MNT is sluggish.
In summary, among the leading exchanges, Bybit's platform token is the weakest, but there may be future actions, still representing a value opportunity.
5️⃣ Gate's $GT#
Is Gate among the top five exchanges? This point is controversial—industry insiders often say, "There are actually ten top exchanges."
However, Gate has performed strongly in this cycle, with high community engagement and contract trading volume indeed ranking in the top five.
Compared to OKX and Bitget, Gate's on-chain business is slightly weaker, but its strength is not to be underestimated: it has the public chain GateChain, and its wallet business continues to develop.
In terms of application scenarios for platform tokens, leading exchanges are aligned in direction: integrating multiple business lines to empower platform tokens, achieving artificial deflation through token burns, raising token prices, and activating public chain ecosystems.
Aside from Binance, the public chain ecosystems of other leading exchanges are lacking, but all are making efforts:
OKX is the strongest, empowering the X Layer;
Bitget follows closely, integrating Morph and adjusting its team;
Bybit has Mantle but is performing flat;
Gate's public chain and wallet business have yet to achieve remarkable results.
In terms of platform token market capitalization, Binance's BNB stands alone above 100 billion, while the others are around 5 billion, with ample room for growth.
In this round of competition, who will be the first to break through the 10 billion market cap?
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