Competition Among the Top Five Exchange Platform Tokens: Which Dark Horse Will Prevail?#
Recently, major exchanges have been very active, first with OKX strongly 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—assets supported by real business operations that are scarce in the crypto space are being re-evaluated by the market.
Next, we will analyze the top five participants in this platform token battle in detail to fully grasp the overall situation.
1️⃣ Binance's $BNB#
Binance has long been empowering 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 surpassed a market capitalization of 100 billion, firmly ranking among the top three in the blockchain industry.
In the future, Binance will continue to delve into the forefront of on-chain and asset issuance fields, 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 a foundation, has long been suppressed by Binance, failing to break through, with frequent issues in listing new tokens, often criticized by 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 strongly 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 begun to rise.
In the long run, $OKB is crucial to OKX's strategic positioning, and there is no possibility of giving up; 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: it has a strong wallet business and previously achieved a leap by acquiring Bitkeep; however, it has shortcomings in its public chain business.
Previously, Bitget supported the Morph public chain, but faced continuous issues, and 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 continuous positive news being released, making 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.
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 was essentially to avoid compliance risks, attracting community participation through 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 top exchanges, Bybit's platform token is the weakest, but there may be future actions, still representing a value gap.
5️⃣ Gate's $GT#
Is Gate among the top five exchanges? This point is debatable—there's a saying in the industry that "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 is continuously developing.
In terms of application scenarios for platform tokens, the top exchanges share a common direction: integrating multiple business lines to empower platform tokens, achieving artificial deflation through token burns, boosting token prices, and activating public chain ecosystems.
Except for Binance, the public chain ecosystems of other top 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 its performance is 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 hover 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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