Many centralized exchanges have their own native coins. All of these CEX coins are giving benefits to users of the corresponding exchange. Some even go beyond by building a whole ecosystem around them.
Let´s have a closer look at the TOP 5 Centralized Exchange Tokens.
According to data from CoinGecko these are the TOP centralized exchange tokens by market capitalization.
1. Binance Coin $BNB
Most of you already knew or guessed it. Binance Coin is the CEX token with the biggest market capitalization. To be honest, I don`t know any cryptocurrency that offers more usecases than $BNB.
I have already published a detailed article about Binance Coin a few weeks ago. It makes no sense to repeat everything here. If you like to know more about Binance Coin, you may want to continue reading here: Binance Coin ($BNB) In-Depth Analysis 🚀 Tokenomics, Usecases, Price
The second biggest CEX token by market capitalization is $OKB which also has its own native blockchain. Of course, $OKB holders enjoy reduced trading fees and higher saving rewards.
Besides these typical usecases of CEX tokens holders of $OKB are also on the OKEx Jumpstart platform that allows $OKB holders to stake their holdings and earn reward tokens from upcoming blockchain projects. Additionally, holding 100 $OKB tokens for five consecutive days also allows participation in Jumpstart token sales, where the user allotment rates and subscription amounts depend on the size of their $OKB holdings.
Furthermore, OKEx users can also convert small balances (token dust) to $OKB, use $OKB for margin trading, C2C lending, and voting.
3. Crypto.com Coin $CRO
The Crypto.com Coin also has the typical usecases of a centralized exchange token like reduced trading feed and higher rewards.
Crypto.com is one of the first cryptocurrency exchanges to offer a debit card and accepts over 90 cryptocurrencies. Crypto.com offers five different versions of its Visa debit card depending on how much $CRO you are holding in your account.
You can even get 100% cashback on Spotify, Netflix, and Amazon Prime with some card versions and up to 8% cashback rewards on regular card purchases. There are also enhanced rewards available with Expedia and Airbnb for top card levels. However, you need to stake a quite large amount of their native $CRO coins to get the best rewards rates.
The higher-tier cards require staking at least 5,000 $CRO for the Ruby Steel version, 50,000 for the Jade Green or Royal Indigo version, 500,000 for the Icy White or Frosted Rose Gold version, or a massive 5 million for the Obsidian card.
4. FTX Token $FTT
On spot #4 is FTX's exchange token. Holders of $FTT get a fraction of exchange fees, a fraction of the liquidation insurance fund, and they can use $FTT as collateral. The FTX exchange is well-known for crypto derivates trading.
5. Huobi Token $HT
Last but not least there is also Huobi with its Huobi token, currently on spot #5 by market capitalization. It has the typical CEX token usecases like reduced trading fees, invitations, and rebates.
6. Honorable Mention: KuCoin Token ($KCS)
KuCoin also has its own native token called Kucoin Token, formerly KuCoin Shares. It is currently located on spot #7 among the CEX tokens if you look at the market capitalization.
KuCoin offers relatively low tradings fees and incentives for holding or trading its native token. The unique feature of $KCS is that KuCoin shares 50% of the overall trading fee revenue with its users holding $KCS.
Sooner or later, as the KuCoin decentralized trading solution goes live, $KCS will be the native asset of KuCoin's decentralized financial services as well as the governance token of the KuCoin community in the future.
My Final Thoughts
Many of us have underestimated the potential of CEX coins and tokens for a long time. The rise of $BNB has thought us that these CEX tokens have a huge potential. The more new users get into crypto, the more will also use exchanges to buy and sell their crypto. As it is beneficial to hold a CEX token on the according to exchange that you use for trading, the demand will rise. Of course, that´s just my two gwei for the day and I am also interested in your opinion. You are welcome to leave a comment!
At the end of my post, I also like to remind you that my intention in this post is to raise your awareness of CEX coins and tokens and my intention is not to replace your own research. However, this post really reflects my own opinion and nothing is sponsored.
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