📖 How native exchange tokens work
Native exchange tokens are a platform’s in‑house currency: they grant fee discounts, launchpad access, loyalty bonuses, and sometimes even a share of revenue. Below is a concise comparison of sector leaders and new entrants—their real‑world utility, historical “x” returns, and key risks.
The goal of this piece is to help you quickly screen exchange tokens using practical criteria: utility (discounts, staking, IEOs — Initial Exchange Offerings), resilience (burn model, supply, role beyond centralized exchanges (CEXs)), historical performance (ROI — return on investment), and sensitivity to the exchange’s risks.
📊 Summary table of top and niche exchange tokens
| 💠 Token | 🏢 Exchange | 📅 Launch | 💵 Start price | 🚀 ATH | 📈 ROI (x) | 💰 Market cap |
|---|---|---|---|---|---|---|
| BNB | Binance | 2017 | $0.15 | ~$900 | ~6000× | large |
| OKB | OKX | 2018 | ~$1–1.5 | ~$250+ | ~170× | mid–large |
| KCS | KuCoin | 2017 | $0.26 | ~$28–29 | ~110× | mid |
| CRO | Crypto.com | 2018 | ~$0.02 | ~$0.96 | ~48× | mid–large |
| LEO | Bitfinex | 2019 | $1.00 | ~$10–11 | ~10× | large |
| GT | Gate.io | 2019 | $0.70 | ~$26 | ~36–37× | mid |
| BGB | Bitget | 2021 | ~$0.18 | ~$8.45 | ~47× | mid |
| MX | MEXC | 2018 | ~$0.0092 | ~$5.85 | ~600× | small–mid |
| WBT | WhiteBIT | 2022 | $1.90 | ~$52 | ~27× | mid–large |
| FTT | FTX | 2019 | $0.15 | ~$85 | ~560× | low (legacy) |
| HT | HTX (Huobi) | 2018 | ~$1 | ~$40 | ~40× | low |
| WRX | WazirX | 2020 | $0.02 | ~$5.90 | ~295× | low |
ATH: the token’s all‑time high since launch. ROI (x): growth multiple from the start price to ATH; “~47×” means the price increased by roughly 47 times. Burn: issuer buyback and destruction of a portion of tokens, reducing supply. Launchpad (IEO/Launchpad): initial token offering on an exchange; participation often requires holding the native token. Staking: locking the token to receive rewards (yield, allocations, status).
Note: figures are rounded and serve as a guide. Specific values change quickly; for any trade, always check live quotes and the current terms on the exchange itself.
🧭 How to extract maximum value from exchange tokens
Selection logic: choose tokens where you can “lock in” value immediately (discounts, access to launchpads/deposits, bonuses), and treat investment potential as a pleasant upside rather than the sole motive.
Example — how to calculate “x” correctly. An investor bought BGB at ~$0.18 and sold near the peak at ~$8.45. A rough ROI estimate: 8.45 / 0.18 ≈ 46.9×. If part of the position was added later, the final ROI will be lower; if they scaled out in steps, average the exit price.
Bottom line: to calculate “x” fairly, record: your entry/add‑on prices, exit price(s), and the portion of the position at each step.
🏅 Key token cards: utility, “x” returns, risks
🟡 Binance Coin (BNB)
The sector flagship: fee discounts, fuel for BNB Chain, launchpad access, and wide integration beyond the exchange.
- Launch: 2017 • Start: ~$0.15 • ATH: ~$900 • ROI: ~6000×
- Utility: discounted trading fees, network gas, launchpad, payments, collateral, DeFi (decentralized finance) integrations
- Tokenomics: regular burns reduce supply
✅ Pros
- The broadest application ecosystem among CEX tokens
- Deflationary model (scheduled burns)
- High liquidity and mature infrastructure
❌ Cons
- Dependence on the exchange’s reputation and resilience
- Potential regulatory pressure
- Portions of supply concentrated with the issuer/affiliates
Bottom line: BNB is the benchmark exchange token with “real” utility; growth is supported by burns and a vast ecosystem, but key risks are regulation and events around the exchange.
🟠 OKB (OKX)
Utility across the OKX ecosystem: discounts, Jumpstart, VIP tiers; there’s also the OKC chain.
- Launch: 2018 • Start: ~$1–1.5 • ATH: ~$250+ • ROI: ~170×
- Utility: discounts, launchpad, voting, Earn, OKC (gas/DeFi)
- Tokenomics: quarterly buybacks/burns
- Buy: OKB on OKX
✅ Pros
- Strong product and growth in derivatives
- Buybacks/burns create scarcity
- OKC ecosystem adds an off‑exchange role
❌ Cons
- Historical volatility spikes
- Regulatory uncertainty in several jurisdictions
Bottom line: a strong “number two” in the sector; utility within OKX is clear, but the token moves in sharp bursts—plan for risk management.
🔵 KuCoin Token (KCS)
A rare “revenue share” case: daily KCS Bonus plus discounts and participation in Spotlight.
- Launch: 2017 • Start: $0.26 • ATH: ~$28–29 • ROI: ~110×
- Highlight: daily distributions to holders (subject to conditions)
- Networks: ERC‑20 and KCC
- Buy: KCS on KuCoin
✅ Pros
- A direct “economic bridge” to the exchange’s turnover
- Highly engaged community around new listings
❌ Cons
- Yield depends on market activity
- Sensitivity to security and regulatory issues
Bottom line: KCS is interesting for its “income” model; the potential is higher when volumes are high, but in bear phases the bonus declines significantly.
🔴 Cronos (CRO)
Crypto.com token + Cronos network coin: card cashback, fee discounts, and a role in DeFi.
- Launch: 2018 • Start: ~$0.02 • ATH: ~$0.96 • ROI: ~48×
- Utility: card cashback and status tiers, launch programs, Cronos gas
- Demand driver: marketing and offline integrations
✅ Pros
- Mass‑market visibility via cards and partnerships
- Own network with a DeFi ecosystem
❌ Cons
- Changes to cashback terms can sharply affect demand
- Regulatory risks for card products
Bottom line: CRO’s strength is its consumer front and network; the weakness is sensitivity to reward policies and regulators.
🦁 UNUS SED LEO (LEO)
An iFinex “commercial token”: monthly buybacks funded by group revenues support the price.
- Launch: 2019 • Start: $1.00 • ATH: ~$10–11 • ROI: ~10×
- Utility: trading and withdrawal discounts, ecosystem preferences
- Driver: regular buyback and burn
✅ Pros
- Low correlation with the “broader market” thanks to buybacks
- Transparent mechanics for supply reduction
❌ Cons
- Reputational/regulatory risks of the iFinex group
- Limited utility outside the ecosystem
Bottom line: a bet on Bitfinex’s revenue stability: it works as long as buybacks remain steady.
🟣 GateToken (GT)
Fee discounts, Gate.io Startup (IEO), and the coin’s role in GateChain.
- Launch: 2019 • Start: $0.70 • ATH: ~$26 • ROI: ~36–37×
- Utility: fees, launchpad, voting, gas in GateChain
- Buy: GT on Gate.io
✅ Pros
- Access to “early” listings and IEOs
- Own L1 infrastructure
❌ Cons
- Availability restrictions in several countries
- Questions about volume transparency in some markets
Bottom line: GT is strong as a “ticket” to early offerings; its valuation is sensitive to IEO cycles.
🟩 Bitget Token (BGB)
A bet on derivatives, copy‑trading, and active buybacks/burns. Strong growth after user flows moved to newer CEXs.
- Launch: 2021 • Start: ~$0.18 • ATH: ~$8.45 • ROI: ~47×
- Utility: fees, launchpads/pools, copy‑trading privileges
- Tokenomics: large burns of unallocated supply
✅ Pros
- Strong growth of the derivatives ecosystem
- Scarcity from the burn policy
❌ Cons
- Elevated news‑driven volatility
- Regulatory risks in new markets
Bottom line: an aggressive ecosystem and buybacks made BGB the sector’s “new wave”; keep in mind the risk of impulsive moves.
🟦 MX Token (MX)
Strong tokenomics with strict supply reduction and eye‑catching launch events.
- Launch: 2018 • Start: ~$0.0092 • ATH: ~$5.85 • ROI: ~600×
- Growth factor: repeated emission burns
- Buy: MX on MEXC
✅ Pros
- Strong historical ROI driven by tokenomics
- Listing/event programs support demand
❌ Cons
- Liquidity and availability below the top exchanges
- Sensitivity to “alt‑season” cycles
Bottom line: “scarcity‑driven” tokenomics works best in bull phases; in sideways markets, pullback risks are higher.
⬜ WhiteBIT Coin (WBT)
European focus, careful launch after product maturity: discounts, zero fees on some withdrawals, own network.
- Launch: 2022 • Start: $1.90 • ATH: ~$52 • ROI: ~27×
- Utility: fees, referral bonuses, security privileges, Whitechain
- Tokenomics: regular burns
✅ Pros
- Token launched “after the product,” utility exists from day one
- Moderate yet steady demand in its jurisdiction
❌ Cons
- Liquidity concentrated primarily on its own exchange
- PoA (Proof‑of‑Authority) network — a centralized consensus model
Bottom line: a “pragmatic” token with real perks; the investment leg depends on the exchange’s international expansion.
🟤 Huobi Token (HT)
A textbook example of price depending on the exchange’s fate: after the peak came a deep sell‑off.
- Launch: 2018 • Start: ~$1 • ATH: ~$40 • ROI: ~40× (historical)
- Lesson: when the exchange’s metrics deteriorate, token demand evaporates
✅ Pros
- Historically provided notable discounts and Prime access
❌ Cons
- Extreme sensitivity to reputational shocks
- Utility loses value when exchange volumes decline
Bottom line: HT is a clear risk case: without a strong exchange, the token’s utility and price won’t hold.
🟥 FTT (FTX legacy)
A historic record of “x” returns followed by ecosystem collapse and value destruction.
- Launch: 2019 • Start: $0.15 • ATH: ~$85 • ROI: ~560× (historical)
- Reality: a token without a live exchange carries no value
✅ Pros
- A study case underscoring the importance of due diligence
❌ Cons
- An issuer’s collapse fully nullifies the token’s utility
Bottom line: not “x’s” but issuer resilience and transparency come first.
🟧 WazirX Token (WRX)
A flashy local‑market pump with heavy regulatory impact.
- Launch: 2020 • Start: $0.02 • ATH: ~$5.90 • ROI: ~295×
- Risk factor: rule changes in the jurisdiction (taxes/restrictions)
✅ Pros
- Utility in the local market during growth phases
❌ Cons
- High dependence on government policy
Bottom line: local tokens are the most sensitive to regulators; consider the country’s tax regime.
🟪 BIT → Mantle (MNT)
An alternative model: tied to a DAO (decentralized autonomous organization)/ecosystem without classic exchange fee discounts.
- BIT launch: 2021 • Start: ~$1.5 • ATH: ~$3.09 • ROI: ~2×
- Evolution: converted into the Mantle (MNT) L2 (Layer 2) token
✅ Pros
- Infrastructure‑first trajectory (L2)
❌ Cons
- Less “exchange‑style” utility in the classic sense
Bottom line: a case where the bet is on technology rather than discounts/IEOs—risk/return profile differs.
🧪 Metrics and signals: what to check before buying
Fee discount and actual savings
Calculate how much you actually save at your trading volumes. If the discount yields tangible cash today, that’s “hard” utility independent of market direction.Burn program and unlock schedule
Regular buyback/burn supports price, while large unlocks (vendors/team) pressure it. Look for balance and a transparent schedule.Off‑exchange utility
Having a network (BNB Chain, Cronos, GateChain) and DeFi use cases makes a token useful even without trading on a CEX—this adds to demand resilience.Exchange risk factors
Regulatory conflicts, public security incidents, mass delistings—all of it is instantly reflected in the token’s price.⚠️ Key risks of exchange tokens
Important: a token’s value is tightly tied to the issuer’s health. Even ideal tokenomics won’t help if volumes and trust in the platform decline. Diversify and don’t keep “everything in one token.”
❌ Main threats
- Regulatory restrictions in key countries and delisting of popular assets.
- Exchange security incidents and liquidity outflows.
- Sharp changes in program terms (cashback, VIP tiers, launchpad eligibility).
- Supply/unlock manipulations, low transparency of reporting.
🚀 Compare exchanges and their tokens for your use case
Check fees, bonuses, and launchpad access to lock in “hard” value right away.
❓ Questions and answers (FAQ)
How do I tell if a token provides “real” utility rather than just potential price appreciation?
Check fee discounts at your volumes, access to IEOs/pools, and possible status tiers/cashback. If the benefit is visible today, that’s “hard” utility. Potential upside is a nice plus, but not the only reason to buy.
Why is ROI in “x” measured from the start price to ATH, not to the current price?
ATH shows the maximum historical potential and is convenient for comparing tokens. To assess your own trade, calculate returns from your actual entry price to your exit price.
Do burns always “support” the price?
Burns reduce supply, but the effect depends on demand. If volumes and interest in the exchange fall, burn alone isn’t enough.
Does it make sense to hold several exchange tokens at once?
Yes, if you actually use several platforms (discounts/IEO/status). This diversifies risk and broadens your “hard” utility.
Why do some tokens “live” beyond the exchange?
Tokens with their own networks (BNB Chain, Cronos, GateChain) serve as gas and have DeFi utility. This “dual life” increases demand resilience.
What matters more: high past ROI or utility right now?
For practical use—utility matters more, because it yields immediate benefits. Past ROI is an indicator of potential, but not a guarantee of future results.
✅ Conclusion
Exchange tokens are instruments with a dual nature. First, they provide “utility” for real savings and product access (discounts, status, IEO/pools, staking). Second, they are a bet on the issuer’s business metrics: volumes, revenue, reliability, and regulatory clarity.
Leaders (BNB, OKB, LEO, KCS, CRO) have proved their models: burns, buybacks, off‑exchange utility, and revenue sharing. The new wave (BGB, WBT, partly MX/GT) has shown that sound tokenomics and product momentum can generate serious demand. Counterexamples (FTT, HT, local tokens under heavy regulation) remind us: without a resilient exchange and clear rules, a token’s value is fragile.
Everyday selection criterion: choose a token where you can lock in immediate benefits (fees/IEO/status), and also check the burn/unlock schedule and the issuer’s regulatory agenda.
Bottom line: combine “hard” utility today with sensible risk management for tomorrow; diversify across several ecosystems and don’t chase only past “x’s.”