Coinranking
| # | Coins | Price | 24h | ||
|---|---|---|---|---|---|
| | |||||
| | 1 |  | $ | -2.57%  | |
| | 2 |  | $ | -2.85%  | |
| | 3 |  | $ | -1.61%  | |
| | 4 |  | $ | -0.96%  | |
| | 5 |  | $ | -3.02%  | |
| | 6 |  | $ | -5.84%  | |
| | 7 |  | $ | -1.47%  | |
| | 8 |  | $ | +2.53%  | |
| | 9 |  | $ | -10.24%  | |
| | 10 |  | $ | -0.30%  | |
| | 11 |  | $ | +38.77%  | |
| | 12 |  | $ | +0.21%  | |
| | 13 |  | $ | +4.54%  | |
| | 14 |  | $ | +1.33%  | |
| | 15 |  | $ | -0.86%  | |
| | 16 |  | $ | +1.34%  | |
| | 17 |  | $ | -2.30%  | |
| | 18 |  | $ | +0.35%  | |
| | 19 |  | $ | +0.00%  | |
| | 20 |  | $ | -6.41%  | |
| | 21 |  | $ | -0.76%  | |
| | 22 |  | $ | +26.99%  | |
| | 23 |  | $ | -4.62%  | |
| | 24 |  | $ | -9.39%  | |
| | 25 |  | $ | +0.00%  | |
| | 26 |  | $ | +6.43%  | |
| | 27 |  | $ | +6.02%  | |
| | 28 |  | $ | +5.84%  | |
| | 29 |  | $ | -0.44%  | |
| | 30 |  | $ | +0.17%  | |
| | 31 |  | $ | -0.49%  | |
| | 32 |  | $ | +0.00%  | |
| | 33 |  | $ | +18.20%  | |
| | 34 |  | $ | --%  | |
| | 35 |  | $ | --%  | |
| | 36 |  | $ | --%  | |
| | 37 |  | $ | --%  | |
Top gainers
| Coins | Price | 24h | |||
|---|---|---|---|---|---|
| | | $ | +2.53% | ||
| | | $ | -0.96% | ||
| | | $ | -1.47% | ||
| | | $ | -1.61% | ||
| | | $ | -2.57% | ||
| All gainers | |||||
What Are Exchange Tokens?
What are exchange tokens?
An exchange token is the native cryptocurrency specific to CEXs (Centralized Exchanges). While many exchanges have their native tokens, some of the more prominent ones include Binance’s BNB and FTX’s FTT. Other tokens in this category encompass KuCoin (KCS), Huobi Global (HT), and Crypto.com (CRO).
These tokens are minted by exchanges, offering holders access to various benefits such as reduced trading fees or discounts.
What are exchange tokens used for?
Exchanges introduce tokens for multiple purposes, including customer incentives via staking, cost considerations for transactions, capital generation, or governance.
For example, in Binance, the BNB token operates as a governance token for the BNB Chain.
At KuCoin, token holders gain special discounts on trading fees or associated costs. Increased KCS tokens lead to improved discounts.
Token holders can also utilize these tokens to cover transaction fees.
With Crypto.com, CRO token holders access rewards tied to their newly launched credit card, enabling reduced trading fees, lending rewards, and discounts.
For exchanges, having their native token aids in establishing liquidity within the platform, often accomplished through staking. When a user stakes a token like DOT, a CEX rewards them with their exchange token as an appreciation for providing liquidity.
Final thoughts on exchange tokens
It's crucial to conduct thorough due diligence as investments inherently carry risks. The crash of FTX serves as an example, where despite being initially trusted in the cryptocurrency industry with millions of daily traders, an incident with a rival exchange led to its downfall and the subsequent crash of their native token, FTT.
Therefore, if considering holding an exchange token, delve into the exchange's registration and operations before making any investment decisions.
Curious about the array of exchange tokens available?