A Clear Explanation of the Exchange Platform Coin OKB: BNB: BGB Purchase Tutorial

The Battle of the Top Five Exchange Platform Tokens: Who Will Be the Dark Horse This Round?#

Recently, major exchanges have been taking action, first with OKX strongly boosting $OKB, followed by Bitget designating $BGB as the token for the Morph public chain.

Why are exchanges focusing on platform tokens lately?

On one hand, the regulatory environment in the U.S. is becoming more lenient, prompting platforms to seize the opportunity to empower platform tokens and pave the way for future development;

On the other hand, with the trend of integration between cryptocurrencies and stocks, exchange platform tokens, as one of the few tangible supporting assets in the crypto space, are being re-evaluated by the market.

Next, we will analyze the competitive landscape of the top five exchange platform tokens to fully grasp the overall situation.

1️⃣ Binance's $BNB#

Binance launched the BNB empowerment plan early on, and its application scenarios are the most extensive among exchanges.

From subscription for new projects on Launchpad/Launchpool to wallet Alpha new offerings, and to gas fees on the BSC chain, BNB carries the value flow and accumulation of multiple business lines of Binance.

This explains why BNB has surpassed a market cap of 100 billion, firmly ranking among the top three in the blockchain industry.

In the future, Binance will continue to delve into on-chain innovation and asset issuance, with BNB playing a pioneering role as a key value connection tool.

2️⃣ OKX's $OKB#

The exchange and wallet business of OKX need to be evaluated separately.

While the exchange business is foundational, it has long been suppressed by Binance, frequently facing issues with listing new tokens and receiving criticism from the community.

However, OKX has taken a different approach by laying out on-chain business in advance, with its Web3 wallet leading the way and occupying the entrance to Web3 traffic.

Unfortunately, the OKX public chain ecosystem is far inferior to BSC, resulting in insufficient empowerment of $OKB and a lack of the wealth effect seen with $BNB.

To address this, OKX has recently strongly boosted the price of $OKB to activate the X Layer public chain ecosystem.

Currently, multiple projects in the X Layer ecosystem have risen by leveraging this momentum.

In the long run, $OKB is crucial to OKX's strategy, with enormous potential that cannot be overlooked.

3️⃣ Bitget's $BGB#

Bitget continues to integrate its ecosystem, first merging Bitget Wallet's $BWB into $BGB, and now designating $BGB as the token for the Morph public chain.

Bitget is similar to OKX: it has a strong wallet business and previously overtook competitors through the acquisition of Bitkeep; however, it has shortcomings in the public chain field.

The previously supported Morph public chain has faced ongoing issues, and now Bitget is stepping in personally to connect the exchange, wallet, and public chain business with $BGB.

Overall, as a strong exchange, $BGB has seen significant recent increases and frequent positive news, 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 deep ties with Mantle:

In 2021, Bybit established BitDAO amid the DAO craze, aiming to build a crypto treasury and inject hundreds of millions of dollars in funding.

The native token of BitDAO is BIT, and Bybit holds a large amount of BIT.

This move aims to avoid the compliance risks associated with centralized platform tokens and attract community participation through DAO.

However, the compliance plan has raised new issues: Bybit cannot directly integrate BIT to empower its business, weakening its competitive edge.

In 2023, BitDAO transformed into Mantle Network, with BIT exchanged for MNT at a 1:1 ratio.

Now, the Mantle chain is experiencing low popularity, and the price performance of $MNT is lacking.

In summary, among the leading exchanges, Bybit's platform token is the weakest, but there may be future actions, making it a potential value opportunity.

5️⃣ Gate's $GT#

Is Gate among the top five? There is controversy, as "top five" often includes ten 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 somewhat lackluster, but it is not without strength: it has the public chain GateChain, and its wallet business continues to develop.

In terms of application scenarios for platform tokens, leading exchanges have similar strategies: integrating multiple business lines to empower platform tokens, creating deflation through token burns, and raising token prices to activate public chain ecosystems.

Except for Binance, the public chain ecosystems of other exchanges are lacking, but all are making efforts:

OKX is the strongest, empowering the X Layer;

Bitget is second, integrating Morph and adjusting its team;

Bybit has Mantle but is progressing slowly;

Gate's public chain and wallet business currently have no highlights.

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.

Who will be the first to break through the 10 billion market cap?

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