jakiro
Author: Yue Xiaoyu, source: X, @yuxiaoyu111
In recent times, major exchanges have made frequent moves. In the first place, OKX has strongly pushed $OKB, and in the later part, Bitget has used $BGB as the Morph public chain token.
Why have the exchanges been making moves on exchange platform coins recently?
On the one hand, due to the relaxation of the US regulatory authorities, everyone must seize the current window period and quickly empower platform coins to pave the way for the future;
On the other hand, due to the trend of coin-stock integration, the exchange’s platform coins can be said to be one of the few truly valuable assets in the currency circle. With the support of physical business, the value of the platform coins is being repriced by the market.
Let’s take a look at the top 5 players in this exchange platform currency war, so as to have a comprehensive understanding of the overall situation.
Binance’s $BNB
Binance began to empower BNB very early, and the application scenarios of BNB are also the most extensive among all exchanges.
From the Launchpad/Launchpool on the exchange, to the Alpha on the wallet, to the Gas fee on the BSC chain, BNB carries the value accumulation and flow of multiple business lines of Binance ecosystem.
This is also why BNB has already exceeded the market value of 100 billion yuan and is the top three tokens in the entire blockchain industry.
In the future, Binance will continue to deepen to the forefront of the chain and the forefront of asset issuance step by step. BNB is an extremely important forward and value connection tool.
OKX’s $OKB
OKX’s exchange business and wallet business should be viewed separately.
OKX’s exchange business is the foundation, but it has been suppressed by Binance. Not only has it failed to break through, but it also has many problems in listing coins and has been criticized by the community.
However, OKX took a different approach and laid out on-chain services early. Its Web3 wallet can be said to be far ahead and has occupied the traffic entrance of the Web3 world.
Unfortunately, OKX’s public chain ecosystem has always been lacking, far less than the BSC ecosystem.
This in turn leads to a shortcoming in the empowerment of $OKB, which is not as wealthy as $BNB.
OKX also saw this problem, so it has begun to rise strongly in recent times, activate the X Layer public chain ecosystem through the coin price.
So we can also see that many projects have emerged in the X Layer public chain ecosystem with the help of popularity.
In the long run, $OKB is very important to OKX’s strategic positioning. It will not be easily given up, and there will definitely be a chance.
$BGB of Bitget
Bitget has been integrating its ecosystem. First, it merged the Bitget Wallet wallet currency $BWB into $BGB, and now it uses $BGB as a Morph public chain token.
Bitget and OKX are actually a bit similar: the wallet business is also very strong. Previously, it achieved overtaking in the wallet business through the acquisition of Bitkeep; but there are shortcomings in the public chain business.
Bitget previously supported the public chain Morph of its own ecosystem, but there have been problems. Now it has ended up in person, directly connecting the exchange business, wallet business and public chain business through $BGB.
Overall, Bitget is also a very strong exchange. $BGB has been knocked out some time ago, and now it is constantly releasing positive news. It is definitely a strong competitor in this exchange platform currency war.
Bybit’s $MNT
Bybit actually does not have an official platform currency, $MNT is the public chain currency that Bybit supports the public chain Mantle.
But Bybit and Mantle have a deep connection:
In 2021, Bybit also established its own DAO as it takes advantage of the popularity of DAO.The positioning of this DAO is to build a cryptocurrency, and Bybit has injected hundreds of millions of dollars.
BitDAO’s native token is BIT, which Bybit holds a large number of BIT tokens.
Why do you do DAO?
In fact, it is still a compliance issue. It attracts community participation through DAO to avoid potential legal issues in centralized platform coins.
However, solving the compliance problem actually caused many problems: Bybit cannot directly integrate its business through BIT tokens, cannot directly empower, and lacks a powerful tool to compete with other exchanges.
Therefore, by 2023, BitDAO has transformed into Mantle Network and converted BIT tokens into MNT tokens at a 1:1 ratio.
Nowadays, the Mantle chain is even more silent, and the price of MNT tokens is hard to describe.
In short, among the top exchanges, Bybit’s platform coins are the weakest, but Bybit may also have actions in the future, which can be regarded as a value depression.
Gate’s $GT
First of all, is Gate one of the top five exchanges?
There is still controversy on this point. As we all know, there are actually ten exchanges that are generally known as the top five.
However, Gate is also very strong in this cycle, with a lot of voice in the community, and the contract trading volume is indeed ranked in the top five.
Compared with OKX and Bitget, Gate’s on-chain business is not that impressive, but it is also very strong: it has its own public chain GateChain, and the Gate Wallet business is also continuing to develop.
Let’s summarize
Judging from the usage scenarios of platform coins, the direction of the leading exchanges is the same: integrate multiple business lines, empower platform coins, and achieve artificial deflation through destruction and other means, thereby increasing the price of the currency and further activate their own public chain ecosystem.
In addition to Binance, the public chain ecosystems of several other leading exchanges are actually not very good, but everyone is also making efforts:
The strongest one is OKX, which is empowering X Layer;
The second is Bitget, which changes the general and coach, and integrates Morph;
Next is Bybit, although there is Mantle, it is lukewarm;
Finally, it is Gate, which has not achieved outstanding results in public chain business and wallet business.
From the perspective of the market value of platform coins, Binance’s BNB is the only one with a market value of more than 100 billion yuan. The platform coins on other exchanges are around 5 billion US dollars, so there is still a lot of room.
Who will become the next platform coin with a market value of 10 billion in this round?
Let’s wait and see.
