Crypto Exchange Token Tracker Aug 2023

TI Research

Exchange tokens, as the core of crypto exchanges, play a crucial role in the crypto industry. With the fade out of $FTT, what are the new trends of exchange tokens? Let's take a look together.

Exchange tokens, as the core of crypto exchanges, play a crucial role in the crypto industry. These exchange tokens serve as tokens for participation in specific exchange ecosystems, implying the development potential of the exchanges themselves and their ecosystems. This report aims to study the price trends, market capitalization changes, token burning, and other aspects of exchange tokens to gain in-depth insights into the market performance and potential opportunities of these exchanges.

In 2023, Except $MX and $BGB, the Majority of Exchange Tokens Are Not As Profitable As $BTC

On August 20, the total market capitalization of exchange tokens was about $43B. This represents about 4% of the global crypto market cap, down 1% from 5% at the end of Q1.

$MX and $BGB are the exchange tokens with the largest price gains since the beginning of the year, up 234% and 134%, respectively.

$BNB is still the largest exchange token by market cap, but its price and market capitalization have been affected by the SEC indictment in early June. As of August 20, $BNB's market cap stood at $33B, down 15% from the beginning of the year.

OKX Has the Highest IEO ROI at 34.6x in 2023

In 2023, the IEO project on OKX had the highest return on investment (ROI), at 34.6x the ATH price.

IEOs on larger exchanges like OKX and Binance tend to be of higher quality with substantial funding, generally offering participants higher returns on investment (ROI).

However, opportunities to partake in IEOs on these major platforms are limited. As of August, OKX conducted just one IEO, while Binance held three. launched as many as 173 IEOs in 2023. Its overall return was modest, with an ATH ROI of only 3.7x.

More Than Half of the $HT, $MX and $GT Have Been Burned

More than half of the $HT, $MX and $GT have been burned so far, with $HT being the most burned at 60% of the maximum supply.

So far this year, $GT has been the most burned, accounting for 6.94% of circulation, valued at $24M. $GT is scheduled to cut down (at least) 2/3 of its maximum supply. At the current rate of burning, it is expected that the goal will be accomplished within 4 years.

$BNB, $OKB and $LEO are fully circulated. Due to adjustments in tokenomics, $KCS and $MX are still in vesting, expected to be fully circulated in 2027 and 2030, respectively.

The plans for $BNB and $KCS to eventually reduce the total supply down to 50%. However, they are still in the early stage: only 24% $BNB and 12% of $KCS have been burned.

Bitget Expands Aggressively in Bear Market, $BGB Price Grows 134%, Market Cap Grows 132%

As mentioned earlier, $BGB is one of the best performing exchange tokens so far this year. As of August, $BGB's price is up 134% and its market cap is up 132%. Below is a summary of recent developments in $BGB:

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