The research platform CQ Research has published a report on the current state and dynamics of exchange tokens issued by centralized and decentralized platforms. The analysis focuses on BNB (Binance), LEO (Bitfinex), BGB (Bitget), CRO (Crypto.com), OKB (OKX), GT (Gate.io), KCS (KuCoin), and MX (MEXC). These tokens provide access to discounts on fees, private placements, staking, and other features within the exchange ecosystems.
The most significant takeaway is the dominance of the BNB token, which controls 81% of the total market capitalization of the sector ($105 billion). A few days ago, the value of the cryptocurrency reached a new all-time high and then showed a minimal decline — only 6% from the peak. This resilience makes BNB a flagship among all exchange tokens.
BGB and LEO also demonstrate high resilience to market volatility, having the lowest historical drawdowns. While assets like CRO and KCS have still not recovered to their previous highs, remaining over 1300 days below the ATH figure.
Since the beginning of 2025 (YTD), BNB and KCS have shown the best performance among the group — growth of +12% and +8% respectively. The other tokens remain either at the same level or show negative dynamics, despite the overall revival of the crypto market.
In terms of market capitalization, BNB continues to be among the top five largest cryptocurrencies in the world, highlighting its role as the token for the BNB Smart Chain and the main asset of Binance. LEO ranks second among exchange cryptocurrencies but has dropped to 26th place in the overall ranking, losing positions since April. Next, in 27th place, is the native token of the Bitget platform (BGB).
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