The crypto market in 2025 is experiencing a new bull cycle, and alongside Bitcoin and Ethereum, another group of assets is catching attention: exchange tokens. These are coins created by cryptocurrency exchanges (like Binance, OKX, Crypto.com, and KuCoin) to offer benefits to their users and strengthen their ecosystems.
Although they all have similar functions, one of them has consistently stood out in recent years: BNB (Binance Coin). The Binance token has not only appreciated more but has also managed to build a broad and diverse ecosystem around itself, something that competitors have yet to achieve.
In this article, we will understand what differentiates BNB from other exchange tokens like CRO, OKB, KCS, and LEO, why it leads the sector, and what this means for the future of these coins.
What are exchange tokens and why do they exist?
Before comparing, it is worth taking a step back for a brief explanation: exchange tokens are coins issued by crypto exchanges. In practice, they offer advantages to platform users, such as:
Discounts on trading fees;
Access to exclusive products, such as new token launches (Launchpads);
Staking rewards (locking coins to generate yield);
Loyalty programs within the exchange.
These tokens were born as a way to engage users and create loyalty to the exchange, but some evolved into something larger. This is where BNB differentiates itself.
BNB: from fee discounts to the engine of an entire ecosystem
Launched in 2017, BNB started as a simple token to offer discounts on Binance trading fees. Over time, Binance transformed BNB into a centerpiece of its ecosystem. Today, it serves to:
Pay fees on Binance at a discount;
Power the BNB Chain, Binance's own blockchain that directly competes with networks like Ethereum and Solana;
Participate in Launchpools and Launchpads, which provide early access to new projects;
Generate rewards via staking on various platforms;
Be used in DeFi, online payments, and even loans.
In other words: while many exchange tokens are still stuck in the role of offering advantages within the exchange, BNB has expanded its reach to an entire blockchain ecosystem, with real applications in decentralized finance, gaming, and payments.
BNB - Market capitalization and appreciation in recent months
In terms of numbers, BNB's leadership is indisputable. In 2025, the token easily surpasses $100 billion in market value, while rivals like OKB, CRO, and KCS remain in the few billion range. This difference is not just statistical: it shows market confidence and the size of Binance's user base.
With nearly 300 million global customers and a presence on almost every continent, Binance gives BNB a liquidity and exposure that no other exchange token can offer. This means there is always enough demand and supply to keep the asset relevant and attractive.
In the last three months, BNB has shown solid performance, appreciating nearly 27%, surpassing $900. The chart shows a consistent recovery from mid-June, followed by a series of higher highs and lows, indicating strong buying pressure.
This performance reinforces BNB's dominance and its resilience in key moments of the market.
The role of token burns (token burn)
Another important aspect of BNB is its deflationary strategy. Binance conducts quarterly burns, meaning it permanently removes a portion of tokens from circulation. In July 2025 alone, over 1.59 million BNB were burned.
This practice reduces the available supply in the market and, in theory, contributes to appreciating the asset's price over time. It is a policy similar to companies that buy back their own shares in the traditional market, but adapted to the crypto universe.
Other tokens also perform burns, but usually on a smaller scale or in a less predictable manner. OKB, for example, conducted a significant burn of 65 million tokens (75% of the total supply), which caused a price spike in 2025. However, it was an isolated event and lacked the same consistency as Binance's quarterly model.
And the competitors? Where do they stand out and where do they fall short
Despite BNB's dominance, other tokens also have their differentiators:
OKB (OKX): gained traction with the massive token burn and appreciated over 120% in 2025. However, its utility remains mainly limited to benefits within the exchange;
CRO (Crypto.com): rose again with the market's recovery, mainly due to its association with crypto debit cards and payments via the app. But its presence outside the Crypto.com ecosystem remains modest;
KCS (KuCoin Token): offers an interesting advantage — distribution of part of the exchange fees to token holders. However, KuCoin is a smaller exchange compared to Binance and OKX, which limits KCS's reach;
LEO (Bitfinex): focuses on stability, with continuous buybacks and burns, but without many additional utilities outside the Bitfinex ecosystem.
In the end, they all offer advantages, but none have managed to expand their role as much as BNB, which today is not just an exchange token, but also an essential asset within a Layer-1 blockchain.
Why BNB continues to lead
What keeps BNB on top is the combination of factors:
Diverse use: goes far beyond fees and discounts;
Own ecosystem: powers a blockchain that competes with Ethereum, Solana, and Avalanche;
Consistent deflationary strategy, with predictable quarterly burns;
Global user base inherited from the largest exchange in the world;
Integration with DeFi, payments, and innovative products, reinforcing its utility.
This set creates a constant and solid demand, reduces dependence on fleeting hype, and ensures that BNB remains relevant in the long term.
What this means for the future of exchange tokens
The case of BNB shows that exchange tokens can be much more than loyalty tools. These projects can evolve to become the center of entire ecosystems, with real use in blockchain, decentralized finance, and payments.
For investors, the lesson is clear: it is not enough to only look at the discount on fees or momentary hype. It is necessary to evaluate the depth of the ecosystem, the consistency of the supply policy (such as token burns), and the size of the user base. These factors help distinguish sustainable projects from speculative short-term ones.
Keep an eye on BNB!
The 2025 bull market has reignited interest in exchange tokens, but it has also shown that not all are on the same level. While projects like OKB, CRO, and KCS have their strengths, BNB remains several steps ahead.
Its integration into a complete ecosystem, the policy of regular burns, and the support of the largest exchange in the world put it in a unique position.
For those entering the market now, understanding the difference between these tokens is essential for making more informed decisions. And for those with some experience, the BNB case leaves an important message: in the crypto universe, real utility and mass adoption are the factors that determine who survives in the long term.
And you, had you ever stopped to think about all these aspects that put BNB in the spotlight compared to exchange cryptos?
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