Thoughts on exchange tokens? | Bitcointalksearch.org

TastyChillySauce00

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Quote from: DaMut on March 19, 2021, 02:21:49 PM

What is the problem for an exchange to have their own token? instead it is good for both parties.
it is just like a member card for the user when we can get benefit from having one while in this case some exchanges are charging less fees for the holders.
and for the exchange themselves they can get fund to keep developing or maintaining their platform.
we have seen a lot of shitcoin created everyday, so it does not concern us at all as long as the exchange works as expected.

As long as the coins released by the exchange have some kind of utilities then most of us are fine, heck even I usually don't really care about an exchange releasing a new coin. Maybe people are fussing about how some exchanges created their own version of token or coin just for money grab but i suppose most of people could figure out which one is worth the investment.

galestorm

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Far too many exchange tokens out there. A crypto exchange may launch its own token for a variety of reasons, and exchange owners often give tokens to users as incentives. A token presents a company's share, give access to product or service and perform many other functions. It's viability however depends on the success of the company's project. Some would launch their own exchange tokens without legitimate products or services, which then leave the buyers with nothing but invaluable tokens. Be careful out there.

tygeade

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I believe things like Uni token and Cake token are actually quite good, they are really doing something great with those because it is really profiting you something while owning it but you can also govern it if given the right as well. Think about it, you can increase the trading fee and make more money but lose customers but you could drop it and decrease the profits but gain more people, maybe one way you would make more money or the other way you make more money, it is given to you.

I think it is a great deal to own an exchanges token, there are way too many things you can do with it, and I like it considering there is a reason for it to be bought, there is a usecase, all those staking and liquidity providing, those are amazing things and that is what I have been looking for in a coin, a great usecase that people would be willing to use for a long time so the token would worth something.

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Quote from: criket on March 19, 2021, 10:22:30 PM

Quote from: DaMut on March 19, 2021, 02:21:49 PM

What is the problem for an exchange to have their own token? instead it is good for both parties.
it is just like a member card for the user when we can get benefit from having one while in this case some exchanges are charging less fees for the holders.
and for the exchange themselves they can get fund to keep developing or maintaining their platform.
we have seen a lot of shitcoin created everyday, so it does not concern us at all as long as the exchange works as expected.

You can see that many exchange platforms are currently present on the crypto market. they are promoting not just their platform. but also related to their own tokens that can later be traded on an exchange.
there is nothing wrong. but it looks like a strategy to keep the exchange busy with new coin events.
like IEO on binance. which indeed requires IEO participants to have a BNB before being able to participate in IEO sales.
but I prefer exchanges that are up and running and recently releasing their own coins. they already have a market then make a sale of their own coins once their platform is up and running.
like NOMINEX which has just released their NMX coins which have been opened on several exchanges as well.

Except IEO is not very much a popular way of getting funds anymore. It's not what is being done these days, most are up to just doing presale or Initial DEX offering (IDO). Nonetheless, exchange tokens are still good tokens to invest in when the exchange is being used by traders. Exchanges that are gradually earning trust are the good ones to invest with.

Just hope that NMX isn't going to mess things up.

criket

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Quote from: DaMut on March 19, 2021, 02:21:49 PM

What is the problem for an exchange to have their own token? instead it is good for both parties.
it is just like a member card for the user when we can get benefit from having one while in this case some exchanges are charging less fees for the holders.
and for the exchange themselves they can get fund to keep developing or maintaining their platform.
we have seen a lot of shitcoin created everyday, so it does not concern us at all as long as the exchange works as expected.

You can see that many exchange platforms are currently present on the crypto market. they are promoting not just their platform. but also related to their own tokens that can later be traded on an exchange.
there is nothing wrong. but it looks like a strategy to keep the exchange busy with new coin events.
like IEO on binance. which indeed requires IEO participants to have a BNB before being able to participate in IEO sales.
but I prefer exchanges that are up and running and recently releasing their own coins. they already have a market then make a sale of their own coins once their platform is up and running.
like NOMINEX which has just released their NMX coins which have been opened on several exchanges as well.

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Quote from: michellee on March 19, 2021, 09:22:48 AM

Quote from: gurunanakji777 on March 19, 2021, 08:36:04 AM

My experience is not good with exchanges tokes so far. I would say very few exchange tokens are worthy on the other hand I have some 5-7 exchange tokens and none of them have good value so far only B2b exchange coin pays me some good return. If we see Binance there is no match of Binance with other exchange coins but I have noticed in the past 1 year some good exchange projects introduced and their dev is doing good. But whenever you plan to buy exchange tokens do due diligence properly otherwise you can repent later.

You are right. What I do not like about DEX is the fees that are too expensive. Binance is enough for us to trade because that exchange has many coins or tokens that we can use to trade. If the new token is only available on the DEX, maybe we can wait for a while to see that token will be list on the major exchange. And if the dev wants to grow their project and reach more traders because, in the major exchange, they will have so many traders from many countries that want to profit from the new coin or token.

I started trading on binance DeX when binance IEO was very popular. In the past, several tokens made IEO sales on binance that switched the binance blockchain. and they are not directly listed on the main binance exchange.
I think binance DEX is also more friendly than other DEX when it comes to trading fees.

When it comes to the past, I am sure we are love to trade in DEX as the ethereum price is not too high and the fees are not too high. Even I do not know about Binance DEX, I heard that people used it to trade many tokens, but I do not know about the fees on that exchange. But if the fees are not too high depend on the other DEX, then Binance Dex still worth using.

DaMut

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What is the problem for an exchange to have their own token? instead it is good for both parties.
it is just like a member card for the user when we can get benefit from having one while in this case some exchanges are charging less fees for the holders.
and for the exchange themselves they can get fund to keep developing or maintaining their platform.
we have seen a lot of shitcoin created everyday, so it does not concern us at all as long as the exchange works as expected.

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Quote from: crypto-performance on March 13, 2021, 12:14:24 PM

I'm keen to know what the general consensus is on the value and utility of all the tokens that exchanges and crypto portals release. Are there too many of them in the market? Or is there an obvious market need that such tokens serve?

Well at first sight i think most people would say that there are way to many exchanges and exchange tokens out there. Some of those small an new exchanges are having a hard time to generate enough volume to make profit.
On the other hand it's always important for every market or industry sector that there is competition if we would only have binance and coinbase they would have way to much power.
So for me it's a good thing that new exchanges are trying their luck regularly to get a little market share.

lobo13hf

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Quote from: Lantind on March 13, 2021, 11:45:59 PM

Yes, DEX is a helper to boost Exchange in general, so the use of DEX by some people in crypto will obviously be very beneficial in real terms and can benefit exchanges on the public channel, so that their tokens always have a good value in the market.

Is not it the market will determine the price of token? i see that when the project has a FOMO and that will make the price will be going very high but again community will determine this.
It's not all of dex can have a good value dude. The majority of the small dex has their own token that traded in low value.

Only a few exchange token that has good value at this time.
People are also hyping the good exchange token.

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Quote from: gurunanakji777 on March 19, 2021, 08:36:04 AM

My experience is not good with exchanges tokes so far. I would say very few exchange tokens are worthy on the other hand I have some 5-7 exchange tokens and none of them have good value so far only B2b exchange coin pays me some good return. If we see Binance there is no match of Binance with other exchange coins but I have noticed in the past 1 year some good exchange projects introduced and their dev is doing good. But whenever you plan to buy exchange tokens do due diligence properly otherwise you can repent later.

You are right. What I do not like about DEX is the fees that are too expensive. Binance is enough for us to trade because that exchange has many coins or tokens that we can use to trade. If the new token is only available on the DEX, maybe we can wait for a while to see that token will be list on the major exchange. And if the dev wants to grow their project and reach more traders because, in the major exchange, they will have so many traders from many countries that want to profit from the new coin or token.

isaac_clarke22

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Quote from: crypto-performance on March 13, 2021, 12:14:24 PM

I'm keen to know what the general consensus is on the value and utility of all the tokens that exchanges and crypto portals release. Are there too many of them in the market? Or is there an obvious market need that such tokens serve?

Not sure if they're too many, because those tokens would even reflect on how does an exchange perform sometimes.
One notable example would be BNB. I plan to buy it back in the days, but it was just too much in my portfolio now so I backed out.
It seemed to perform well along with the exchange based on the circulation and the volume of the coin.
That's just one notable example though.

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Quote from: crypto-performance on March 13, 2021, 12:14:24 PM

I'm keen to know what the general consensus is on the value and utility of all the tokens that exchanges and crypto portals release. Are there too many of them in the market? Or is there an obvious market need that such tokens serve?

Some of these projects are placing some roles but many we're just worthless and dead. Maybe we hear about scam tokens, abandoned projects, many of them having that situation because, in the very beginning of its creation, they don't have that intention to bring the light to it but instead, they let people fooled by their greediness and lose their money.

That is very important to look at the projects that could sustain the market competition and we have those positive insights that it grow in the future, not to be abandoned.

gurunanakji777

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My experience is not good with exchanges tokes so far. I would say very few exchange tokens are worthy on the other hand I have some 5-7 exchange tokens and none of them have good value so far only B2b exchange coin pays me some good return. If we see Binance there is no match of Binance with other exchange coins but I have noticed in the past 1 year some good exchange projects introduced and their dev is doing good. But whenever you plan to buy exchange tokens do due diligence properly otherwise you can repent later.

rosebrand

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Almost every crypto exchanges got thier own token , most of them are really worth investing on, it's certain that the progress of the exchange token depends on the welfare of the exchange. Most times this Exchange tokens doesn't have any usefulness tho some big exchanges makes their token more uselful in their exchange by adding some nice features which will make the token appears very useful, just like binance which got a staking launch pad where participants can only pertake by staking BNB and also there are certain fees which are reduce when transacting with BNB and if we take a close look we could see BNB has really been doing very fine so its certain that exchange tokens progress depends on the success of the exchange.

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Quote from: crypto-performance on March 13, 2021, 12:14:24 PM

I'm keen to know what the general consensus is on the value and utility of all the tokens that exchanges and crypto portals release. Are there too many of them in the market? Or is there an obvious market need that such tokens serve?

Every exchanges created their own utility tokens, it’s very rare to find without own token exchanges. But mostly exchanges tokens haven’t any real uses on the market. BNB & UNI both of coins are big trending in the market now. As like exchange token it has reached to another level of demand due to strong development and many use cases right now.

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Quote from: crypto-performance on March 18, 2021, 07:31:12 AM

Quote from: Oshosondy on March 13, 2021, 01:21:17 PM

There are not more than 400 to 500 exchanges that are legit,

400-500 exchanges? That's honestly way too much.

I think that's for overall but when you are counting the legit exchange site and there will be only less than 100 exchange sites that can be trusted and remember that if the volume gets centralized to the big exchange site. I think that we should not count all of exchange sites and consider these as legit exchange sites.

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Quote from: Oshosondy on March 13, 2021, 01:21:17 PM

There are not more than 400 to 500 exchanges that are legit,

400-500 exchanges? That's honestly way too much.

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Quote from: crypto-performance on March 13, 2021, 12:14:24 PM

I'm keen to know what the general consensus is on the value and utility of all the tokens that exchanges and crypto portals release. Are there too many of them in the market? Or is there an obvious market need that such tokens serve?

Its just good for their own platform but overall it isnt really that much off needed but if the perks just like on making use of it as a fee or somewhat have that staking feature then that would really be a beneficial one.

Just like on what happened on BNB on where it did really make out some progress just because the platform itself did really get some recognition in the masses.So having your own exchange token
isnt really a bad idea after all.

If they dont make one then its just okay but if they do make one then its still okay too. Cool

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Quote from: Lantind on March 13, 2021, 11:45:59 PM

Quote from: kaseygriffin on March 13, 2021, 08:05:03 PM

There are not many exchanges where their tokens can be successful, I just see that these tokens have real value and meaning from the top DEX and Eexchange in this market. The use of these tokens will benefit the user more, which I don't need to say for sure you understand.

Yes, DEX is a helper to boost Exchange in general, so the use of DEX by some people in crypto will obviously be very beneficial in real terms and can benefit exchanges on the public channel, so that their tokens always have a good value in the market.

the majority of tokens issued by the DEX being used as the governance token and it has less utility compared with the tokens that already issued by the centralized exchange site. it doesn't make sense to say dex token has more beneficial. Dex is not even helping to boost the exchange site in crypto ecosystem but the swap service does it.
I think that there's something wrong with it.

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Quote from: crypto-performance on March 13, 2021, 12:14:24 PM

I'm keen to know what the general consensus is on the value and utility of all the tokens that exchanges and crypto portals release.

Cryptocurrency is a broad venture and no consensus is needed for a token to be created on listed on an exchange, what the token team need is to have the exchange requirement and their token will be listed.

Quote from: crypto-performance on March 13, 2021, 12:14:24 PM

Are there too many of them in the market?

Yes, there are in spite that crypto market is broad and new token project are abusing the capacity of the market.

Quote from: crypto-performance on March 13, 2021, 12:14:24 PM

Or is there an obvious market need that such tokens serve?

The market needs the service offered by some token but 95% of all the token we have in the market are copycat.

Topic: Thoughts on exchange tokens? (Read 310 times)