Thoughts on exchange tokens? - page 2.

JohnBitCo

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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?

Good exchange tokens will always grow as their exchange grows. You can see the example of BNB which is a token of the binance exchange. The next good exchange coin to invest now can be FTX. Also the decentralized exchange tokens like 1inch and uniswap are also worth investing.

maxreish

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If you'll notice how those top crypto exchanges have selected tokens on their platform only. And they dont added more as not all of the tokens are good to serve with. However, one of the best crypto exchanges that has wide variety of tokens that can be exchange is the MyEtherwallet (MEW), you just need some gas for eth fees and you will be able to add some token together with the contracts on their platform.

fortune1002

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Now Every Exchange is releasing their own token. Because Binance released their own token and got success. So every exchange is following binance. Exchange's token have their own work on their exchanges. But Nowadays most of exchange have their token and it is also Successfull like binance, houbi and many others

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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?

There is value in those tokens provided that the company that released them had a platform that will help the community grow, like Binance and Kucoin, I have promoted and invested in some of these tokens in their ICO stage but unfortunately, the majority of these are profit-driven and they cannot keep up with the competition in the market, there are few exchanged based token doing crowdfunding now, not unlike before where there are at least 4 to 8 new tokens.

TheMimic1

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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?

There aren't many exchange tokens in the market if you know the difference between top exchanges and low exchanges, the best advice is to stick with top exchange tokens and they always perform better, I remember confusing a friend to invest in wazirX and today he is happy cos the coin is growing big

robattfield

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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?

In fact, not all exchanges are performing well, as far as I can tell, only a few have had success with the exchange token. As we all know the top exchanges they use their own tokens to optimize usage on exchanges. In Some popular exchanges such as Binance, Okex, Houbi, the exchange tokens have high value and people are more supportive. Recently, the dominance of DEXs, DEXs also have their own tokens, I like this in the cryptocurrency space it brings diversity to users. Tokens are fundamentally very important, but not all exchanges do.

yazher

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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?

Only BNB and Okex are the best for me and the rest is something you should check by yourself because when the price of BTC increase, the users of both exchanges are increasing as well that would make their exchanges token surge because of the ongoing trade in their exchanges that would make the people give more trust to their coins. the bottom line is when there are so many users using their exchanges, there is no doubt about the price of their coins will increase as well. Yeah! there are too many of them in the market and you should be careful about falling to some sort of exchanges where they will close their service without an announcement.

Lantind

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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.

cabron

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They are utility tokens inside the exchange and if the exchange gets popular, they'd be a good token to invest in. We have seen most of them soar high. If you look back on how Gate token is when it started, its not a very popular exchange when it started its just few satoshis.

If you come to think of it that we are just millions in the crypto industry so far, in the next few years we'd exponentially grow to a billion and the exchange tokens could be much worth it.

Bitstar_coin

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Who knows what tge future holds because the idea of decentralization and crypto is to be able to digital currency that can be use to obtain a service, many of the thousands in the market don't provide any yet even though their intentions are to provide utility bit in reality that hasn't been the case, for now price speculation is the order of the day.

makishart

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Quote from: MCDev on March 13, 2021, 04:00:55 PM

During this period the tokens of the exchange appear to be dominant over the tokens of other projects.
The success of BNB coin also makes people look more positive about the tokens of exchanges.

Only some coins were dominating the market just like BNB caused by it already created a very big ecosystem and so many new platforms were using binance coin as the base pair for their token on BSC. that gives so many advantage to the BNB holders especially to get more adoption by the newcomers.
When you are comparing the performance of any exchange token and they will have the same graphic. Only one or two tokens will be dominance in the market.

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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 them are not even worth it, in the past, there are so many token-based exchanges, but only a few succeeded in getting support in the market, they want to imitate Binance coin success but unfortunately, they pair very badly in the market, some of them launched ICO but after getting funds, they just run away, one of this is IRONX exchange after getting millions worth of dollars they run away with investor's money.

kaseygriffin

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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?

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.

asriloni

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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?

I think that if there are not too many exchange site tokens in the market. The exchange tokens already issued based on the exchange site's interest to give more advantage to the its holders.
The ICO and IEO platforms were also need such tokens serve and it's not only that.
The defi market is also need the exchange's token. You can see how BNB mostly being used to earn the passive income from the launch pool.
that's proven exchange site token can be used on several sectors.

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Quote from: MishaSER on March 13, 2021, 05:26:14 PM

The cryptocurrency market is very young, of course everyone wants to be the first. It's like in the real world where each country has its own currency, and in the crypto world, each exchange wants to have its own token.

Right now, it seems this is the trend. Each exchange is trying to introduce their own token. And since crypto business is booming and is still growing, expect that there will be more of these exchanges that will create their own token. There are benefits from their end, so it is their advantage to introduce their own. But the value of this token depends on the performance of the exchange itself. Like for example, Binance having their BNB coins. Their value is good because Binance is the top exchange right now. But if you check other exchange tokens, they are not that worth much.

MishaSER

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The cryptocurrency market is very young, of course everyone wants to be the first. It's like in the real world where each country has its own currency, and in the crypto world, each exchange wants to have its own token.

goaldigger

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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?

Most of the exchanges have their own utility tokens but not all tokens are worth holding since most of them have no usage in the market aside from being a utility token.

If we’re going to compare those exchanges to BNB, then you’ll probably see that BNB is a different one since its keeps on growing, and making new developments for us. Utility tokens are quiet low in volume compare to other tokens, but if you think its good to hold then go for it because your investment decision is all yours.

J1mb0

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Nearly all exchanges want to issue a token of their own right now, which is understandable once BNB has achieved great success and other exchanges want to follow it as well.
However the number of tokens of the exchanges is so large that the market is in chaos, I think we should only invest in the tokens of the large exchanges.

FinneysTrueVision

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When Binance first created their BNB token I just saw it as a scam to make CZ rich. I still think that is the case but now they have evolved and have worked very hard to make it a credible competitor to Ethereum and it is one of the top cryptocurrencies by market cap.

Most exchange tokens will not have the same level of development that BNB has had so it is useless to invest in them if you are not a trader at those exchanges.

djgtr

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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?

Popularity and reputation of the exchange site is what really matters most of the time, because the future of that token relies. Example to that is with binance, there's a lot of promising tokens listed nowadays which has brighter future. Utility token might take a huge swing, always keep an eye of what asset you're going to hold before altcoins initiate it's own bullrun.

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