Exchange Tokens: Expanding Ecosystems and Increasing Value

Digital asset exchanges are enhancing their ecosystems through their own tokens. As of the 12th, the market capitalizations of exchange tokens BNB, Hyperliquid (HYPE), and Unus Sed Leo (LEO) are approximately 117 trillion won, 26 trillion won, and 13 trillion won, respectively, totaling 157 trillion won. Exchanges are adopting strategies to bind users and ecosystems in the long term through fee discounts, staking, and governance. BNB started with trading fee discounts and has now established itself in various ecosystem uses, including gas fees on the BNB Chain. The total amount staked on the BNB Chain is about $6.77 billion, with DEX trading volume reaching approximately $669 million over 24 hours. OKX is promoting ecosystem expansion through its own token OKB, while LEO uses at least 27% of its monthly revenue for token buybacks and burns. Hyperliquid's HYPE employs a strategy to increase token demand through trading fees. Experts warn that while the exchange token model is effective for building blockchain ecosystems, caution is needed regarding volatility and regulatory risks.

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