Exchange tokens’ increasing popularity has led ProBit Global to choose BNB as the next — and first exchange-based — token for its Exclusive event. The event’s staple 50% markdown provides users with the opportunity to lock in subscriptions to buy the cryptocurrency that powers the Binance ecosystem for half its market price starting October 18, 2022.
The increasing significance of exchange tokens
Generally, exchange tokens like BNB and ProBit Global’s PROB help to spur activities on their respective platforms. These activities retain users and attract new ones to take advantage of additional benefits on offer to the parties involved. The offers include discounts on trading fees, a boost on referral commissions, and participation in specific events, such as the BNB Exclusive event via PROB subscription.
Exchange tokens make up one of the largest sectors within the market. Based on an estimated 38 different definable sectors within the cryptocurrency market, exchange tokens come on top with a 7.20% sector dominance and a $67.93-billion market capitalization as of this writing. The estimate also shows that 10 exchange-based tokens, including BNB, make the list of the top 100 crypto assets by market cap.
BNB leads the pack
According to the cryptocurrency data platform CryptoCompare, Binance was the largest top-tier spot crypto exchange by volume as of August, with a trading volume of $438 billion. Its review says that Binance remains the leading platform with 55.1% of the market share, as well as the largest centralized exchange by trading volume.
The exchange keeps introducing features to increase the utility of its native asset, BNB, and stablecoin BinanceUSD (BUSD). BNB is used to pay for goods and services and settle transaction fees on BNB Chain. Meanwhile, the introduction of auto-conversion of users’ USD Coin Pax Dollar (USDP) and TrueUSD (TUSD) deposits to BUSD helped enhance liquidity and capital efficiency on its platform.
The recent hack of a cross-chain bridge linking with BNB Chain saw 2 million BNB tokens stolen and the value of BNB dropping by more than 3% to $285.36 a coin, according to CoinMarketCap data. Nonetheless, BNB’s scheduled quarterly burn, aimed at reducing its total supply permanently to 100 million BNB — currently at 165 million — is expected to keep increasing its value.
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