Centralized cryptocurrency exchange (“CEX”) tokens have seen a stellar run up year to date, with BNB and FTT outperforming the likes of Uniswap and Sushi. For the majority of retail users, CEXs are the gatekeeper to the proverbial crypto rabbit hole, providing much needed functionality like fiat on/off ramps, customer service and a sense of easy to attain security (not everyone wants to be responsible for personal custody and that’s ok).
In this report, we will be studying the utility of exchange tokens across a number of centralized (CEX) and decentralized (DEX) exchanges, as well as the cashflow accrual mechanism to token holders. We limit the scope to Binance (BNB), FTX (FTT) and Huobi (HT) for CEXs, alongside Sushiswap (SUSHI) and 0x (ZRX) protocol on the DEX front.
Centralized Exchange Tokens
Binance and Huobi are the 2 largest spot trading exchanges by volume, and each have launched EVM-compatible public blockchain for decentra
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