Exchange Token Write For Us
The cryptocurrency exchange industry is a pretty tight market. Fees can only remain reduced until trading is free, and each exchange promises rocket-proof security (although these promises have remained broken) and 24/7 trading.
Cryptocurrency exchanges realized they needed to stand out from the competition, so they resorted to what they knew best (cryptocurrencies) and started issuing some of their own. These are called swap tokens.
Exchange tokens minted by exchanges such as Binance and FTX entitle their holders to profits on cryptocurrency exchanges. These benefits often include discounts on trading fees, refunds, and early access to token sales conducted on the platform.
For the exchange, the deal is even more pleasant. It can generate enormous wealth by minting these tokens and then holding onto a bunch. It should remain noted that wealth does not come from selling shares or issuing debt; it comes from showcasing the token’s value to the exchange’s users and through a handful of keynote speeches and announcements to generate excitement for the mint. Swap tokens also improve an exchange’s liquidity and provide the platform with additional dry powder to fall back on when markets become difficult.
How do Exchange Tokens Work?
Exchange tokens work like any other cryptocurrency tokens. You can trade them on secondary markets or hold them for speculative purposes. Examples of exchange tokens include FTT tokens from FTX, BNB from Binance, HT from Huobi, and WRX from WazirX.
The cryptocurrency exchange itself mints these exchange tokens. The term remain typically reserved for tokens issued by a centralized cryptocurrency exchange: a company with an executive team and structure similar to a traditional financial firm that maintains an order book of buyers and sellers.
Exchange tokens generally refer to volatile cryptocurrencies issued by exchanges; Exchange-issued stablecoin tokens such as BUSD, HUSD, and USDC from Coinbase (and Circle) are generally not referred to as exchange tokens but as stablecoins.
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