Comparison of crypto exchange tokens: 09/18

Crypto exchange tokens have established themselves as a new type of crypto investment that allows a direct participation from the infrastructure of the market. While diversification is a rather funny approach in the crypto ecosystem (everything price-related depends on Bitcoin), exchange tokens allow for some form of in-sector-diversification from cryptocurrencies and dApp tokens.

In the following post, I will provide an overview of 20 different crypto exchange tokens. The goal of this article is not to evaluate the potential over- or under-pricing of assets but only descriptive statistics. Just like for the blockchain infrastructure projects, I will try to update this article in regular intervals in order to improve data quality and quantity and to observe the development of crypto exchange tokens over time. Exchange tokens are highly exciting (financial) instruments, as they often combine aspects of utility and security tokens. Additionally, their value/price should relate to trading volume, not to overall market conditions. But this is not always the case.

Exchange statistics

To gain a fundamental overview of the relevance of crypto exchange tokens, it makes sense to look at the kind of exchanges that make use of such models. With Binance, Okex, Huobi and Bitfinex (Ethfinex), four of the biggest existing exchanges worldwide have introduced exchange tokens.

In the table below, all (in this post) observed exchanges are listed. When looking at the…