In the fast-evolving world of cryptocurrency, exchange tokens have emerged as a powerful asset class—driven not just by market sentiment but by real utility, buyback mechanisms, and platform growth. Back in 2019, CoinMarketCap’s annual report spotlighted five top exchange tokens that outperformed Bitcoin: BNB, HT, LEO, FTT, and ZB. These platform coins achieved an average annual gain of +98%, surpassing Bitcoin’s +87% and significantly outpacing other crypto sectors.
But what happened after the spotlight faded? How are these tokens faring today? Let’s dive into their current status, compare key metrics, and explore how exchange token economics have evolved since then.
What Is CoinMarketCap and Why Does It Matter?
CoinMarketCap (CMC), founded in 2013, remains one of the most trusted sources for cryptocurrency pricing, market cap data, and exchange rankings. With over 60 million monthly unique visitors, it serves as a primary reference point for traders, investors, and institutions worldwide.
CMC doesn’t just list data—it enforces strict verification standards. Only exchanges and projects meeting rigorous criteria appear on its platform. This credibility gives CMC’s endorsements significant weight. When it highlighted the top five exchange tokens in its 2019 report, it wasn't just sharing numbers—it was validating legitimacy and performance.
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Platform Token Performance: A Tale of Burn Mechanisms and Market Confidence
One of the key drivers behind exchange token value is the token burn mechanism—a deflationary strategy where exchanges use profits or fees to buy back and permanently destroy their native tokens, reducing supply and increasing scarcity.
In early 2020, OKEx made headlines by announcing the destruction of 700 million unsold OKB tokens, sparking a surge of over 50% in its price. The move triggered a chain reaction: ZB and Huobi followed with aggressive buyback and burn plans, pushing HT and ZB up by more than 20%.
Here’s how major platforms approach token burns:
- Binance (BNB): Burns quarterly using 20% of net profits
- Huobi (HT): Repurchases with 20% of global spot and futures income, plus additional burns via FastTrack listings
- OKEx (OKB): Uses 30% of spot trading fees for buybacks
- ZB (ZB): Funds burns through secondary market purchases; has already destroyed 1.4 billion ZB tokens
- FTX (FTT): Utilizes platform revenue for periodic buybacks
Despite different models, all aim for the same goal: long-term token appreciation through controlled supply.
As of recent data:
- ZB led with a YTD gain of 71.63%
- HT rose by 67.08%
- BNB climbed 57.12%
While BNB maintains the largest circulating market cap at $2.04 billion, HT and OKB are closing the gap—evidence of growing investor confidence in diversified exchange ecosystems.
Comparative Analysis: Binance, Huobi, and ZB
To better understand performance drivers, let's focus on three major Chinese-originated exchanges: Binance, Huobi, and ZB.
Token Supply & Burn Efficiency
| Exchange | Initial Supply | Tokens Burned | Remaining Supply | Burn Ratio |
|---|---|---|---|---|
| Binance (BNB) | 200M | 17M | 183M | 8.5% |
| Huobi (HT) | 500M | 42M | 458M | 8.4% |
| ZB (ZB) | 2.1B | 1.4B | 700M | 66.67% |
Notably, ZB leads in burn ratio—over two-thirds of its total supply has been eliminated. While this doesn’t directly translate to higher profitability, it signals strong commitment to scarcity and long-term value.
However, when estimating exchange profitability based on burn volume:
- Huobi and Binance show stronger financials due to consistent profit-sharing models
- ZB, though aggressive in burns, lags slightly in reported trading volume and revenue scale
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Trading Volume, Liquidity, and Market Depth
Beyond token burns, real exchange strength lies in trading activity.
Spot Trading Volume (30-Day Adjusted)
- Binance: $1.6 billion
- ZB: $1.4 billion
- Huobi: $1.1 billion
- Bitfinex: $100 million
Binance dominates in volume and breadth:
- 626 trading pairs
- Huobi follows with 545
- ZB has streamlined to 147 pairs after optimization
Liquidity is equally critical. Deep order books reduce slippage and attract institutional traders. According to historical analysis:
- Binance ranked third in order book depth (after FTX and Bitstamp)
- OKEx placed eighth
- Huobi ninth
These rankings reflect not only user activity but also technological infrastructure and risk management capabilities.
The Rise of CMC’s Liquidity Rankings
For years, exchange rankings relied heavily on reported trading volume—a metric easily manipulated through wash trading. In response, CoinMarketCap introduced a new liquidity scoring system in November 2019 during its Capital Conference in Singapore—co-hosted with Huobi and ZB Group.
This innovative metric evaluates:
- Order book depth
- Proximity of orders to mid-price
- Trade size distribution
- Relative asset liquidity
Instead of static snapshots, CMC uses randomized 24-hour checks to calculate average liquidity scores—making manipulation extremely difficult.
“Our new liquidity metric ensures that only exchanges with genuine user activity rise to the top,” said Carylyne Chan, CMC’s Chief Strategy Officer at the time.
This shift marked a turning point—rewarding transparency and penalizing inflated volumes. It also validated platforms like Binance, Huobi, and OKEx, which consistently rank high under both volume and liquidity measures.
Where Are the Original Five Now? A Reality Check
Let’s assess each of the original five exchange tokens from CMC’s 2019 report:
1. BNB (Binance)
Still the gold standard. Integrated across Binance Smart Chain (now BNB Chain), decentralized applications (dApps), gas fees, staking rewards, and more. Its ecosystem expansion has made BNB far more than just an exchange token.
2. HT (Huobi)
Maintains strong utility within Huobi Global—discounts, voting rights, FastTrack listings. Though slower in ecosystem growth compared to BNB, HT remains resilient due to consistent buybacks and regional dominance.
3. LEO (UNUS SED LEO / Bitfinex)
Launched by iFinex (parent of Bitfinex), LEO was designed as a utility token with revenue-sharing features. Despite legal scrutiny around Tether in past years, LEO has held steady thanks to platform resilience and ongoing buybacks.
4. FTT (FTX)
Once hailed as innovative—especially with products like MOVE contracts and leveraged tokens—FTX collapsed dramatically in late 2022 due to mismanagement and fund misuse. FTT lost over 95% of its value post-collapse.
5. ZB (ZB.com)
Lesser-known globally but still active in Asian markets. Aggressive burns have supported price stability, but limited innovation beyond spot trading has constrained broader adoption.
Frequently Asked Questions
Q: Are exchange tokens still a good investment?
A: Yes—but only for established platforms with transparent operations, real revenue, and clear utility. BNB and HT remain strong candidates; newer or opaque projects carry higher risk.
Q: How do token burns increase value?
A: By reducing circulating supply over time, burns create deflationary pressure. If demand stays constant or grows, the price tends to rise—similar to stock buybacks in traditional finance.
Q: Why did FTT fail while others survived?
A: FTX’s downfall wasn’t due to flawed tokenomics but catastrophic governance failures and misuse of customer funds. This highlights that even well-designed tokens can collapse if built on weak foundations.
Q: Does high trading volume always mean a better exchange?
A: Not necessarily. Volume can be inflated. That’s why metrics like CMC’s liquidity score are more reliable indicators of true market health.
Q: Can smaller exchanges compete with giants like Binance?
A: Yes—by focusing on niche markets (e.g., derivatives, specific regions), offering better fees, or innovating in areas like DeFi integration or NFT trading.
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Final Thoughts: Evolution Beyond Hype
The story of the top five exchange tokens from CMC’s 2019 report is one of divergence. Some thrived through innovation and sound economics; others faltered under poor governance.
Today, success isn’t just about burn rates or short-term pumps—it’s about building sustainable ecosystems where the token plays a functional role. Binance leads here with BNB Chain; others must either adapt or risk irrelevance.
As the market matures, investors should prioritize platforms with:
- Transparent financials
- Real-world utility
- Regulatory compliance
- Active development roadmaps
The era of empty promises is ending. The future belongs to those who deliver real value—one burn, one trade, one innovation at a time.
Core Keywords: exchange tokens, CoinMarketCap, BNB, HT, token burn, liquidity ranking, platform coin, cryptocurrency exchange