Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: MCcabe Rory on April 23, 2024, 07:41:40 PM
-
I've never been a fan of native tokens from exchanges or wallets, but the recent hype around BNB, OKB, and BGB has piqued my interest. These tokens, especially BNB and BGB, have shown remarkable growth, driven by the demand to participate in launchpools, launchpads, and other events. BNB has soared by nearly 80% in the past year, while BGB has taken the spotlight with an impressive 190% gain. OKB might not have made significant moves recently, but its potential shouldn't be underestimated.
Meanwhile, wallet tokens like Trust Wallet and C98 Wallet have been performing decently, although not as spectacularly as exchange tokens. I have a feeling that wallet tokens might start showing impressive price action as we approach the post-halving period, thanks to an expected increase in transactions. I'm especially curious about the potential of BWB token, which is set to launch soon with an airdrop.
What do you think about its prospective potential?
-
I can see the appeal of exchange-based tokens, especially if they launch many launchpads where the buyer needs their token to participate. On the other hand, I don't see much value in wallet tokens, even if the number of transactions increases exponentially. Most of the features that I've seen are about discounts on transaction fees, and that has a low appeal on a network with a cheap transaction fee. I don't see any other use cases other than as small market cap tokens for pump & dump. Not saying a wallet token won't explode like crazy, since the market is irrational sometimes, but the chances are probably lower than exchange tokens entering the top 10. CMIIW.
-
I can see the appeal of exchange-based tokens, especially if they launch many launchpads where the buyer needs their token to participate. On the other hand, I don't see much value in wallet tokens, even if the number of transactions increases exponentially. Most of the features that I've seen are about discounts on transaction fees, and that has a low appeal on a network with a cheap transaction fee. I don't see any other use cases other than as small market cap tokens for pump & dump. Not saying a wallet token won't explode like crazy, since the market is irrational sometimes, but the chances are probably lower than exchange tokens entering the top 10. CMIIW.
Of course you're right when you highlighted the fact that what gives these exchange tokens value is the use-case it has and what they use them for, but let's not forget that everything in the blockchain world still needs some time and faith. BTC started like there was nothing in it, same is the wallet tokens, even though they might have not seen wide adoption yet, the BWB for example is still cheap and there has been some airdrop in it and it is also linked to and exchange. If we focus on the present time, we might miss out on the opportunities that lie in them and who knows, what if there are things created in the future that will require that we use wallet tokens?
-
What do you think about its prospective potential?
Exchange tokens will always win because when it comes to utility, the exchanges has many ways of utilizing their tokens and make it more demanding than the wallet utility. Look at the exchange tokens from Binance, Okex, Kucoin and many more reputable exchanges that has token have a working token than most of this wallet tokens. Even Trust wallet token TWT is where it is right now because it's supported by Binance and many venture capitals that has a lot of money invested in the project.
-
Coins from exchange companies and wallets do have their own advantages, but looking at the current condition of the cryptocurrency market where we can store money in exchanges and wallets, but cannot trade as usual in wallets... this means that the exchange function itself already includes wallet function (but with its own centralized mechanism)... Binance has something more here and also I feel that storing there is at least safer than storing in a custodial wallet.. although it can be said that it is not 100% safe...
So my choice is a token or coin from an exchange with more long-term potential. Of course, for exchanges that have large users and trading volumes.
-
What do you think about its prospective potential?
Exchange tokens will always win because when it comes to utility, the exchanges has many ways of utilizing their tokens and make it more demanding than the wallet utility. Look at the exchange tokens from Binance, Okex, Kucoin and many more reputable exchanges that has token have a working token than most of this wallet tokens. Even Trust wallet token TWT is where it is right now because it's supported by Binance and many venture capitals that has a lot of money invested in the project.
That's a fact. It's the utilities of BGB that made me get on board. It could be used on Launchpools, PoolX, etc. Utilities drive these tokens, and with more being added, price trend will reflect greens
-
The question raised by OP is just a clear definition on what will ones preference be from using a non custodial wallet and a custodial wallet, but people will not understand the needs for either of the two without having the background knowledge of what they both stand for, if you're using a custodial wallet, your coins are not yours because the exchanges have the keys to have access to those coins with them and if anything happen to them, all your crypto assets are gone, but when using a non custodial wallet, you can always import your wallet on any device and uses the private keys to achieve this at any time.
-
Bitget Wallet Token (BWB) has great potential to gain attention in the cryptocurrency market, the total BWB supply of 1 billion coins is not a huge number.
I think this might be a very promising opportunity for BWB holders to get more through Airdrop as well as download and use Bitget wallet, participate in trading activities or invite friends.
One thing is that I don't trust exchange tokens because they often have no real value or are backed by real assets and the numbers are manipulated as was shown with the FTT token of the FTX exchange as well as the BNB token of the Binance exchange.