Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: MCcabe Rory on April 23, 2024, 07:41:40 PM
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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?
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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.
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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?
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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.
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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.
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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
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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.
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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.
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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.
this is like TWT token, Trust wallet token, They are trying to copy anything Binance has done to achieve profits. It is true that I do not like Bitget, but such platforms can survive in a bull market, so some profits may be made from investing in their token, but in any case, you must start selling before the bear market begins.
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this is like TWT token, Trust wallet token, They are trying to copy anything Binance has done to achieve profits. It is true that I do not like Bitget, but such platforms can survive in a bull market, so some profits may be made from investing in their token, but in any case, you must start selling before the bear market begins.
In my opinion, for all tokens, including BTC, we should sell in the distribution zone and buy back in the accumulation zone to optimize profits. For tokens based on crypto wallet, I really don't see any potential in them. They are only used in DAO and I don't think users really care about this feature. C98 token is backed by DeFi and the large ecosystem provided by Eighty Nine, including its own blockchain Viction, it is not just a crypto wallet token like TWT or BWB.
If I had to choose, I think I would choose BNB because it is supported by both Binance CEX and BNB chain, it has a lot of value and can actually generate profits for holders and investors. OKB of OKX is also very popular but OKX's blockchain is not really well-known and does not yet have a large enough ecosystem to compete with BNB chain.
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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.
this is like TWT token, Trust wallet token, They are trying to copy anything Binance has done to achieve profits. It is true that I do not like Bitget, but such platforms can survive in a bull market, so some profits may be made from investing in their token, but in any case, you must start selling before the bear market begins.
This depend on the how supportive the team are and how carrying along Bitget team support the project. I remember Trust wallet token team were independent team and the focus wasn't on any chain, they support mainly erc20 and multi chain of with a single chain but because they built option for swapping which allow users to swap and trade using BNB chain and also the network integration made Binance lab to invest on them and that influence Binance to list them, I'm not sure if Bitget team are doing the same with this token and beside the liquidity in Binance way more than that of Bitget.
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If I had to choose, I think I would choose BNB because it is supported by both Binance CEX and BNB chain, it has a lot of value and can actually generate profits for holders and investors. OKB of OKX is also very popular but OKX's blockchain is not really well-known and does not yet have a large enough ecosystem to compete with BNB chain.
The same for me I will choose BNB, although I know that it is completely central and that Binance suffers from major problems, but despite all this, BNB managed to maintain a good price and grow dramatically after all the bad news that could have caused the collapse of the Continental.
This gives a strong indicator to the huge capabilities of Binance in maintaining the stability of BNB, through direct or indirect support by using it in trading fees and BSC blockchain gas.