{"schema":"mla-crypto-sector-trace/1.0","page":"/crypto/sector/exchange-tokens","theme":"Exchange Tokens","asOf":"2026-07-31","sources":{"membership":"crypto_assets.categories → canonical first-match functional taxonomy","price":"crypto_daily_prices","technicals":"crypto_daily_metrics","benchmark":"crypto_market_regime + Bitcoin daily metrics","protocolActivity":"crypto_protocol_metrics","chainActivity":"crypto_chain_activity"},"axes":{"quarters":["Q3 2021","Q4 2021","Q1 2022","Q2 2022","Q3 2022","Q4 2022","Q1 2023","Q2 2023","Q3 2023","Q4 2023","Q1 2024","Q2 2024","Q3 2024","Q4 2024","Q1 2025","Q2 2025","Q3 2025","Q4 2025","Q1 2026","Q2 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49.9","contributions":{"leadership":19.5,"traction":13.5,"value":10,"liquidity":6.9},"evidence":55,"nativeEvidence":10},{"id":"nkyc-token","score":45.9,"formula":"17.2 + 12.8 + 10.0 + 5.9 = 45.9","contributions":{"leadership":17.2,"traction":12.8,"value":10,"liquidity":5.9},"evidence":55,"nativeEvidence":10},{"id":"nexo","score":45.6,"formula":"11.4 + 13.8 + 10.0 + 10.4 = 45.6","contributions":{"leadership":11.4,"traction":13.8,"value":10,"liquidity":10.4},"evidence":55,"nativeEvidence":10},{"id":"btse-token","score":43.8,"formula":"13.8 + 15.0 + 10.0 + 5.0 = 43.8","contributions":{"leadership":13.8,"traction":15,"value":10,"liquidity":5},"evidence":50,"nativeEvidence":0},{"id":"bit2me","score":41,"formula":"15.2 + 15.0 + 10.0 + 0.8 = 41.0","contributions":{"leadership":15.2,"traction":15,"value":10,"liquidity":0.8},"evidence":50,"nativeEvidence":0},{"id":"crypto-com-chain","score":39.1,"formula":"12.5 + 8.8 + 10.0 + 7.8 = 39.1","contributions":{"leadership":12.5,"traction":8.8,"value":10,"liquidity":7.8},"evidence":69,"nativeEvidence":38},{"id":"kucoin-shares","score":39.1,"formula":"9.9 + 14.1 + 10.0 + 5.1 = 39.1","contributions":{"leadership":9.9,"traction":14.1,"value":10,"liquidity":5.1},"evidence":55,"nativeEvidence":10},{"id":"bitcastle-token","score":34.4,"formula":"6.7 + 15.0 + 10.0 + 2.7 = 34.4","contributions":{"leadership":6.7,"traction":15,"value":10,"liquidity":2.7},"evidence":50,"nativeEvidence":0},{"id":"hashkey-ecopoints","score":34.3,"formula":"8.6 + 12.5 + 10.0 + 3.2 = 34.3","contributions":{"leadership":8.6,"traction":12.5,"value":10,"liquidity":3.2},"evidence":55,"nativeEvidence":10},{"id":"bitmart-token","score":32.3,"formula":"2.2 + 13.1 + 10.0 + 7.0 = 32.3","contributions":{"leadership":2.2,"traction":13.1,"value":10,"liquidity":7},"evidence":55,"nativeEvidence":10},{"id":"global-commercial-business","score":31.7,"formula":"4.9 + 15.0 + 10.0 + 1.8 = 31.7","contributions":{"leadership":4.9,"traction":15,"value":10,"liquidity":1.8},"evidence":50,"nativeEvidence":0},{"id":"mbg-by-multibank-group","score":30.7,"formula":"0.5 + 15.0 + 10.0 + 5.2 = 30.7","contributions":{"leadership":0.5,"traction":15,"value":10,"liquidity":5.2},"evidence":50,"nativeEvidence":0}],"rule":"four displayed contributions sum exactly; missing evidence shrinks only the affected pillar toward neutral"},"warnings":["Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.","Market-cap values are a dated universe snapshot, not point-in-time historical supply data.","Current category labels are applied to historical prices; this creates survivorship and taxonomy hindsight.","Funding rates, open interest, liquidations, exchange flows, unlock schedules, historical circulating supply and developer activity are not held and are not inferred.","Equal weighting is used for sector history because true historical market-cap weights are unavailable."]}