Five-year price · 20 complete calendar quarters · BTC-relative

Exchange Tokens Crypto Coins

Is Exchange Tokens outperforming Bitcoin, and is leadership broad?

Bottom line

WhiteBIT Coin ranks first for research priority in Exchange Tokens crypto at 65.8/100, and its native activity proof is incomplete. The theme's 13-week excess versus Bitcoin is +12.4% on 10% breadth, which is what decides whether that lead is isolated or broad. 0 of the 25 assets here carry enough native evidence to move past a tape-led label.

These Exchange Tokens coins are part of the cryptocurrency universe this site tracks daily — 894 of the top 1,000 crypto currency assets by market cap, priced from exchange closes and matched to protocol fees and revenue where a protocol publishes them.

The theme itself · before any single company

How has Exchange Tokens moved against Bitcoin?

The line below covers 5 years. Over the most recent two of them this theme is 51% ahead of Bitcoin. Quarterly protocol revenue is not reported often enough here to draw a lane underneath the price.

TURNING · ahead 1w·Price up, without the fundamentals confirming11 of 21 coins ahead of Bitcoin by 5% or more over three months

RS ↑1w · 3/21 >200d (+1) · 11/21 lead (+4) · EPS —

Exchange Tokens, equal-weighted, based at 200 Bitcoin, same base, same start trailing 12-month protocol revenue rising falling

Strength anatomy MixedHow much of the theme is participating, how recently, and whether the movers score well.

Together11 of 21 coins moving

Fresh5 crossed in the last 4 weeks

Down the cap ladder — bar is now, tick is four weeks ago

Large 4/5+2

Mid 3/7+1

Small 4/9+1

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the theme line is an equal-weighted index of its 21 coins. The bars underneath are trailing 12-month protocol revenue, one bar per reported quarter, each member rebased to 100 at the start and the theme taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while protocol revenue grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

RISK OFF market context

Exchange Tokens vs Bitcoin — Relative Strength & Breadth

Exchange Tokens crypto has outperformed Bitcoin by 54.7% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is +12.4%. 2 of 21 covered assets are above their own 200-day average. WhiteBIT Coin leads Bitcoin-relative strength at +19.2%. Price readings are as of 2026-07-24.

+12%13w vs BTC

+55%52w vs BTC

2/21Above 200-DMA

WBTRS leader · +19%

Assets

canonical functional membership

Activity-covered

0/25

enough native evidence

Top score

65.8/100

WhiteBIT Coin

Calendar quarters

complete; missing stays missing

Global asset selection · top 20 shown

Showing 20 of 25 assets

00 · exact additive research priority

4-Factor Crypto Evidence Score

A within-theme research-priority score for the 25 assets in Exchange Tokens, out of 100. The four displayed point contributions add exactly to the total, and the market regime changes the action label, never the arithmetic. WhiteBIT Coin is highest at 65.8/100 on 50% evidence. It ranks research attention, not portfolio action.

Market leadership · 35Network & economic traction · 30Value capture · 20Liquidity & downside risk · 15

WhiteBIT Coin leads the current research queue at 65.8/100 with 50% evidence.

0/25 assets have enough native activity evidence to move beyond a tape-led label.

Missing native metrics are not scored as zero and are not silently reweighted. They pull only the affected factor toward neutral and lower its visible evidence percentage.

1. WhiteBIT Coin · WBT

65.8/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 30.1 + 15.0 + 10.0 + 10.7 = 65.8

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

30.1/35Market leadership

RS-BTC 19.2 pp · RS-sector 12.6 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

10.7/15Liquidity & downside risk

30d median volume $99,463,527 · vol 50%

100% evidence

2. OKB · OKB

61.4/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 24.3 + 15.2 + 10.0 + 11.9 = 61.4

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

24.3/35Market leadership

RS-BTC 15.1 pp · RS-sector 9.1 pp · 200-DMA below

100% evidence

15.2/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

11.9/15Liquidity & downside risk

30d median volume $18,211,609 · vol 24.1%

100% evidence

3. LEO Token · LEO

60.4/100 · Illiquid · research only · 50% evidence

Exact sum: 28.3 + 15.0 + 10.0 + 7.1 = 60.4

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

28.3/35Market leadership

RS-BTC 11.4 pp · RS-sector 2.3 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.1/15Liquidity & downside risk

30d median volume $430,299 · vol 19.9%

100% evidence

4. MX · MX

58.3/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 20.0 + 17.3 + 10.0 + 11.0 = 58.3

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

20.0/35Market leadership

RS-BTC 11.5 pp · RS-sector -2.2 pp · 200-DMA below

100% evidence

17.3/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

11.0/15Liquidity & downside risk

30d median volume $5,477,934 · vol 11.3%

100% evidence

5. HTX DAO · HTX

57.8/100 · Tape-led · on-chain proof incomplete · 42% evidence

Exact sum: 18.6 + 15.0 + 10.0 + 14.2 = 57.8

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

18.6/35Market leadership

RS-BTC 17.4 pp · RS-sector -0.1 pp · 200-DMA below

77% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

14.2/15Liquidity & downside risk

30d median volume $61,955,520 · vol 0%

100% evidence

6. BNB · BNB

55.8/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 18.2 + 14.9 + 10.0 + 12.7 = 55.8

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

18.2/35Market leadership

RS-BTC 7.2 pp · RS-sector 0 pp · 200-DMA below

100% evidence

14.9/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

12.7/15Liquidity & downside risk

30d median volume $1,088,228,255 · vol 24.8%

100% evidence

7. NKYC Token · NKYC

52.8/100 · Illiquid · research only · 55% evidence

Exact sum: 23.2 + 12.8 + 10.0 + 6.8 = 52.8

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

23.2/35Market leadership

RS-BTC 14.8 pp · RS-sector 3.2 pp · 200-DMA below

100% evidence

12.8/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.8/15Liquidity & downside risk

30d median volume $314,805 · vol 18.7%

100% evidence

8. Backpack · BP

52.5/100 · Tape-led · on-chain proof incomplete · 5% evidence

Exact sum: 17.5 + 17.5 + 10.0 + 7.5 = 52.5

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

17.5/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

9. XT.com · XT

51.2/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 17.2 + 15.0 + 10.0 + 9.0 = 51.2

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.2/35Market leadership

RS-BTC 2.4 pp · RS-sector 7.9 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

9.0/15Liquidity & downside risk

30d median volume $6,157,800 · vol 32%

100% evidence

10. Gate · GT

50.0/100 · Illiquid · research only · 55% evidence

Exact sum: 19.3 + 13.4 + 10.0 + 7.3 = 50.0

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

19.3/35Market leadership

RS-BTC 7.2 pp · RS-sector 0.5 pp · 200-DMA below

100% evidence

13.4/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.3/15Liquidity & downside risk

30d median volume $2,387,691 · vol 23.1%

100% evidence

11. GRX Chain · GRX

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

12. Tokenize Xchange · TKX

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

13. Bitget Token · BGB

48.5/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 13.1 + 15.0 + 10.0 + 10.4 = 48.5

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

13.1/35Market leadership

RS-BTC 1.8 pp · RS-sector -2 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

10.4/15Liquidity & downside risk

30d median volume $9,374,362 · vol 39.3%

100% evidence

14. BTSE Token · BTSE

46.4/100 · Illiquid · research only · 50% evidence

Exact sum: 16.0 + 15.0 + 10.0 + 5.4 = 46.4

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

16.0/35Market leadership

RS-BTC 3.2 pp · RS-sector 0.8 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.4/15Liquidity & downside risk

30d median volume $3,108,829 · vol 67.1%

100% evidence

15. NEXO · NEXO

45.9/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 11.9 + 13.7 + 10.0 + 10.3 = 45.9

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

11.9/35Market leadership

RS-BTC -0.7 pp · RS-sector -1.8 pp · 200-DMA below

100% evidence

13.7/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

10.3/15Liquidity & downside risk

30d median volume $7,118,978 · vol 35.1%

100% evidence

16. SAFEbit · SAFE

45.1/100 · Illiquid · research only · 12% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 2.6 = 45.1

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

2.6/15Liquidity & downside risk

30d median volume $0 · vol —

80% evidence

17. MAX · MAX

45.0/100 · Illiquid · research only · 50% evidence

Exact sum: 17.8 + 15.0 + 10.0 + 2.2 = 45.0

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.8/35Market leadership

RS-BTC 2.9 pp · RS-sector -0.7 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

2.2/15Liquidity & downside risk

30d median volume $0 · vol 27.2%

100% evidence

18. Bit2Me · B2M

41.4/100 · Illiquid · research only · 50% evidence

Exact sum: 15.0 + 15.0 + 10.0 + 1.4 = 41.4

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

15.0/35Market leadership

RS-BTC -6.8 pp · RS-sector 156.2 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

1.4/15Liquidity & downside risk

30d median volume $23,293 · vol 423.3%

100% evidence

19. Global Commercial Business · GCB

39.5/100 · Illiquid · research only · 50% evidence

Exact sum: 8.7 + 15.0 + 10.0 + 5.8 = 39.5

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

8.7/35Market leadership

RS-BTC -2.4 pp · RS-sector -3.7 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.8/15Liquidity & downside risk

30d median volume $111 · vol 15.7%

100% evidence

20. Cronos · CRO

39.4/100 · Tape-led · on-chain proof incomplete · 69% evidence

Exact sum: 12.3 + 8.6 + 10.0 + 8.5 = 39.4

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

12.3/35Market leadership

RS-BTC -1.5 pp · RS-sector 0.2 pp · 200-DMA below

100% evidence

8.6/30Network & economic traction

Fees -98.6% · revenue — · users —

63% evidence

10.0/20Value capture

Fee yield 0.01% · revenue yield —

0% evidence

8.5/15Liquidity & downside risk

30d median volume $6,747,997 · vol 55.3%

100% evidence

Showing 20 of 25 ranked assets

01 · complete calendar-quarter evidence

Which projects are generating the most network fees?

LeaderCronos · $175.3K

GapNot comparable

Persistence0 assets have positive comparable growth

Coverage1/25 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

Trailing 12-month fees is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.

Trailing 12-month feestop five

1Cronos CRO$175.3K

Fee growthtop five

1Cronos CRO-99%

Network fees · asset comparison

1/25 level · 1/25 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month fees	Fee growth
whitebit	—	—
okb	—	—
leo-token	—	—
mx-token	—	—
htx-dao	—	—
binancecoin	—	—
nkyc-token	—	—
backpack	—	—
xtcom-token	—	—
gatechain-token	—	—
grx-chain	—	—
tokenize-xchange	—	—
bitget-token	—	—
btse-token	—	—
nexo	—	—
safecoin	—	—
max-token	—	—
bit2me	—	—
global-commercial-business	—	—
crypto-com-chain	$27.2K	-99%
kucoin-shares	—	—
bitcastle-token	—	—
hashkey-ecopoints	—	—
bitmart-token	—	—
mbg-by-multibank-group	—	—

Showing 20 of 25 assets

03 · complete calendar-quarter evidence

Where is capital actually committed on-chain?

LeaderOKB · $21.6B

Gap121% versus #2

Persistence2 assets have positive comparable growth

Coverage12/25 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

Quarter-end TVL uses protocol TVL first for protocol assets and exact-ID chain TVL for chain assets or where protocol TVL is unavailable. A blank is unavailable, not zero. Growth compares with the same complete quarter one year earlier.

Quarter-end TVLtop five

1OKB OKB$21.6B

2BNB BNB$9.7B

3MX MX$4.7B

4Gate GT$4.2B

5Backpack BP$409.3M

TVL growthtop five

1Backpack BP+368%

2MX MX+221%

3OKB OKB-13%

4BNB BNB-18%

5Cronos CRO-23%

Total value locked · asset comparison

12/25 level · 11/25 change

Latest comparable data · top 20 shown first

Asset	Quarter-end TVL	TVL growth
whitebit	—	—
okb	$21.6B	-13%
leo-token	—	—
mx-token	$4.7B	+221%
htx-dao	—	—
binancecoin	$9.7B	-18%
nkyc-token	$5.2M	-64%
backpack	$409.3M	+368%
xtcom-token	—	—
gatechain-token	$4.2B	-44%
grx-chain	$2.3M	—
tokenize-xchange	—	—
bitget-token	—	—
btse-token	—	—
nexo	$284.3M	-40%
safecoin	—	—
max-token	—	—
bit2me	—	—
global-commercial-business	—	—
crypto-com-chain	$840.0K	-23%
kucoin-shares	$753.2K	-38%
bitcastle-token	—	—
hashkey-ecopoints	$1.2K	-100%
bitmart-token	$13.5M	-63%
mbg-by-multibank-group	—	—

Showing 20 of 25 assets

05 · complete calendar-quarter evidence

Which protocols are winning trading activity?

LeaderCronos · $59.1M

GapNot comparable

Persistence0 assets have positive comparable growth

Coverage1/25 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: volume growth reverses or the activity is concentrated in one short-lived campaign.

Trailing 12-month DEX volume is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.

Trailing 12-month DEX volumetop five

1Cronos CRO$59.1M

DEX volume growthtop five

1Cronos CRO-16%

DEX volume · asset comparison

1/25 level · 1/25 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month DEX volume	DEX volume growth
whitebit	—	—
okb	—	—
leo-token	—	—
mx-token	—	—
htx-dao	—	—
binancecoin	—	—
nkyc-token	—	—
backpack	—	—
xtcom-token	—	—
gatechain-token	—	—
grx-chain	—	—
tokenize-xchange	—	—
bitget-token	—	—
btse-token	—	—
nexo	—	—
safecoin	—	—
max-token	—	—
bit2me	—	—
global-commercial-business	—	—
crypto-com-chain	$10.3M	-16%
kucoin-shares	—	—
bitcastle-token	—	—
hashkey-ecopoints	—	—
bitmart-token	—	—
mbg-by-multibank-group	—	—

Showing 20 of 25 assets

04 · let price answer last

Which assets lead on price and relative strength?

WhiteBIT Coin leads the Exchange Tokens tape on Bitcoin-relative strength at +19% over 90 days. 2 of 21 covered assets are above their own 200-day average. Price shows what happened; BTC-relative strength shows whether the asset beat crypto’s opportunity-cost benchmark. Both lines run through 2026-07-24.

Complete set · no silent drops

Which assets are in Exchange Tokens?

25 priced assets are assigned to Exchange Tokens, listed below by rank with every one visible — including tape-only names that publish no protocol activity. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they have no independent price discovery.

Rank	Asset	Price	90d	RS-BTC	200-DMA	30d vol	Median volume	Price quality	Activity source	Score	Evidence
1	WhiteBIT Coin WBT	$55.89	+1.8%	+19%	Above	50%	$99.5M	usable	tape only	65.8	50%
2	OKB OKB	$82.34	-2.3%	+15%	Below	24%	$18.2M	usable	protocol	61.4	55%
3	LEO Token LEO	$9.65	-6.0%	+11%	Above	20%	$430.3K	usable	tape only	60.4	50%
4	MX MX	$1.66	-5.9%	+12%	Below	11%	$5.5M	usable	protocol	58.3	55%
5	HTX DAO HTX	$0.0000	0.0%	+17%	Below	0%	$62.0M	usable	tape only	57.8	42%
6	BNB BNB	$564.34	-10%	+7.2%	Below	25%	$1.1B	usable	chain TVL	55.8	55%
7	NKYC Token NKYC	$7.12	-2.6%	+15%	Below	19%	$314.8K	usable	protocol	52.8	55%
8	Backpack BP	—	—	—	—	—	—	usable	protocol	52.5	5%
9	XT.com XT	$3.62	-15%	+2.4%	Below	32%	$6.2M	usable	tape only	51.2	50%
10	Gate GT	$6.59	-10%	+7.2%	Below	23%	$2.4M	usable	protocol	50.0	55%
11	GRX Chain GRX	—	—	—	—	—	—	usable	chain TVL	50.0	0%
12	Tokenize Xchange TKX	—	—	—	—	—	—	usable	tape only	50.0	0%
13	Bitget Token BGB	$1.65	-16%	+1.8%	Below	39%	$9.4M	usable	tape only	48.5	50%
14	BTSE Token BTSE	$0.9711	-14%	+3.2%	Below	67%	$3.1M	usable	tape only	46.4	50%
15	NEXO NEXO	$0.7417	-18%	-0.7%	Below	35%	$7.1M	usable	protocol	45.9	55%
16	SAFEbit SAFE	$0.0573	—	—	—	—	$0	usable	tape only	45.1	12%
17	MAX MAX	$0.0013	-15%	+2.9%	Below	27%	$0	usable	tape only	45.0	50%
18	Bit2Me B2M	$0.0057	-24%	-6.8%	Below	423%	$23.3K	usable	tape only	41.4	50%
19	Global Commercial Business GCB	$0.0136	-20%	-2.4%	Below	16%	$111	usable	tape only	39.5	50%
20	Cronos CRO	$0.0568	-19%	-1.5%	Below	55%	$6.7M	usable	protocol + chain TVL	39.4	69%
21	KuCoin KCS	$6.47	-23%	-5.7%	Below	40%	$2.6M	usable	chain TVL	36.5	55%
22	bitcastle Token BCE	$0.1264	-34%	-17%	Below	39%	$37.5K	usable	tape only	35.2	50%
23	HashKey Platform Token HSK	$0.0877	-48%	-30%	Below	126%	$2.9M	usable	chain TVL	33.6	55%
24	BitMart BMX	$0.1072	-67%	-49%	Below	368%	$9.5M	usable	protocol	33.2	55%
25	MBG By Multibank Group MBG	$0.1187	-60%	-43%	Below	48%	$3.8M	usable	tape only	30.8	50%

Showing 20 of 25 assets

Methodology · boundaries make the answer useful

What can make this comparison misleading?

This Exchange Tokens comparison names 5 ways its own evidence can mislead, all listed below. The largest is that crypto network activity is not company earnings: protocol revenue does not automatically accrue to token holders. Coverage is also uneven — 0 of 25 assets carry enough native evidence to rank on more than price.

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.

Price and technicalsThrough 2026-07-24. Five-year weekly observations benchmarked to Bitcoin.

Protocol activityThrough 2026-07-24. Fees, revenue, protocol TVL and DEX volume.

Chain activityUsers and transactions through unavailable; separately sourced chain TVL through 2026-07-24.

Market capSnapshot dated 2026-07-04; no historical supply series is implied.

Questions the page should answer directly

Crypto analysis FAQs

These 18 answers cover the questions this page can settle from data it holds — what the category is, how the score is built, what the coverage gaps are, and what would change the read. Every answer below is also present in the page’s FAQ schema and in its plain-text rendition. None of them is a recommendation.

What is Exchange Tokens crypto?

Exchange Tokens crypto refers to cryptocurrency projects grouped by what they actually do rather than by market fashion. This page tracks 25 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-07-24.

What is the total market cap of Exchange Tokens crypto coins?

The Exchange Tokens coins on this page are tracked against a universe of 894 of the top 1,000 crypto currency assets by market cap. Market-cap metadata is dated 2026-07-04, separately from the price series, and each coin's own figure is in the table on this page.

Are Exchange Tokens crypto coins outperforming Bitcoin?

Exchange Tokens has returned +54.7% versus Bitcoin over 52 weeks and +12.4% over 13 weeks on an equal-weight current-member index. 2/21 covered assets are above their 200-day averages as of 2026-07-24.

Which Exchange Tokens asset has the strongest research score?

WhiteBIT Coin ranks first at 65.8/100: 30.1 + 15.0 + 10.0 + 10.7 = 65.8. It is labelled “Tape-led · on-chain proof incomplete” with 50% overall evidence and 0% native-economics evidence.

How is the Exchange Tokens 4-factor score calculated?

The exact sum is Market leadership /35 + Network and economic traction /30 + Value capture /20 + Liquidity and downside risk /15. Missing data pulls only the affected factor toward neutral and lowers evidence; it is never silently reweighted.

Why can a Exchange Tokens asset be labelled tape-led?

Tape-led means price and relative-strength evidence exists but less than half of the native traction and value-capture evidence is available. Such assets remain visible but rank below fully evidenced assets.

Does protocol revenue accrue to the token?

Not necessarily. Protocol fees and revenue measure network economics; token-holder value depends on the protocol’s burn, buyback, staking, distribution and governance rules. This page never assumes accrual merely because revenue exists.

Does crypto have a P/E or PEG ratio?

No comparable company-style P/E or PEG is used. Where coverage permits, the page shows network fee yield and protocol-revenue yield against a dated market-cap snapshot, with an explicit token-accrual caveat.

How much history is shown for Exchange Tokens?

The page shows five years of weekly price and relative-strength history and 20 complete calendar quarters of on-chain activity where available. Missing periods remain gaps.

Why do the crypto data dates differ?

Prices and technical metrics run through 2026-07-24; protocol activity through 2026-07-24; chain users and transactions through the latest available chain date; chain TVL through 2026-07-24; market capitalisation is a separate snapshot dated 2026-07-04.

Are stablecoins and wrapped tokens included in Exchange Tokens?

No. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they do not have independent price discovery.

Can one token appear in multiple raw crypto categories?

Yes, but public MLA pages assign each asset to exactly one functional theme using a specific-to-general first-match taxonomy. Exchange Tokens therefore has one canonical membership list.

What would invalidate the current Exchange Tokens theme read?

The read weakens if the sector’s 13-week relative return versus Bitcoin falls below zero, fewer than one-third of covered assets remain above the 200-day average, and the leading asset’s native activity also contracts.

Does this page include funding rates, open interest or token unlocks?

No. Those datasets are not held in the current research store, so the page names them as unavailable rather than inferring them from price.

Which projects are generating the most network fees?

Cronos leads Exchange Tokens crypto on Trailing 12-month fees at $175.3K. 0 of 1 asset with comparable change data are growing. Coverage is 1 of the 25 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

Where is capital actually committed on-chain?

OKB leads Exchange Tokens crypto on Quarter-end TVL at $21.6B, 121% ahead of BNB. 2 of 11 assets with comparable change data are growing, fastest at Backpack. Coverage is 12 of the 25 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

Which protocols are winning trading activity?

Cronos leads Exchange Tokens crypto on Trailing 12-month DEX volume at $59.1M. 0 of 1 asset with comparable change data are growing. Coverage is 1 of the 25 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if volume growth reverses or the activity is concentrated in one short-lived campaign.

Which Exchange Tokens project has the largest fee base?

Cronos leads covered trailing-12-month fees at $175.3K. Coverage is 1/25; this is network activity, not automatically token-holder income.