# Exchange Tokens crypto coins — market cap, protocol fees and revenue

> Exchange Tokens vs Bitcoin — Relative Strength & Breadth

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.

## Agent research brief

- What matters now: Exchange Tokens is +12.4% versus Bitcoin over 13 weeks. Only 10% of covered assets are above trend; leadership is narrow.
- Best research lead: WhiteBIT Coin ranks first at 65.8/100 with 50% total evidence and 0% native evidence.
- The contradiction: The score leader is tape-led: price and liquidity are doing more work than verified network economics.
- What to do with it: Keep this as a research queue, not an entry list. The market gate reopens only when Bitcoin trend and sector breadth improve.

Data: price 2026-07-24; protocol 2026-07-24; chain users/transactions unavailable; chain TVL 2026-07-24; market-cap snapshot 2026-07-04.

## 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.

1. WhiteBIT Coin (WBT): 65.8/100 — Tape-led · on-chain proof incomplete; 30.1 + 15.0 + 10.0 + 10.7 = 65.8; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
2. OKB (OKB): 61.4/100 — Tape-led · on-chain proof incomplete; 24.3 + 15.2 + 10.0 + 11.9 = 61.4; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
3. LEO Token (LEO): 60.4/100 — Illiquid · research only; 28.3 + 15.0 + 10.0 + 7.1 = 60.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
4. MX (MX): 58.3/100 — Tape-led · on-chain proof incomplete; 20.0 + 17.3 + 10.0 + 11.0 = 58.3; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
5. HTX DAO (HTX): 57.8/100 — Tape-led · on-chain proof incomplete; 18.6 + 15.0 + 10.0 + 14.2 = 57.8; evidence 42%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
6. BNB (BNB): 55.8/100 — Tape-led · on-chain proof incomplete; 18.2 + 14.9 + 10.0 + 12.7 = 55.8; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
7. NKYC Token (NKYC): 52.8/100 — Illiquid · research only; 23.2 + 12.8 + 10.0 + 6.8 = 52.8; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
8. Backpack (BP): 52.5/100 — Tape-led · on-chain proof incomplete; 17.5 + 17.5 + 10.0 + 7.5 = 52.5; evidence 5%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
9. XT.com (XT): 51.2/100 — Tape-led · on-chain proof incomplete; 17.2 + 15.0 + 10.0 + 9.0 = 51.2; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
10. Gate (GT): 50/100 — Illiquid · research only; 19.3 + 13.4 + 10.0 + 7.3 = 50.0; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
11. GRX Chain (GRX): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
12. Tokenize Xchange (TKX): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
13. Bitget Token (BGB): 48.5/100 — Tape-led · on-chain proof incomplete; 13.1 + 15.0 + 10.0 + 10.4 = 48.5; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
14. BTSE Token (BTSE): 46.4/100 — Illiquid · research only; 16.0 + 15.0 + 10.0 + 5.4 = 46.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
15. NEXO (NEXO): 45.9/100 — Tape-led · on-chain proof incomplete; 11.9 + 13.7 + 10.0 + 10.3 = 45.9; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
16. SAFEbit (SAFE): 45.1/100 — Illiquid · research only; 17.5 + 15.0 + 10.0 + 2.6 = 45.1; evidence 12%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
17. MAX (MAX): 45/100 — Illiquid · research only; 17.8 + 15.0 + 10.0 + 2.2 = 45.0; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
18. Bit2Me (B2M): 41.4/100 — Illiquid · research only; 15.0 + 15.0 + 10.0 + 1.4 = 41.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
19. Global Commercial Business (GCB): 39.5/100 — Illiquid · research only; 8.7 + 15.0 + 10.0 + 5.8 = 39.5; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
20. Cronos (CRO): 39.4/100 — Tape-led · on-chain proof incomplete; 12.3 + 8.6 + 10.0 + 8.5 = 39.4; evidence 69%; native evidence 38%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
21. KuCoin (KCS): 36.5/100 — Illiquid · research only; 7.6 + 14.0 + 10.0 + 4.9 = 36.5; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
22. bitcastle Token (BCE): 35.2/100 — Illiquid · research only; 6.7 + 15.0 + 10.0 + 3.5 = 35.2; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
23. HashKey Platform Token (HSK): 33.6/100 — Illiquid · research only; 6.9 + 12.5 + 10.0 + 4.2 = 33.6; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
24. BitMart (BMX): 33.2/100 — Tape-led · on-chain proof incomplete; 2.3 + 13.0 + 10.0 + 7.9 = 33.2; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
25. MBG By Multibank Group (MBG): 30.8/100 — Illiquid · research only; 0.5 + 15.0 + 10.0 + 5.3 = 30.8; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

## Which projects are generating the most network fees?

What the numbers say: 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.

- Cronos (CRO): $175.3K

## Where is capital actually committed on-chain?

What the numbers say: 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.

- OKB (OKB): $21.6B
- BNB (BNB): $9.7B
- MX (MX): $4.7B
- Gate (GT): $4.2B
- Backpack (BP): $409.3M

## Which protocols are winning trading activity?

What the numbers say: 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.

- Cronos (CRO): $59.1M

## Every asset

- WhiteBIT Coin (WBT) — 90d +1.8%; RS-BTC +19%; score 65.8; activity tape only
- OKB (OKB) — 90d -2.3%; RS-BTC +15%; score 61.4; activity protocol
- LEO Token (LEO) — 90d -6.0%; RS-BTC +11%; score 60.4; activity tape only
- MX (MX) — 90d -5.9%; RS-BTC +12%; score 58.3; activity protocol
- HTX DAO (HTX) — 90d 0.0%; RS-BTC +17%; score 57.8; activity tape only
- BNB (BNB) — 90d -10%; RS-BTC +7.2%; score 55.8; activity chain TVL
- NKYC Token (NKYC) — 90d -2.6%; RS-BTC +15%; score 52.8; activity protocol
- Backpack (BP) — 90d —; RS-BTC —; score 52.5; activity protocol
- XT.com (XT) — 90d -15%; RS-BTC +2.4%; score 51.2; activity tape only
- Gate (GT) — 90d -10%; RS-BTC +7.2%; score 50; activity protocol
- GRX Chain (GRX) — 90d —; RS-BTC —; score 50; activity chain TVL
- Tokenize Xchange (TKX) — 90d —; RS-BTC —; score 50; activity tape only
- Bitget Token (BGB) — 90d -16%; RS-BTC +1.8%; score 48.5; activity tape only
- BTSE Token (BTSE) — 90d -14%; RS-BTC +3.2%; score 46.4; activity tape only
- NEXO (NEXO) — 90d -18%; RS-BTC -0.7%; score 45.9; activity protocol
- SAFEbit (SAFE) — 90d —; RS-BTC —; score 45.1; activity tape only
- MAX (MAX) — 90d -15%; RS-BTC +2.9%; score 45; activity tape only
- Bit2Me (B2M) — 90d -24%; RS-BTC -6.8%; score 41.4; activity tape only
- Global Commercial Business (GCB) — 90d -20%; RS-BTC -2.4%; score 39.5; activity tape only
- Cronos (CRO) — 90d -19%; RS-BTC -1.5%; score 39.4; activity protocol + chain TVL
- KuCoin (KCS) — 90d -23%; RS-BTC -5.7%; score 36.5; activity chain TVL
- bitcastle Token (BCE) — 90d -34%; RS-BTC -17%; score 35.2; activity tape only
- HashKey Platform Token (HSK) — 90d -48%; RS-BTC -30%; score 33.6; activity chain TVL
- BitMart (BMX) — 90d -67%; RS-BTC -49%; score 33.2; activity protocol
- MBG By Multibank Group (MBG) — 90d -60%; RS-BTC -43%; score 30.8; activity tape only

## Limitations

- 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.

## FAQs

### 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.

### Which are the biggest Exchange Tokens crypto coins by market cap?

BNB is the largest Exchange Tokens crypto coin by market capitalisation at $77.1B, ahead of LEO Token at $8.4B and WhiteBIT Coin at $6.7B. The 25 Exchange Tokens coins on this page carry $103B between them, with a market-cap figure on file for 25 of them. Market-cap metadata is dated 2026-07-04.