The cryptocurrency market witnessed a historic milestone on April 15, 2025, when Coinbase officially began trading on the Nasdaq. The U.S.-based, compliant exchange opened at $328, closing up about 31%, with a market capitalization reaching $65.3 billion—briefly surpassing $80 billion during intraday highs. This landmark event sent shockwaves across the digital asset ecosystem, particularly benefiting exchange-issued tokens (commonly known as platform or exchange tokens).
👉 Discover how exchange tokens are reshaping digital asset valuations in real time.
Driven by anticipation of traditional financial markets embracing crypto-native businesses, centralized exchange (CEX) tokens surged, with Coingecko reporting that the average price increase across 53 CEX tokens reached 29.73% over just seven days. But what drives these gains? Are platform tokens overvalued? And how do they compare to decentralized exchange (DEX) governance tokens?
To answer these questions, we analyze 11 leading platform and governance tokens—6 from CEXs (BNB, OKB, FTT, HT, LEO, KCS) and 5 from DEXs (UNI, SUSHI, 1inch, DODO, BAL)—focusing on valuation metrics like price-to-sales ratio (P/S), supply dynamics, real-world utility, and market behavior.
Platform Tokens Surge in 2025: Price and Market Cap Growth
In 2025 alone, the average price increase among the 11 analyzed tokens was 384% (median), while their combined market cap rose by 729% (median). Centralized exchange tokens led in price appreciation, with an average gain of 560%, outpacing DEX governance tokens.
Notably:
- KCS skyrocketed by 2,594%, reaching $18.60.
- BNB surged 1,478%, hitting $598.60.
- Among DEX tokens, DODO led with a 2,244% rise.
Market cap growth told a slightly different story. DEX tokens showed stronger aggregate market cap expansion (729.81%) compared to CEX tokens (511.63%), largely due to increasing token supplies in DeFi protocols. For example:
- DODO’s market cap grew over 12,000%, reaching $530 million.
- UNI surpassed $15.5 billion, up over 1,000%.
- On the CEX side, BNB’s market cap hit $80.3 billion**, while **KCS reached $1.47 billion.
This divergence highlights a key structural difference: CEX tokens often follow deflationary models through buybacks and burns, while many DEX tokens rely on inflationary emission schedules to incentivize liquidity providers.
Revenue and Buyback Mechanisms: The Foundation of CEX Token Value
One of the most significant drivers of CEX token valuation is the token buyback and burn mechanism. Unlike most DEX governance tokens, which distribute revenue via staking rewards or fee-sharing, CEXs use a portion of profits to reduce circulating supply—creating scarcity and upward price pressure.
From 2020 to early 2025, six major exchanges disclosed approximately $946 million worth of buybacks and burns**, totaling around **131 million tokens**. In 2025 alone, this figure reached **$219 million.
These buybacks typically represent 10–30% of monthly revenue, with variations:
- FTX (FTT): ~33% of trading fees used for buybacks.
- KuCoin (KCS): ~10% of monthly profits allocated.
- Binance (BNB): "Anti-Gravity Burn" program accelerates quarterly destruction.
- OKX (OKB): Welfare-driven burn model expands utility-based destruction.
Using buyback ratios to estimate revenue:
- Total estimated revenue for the six CEXs since 2020: $4.44 billion.
- Including Binance’s Q1 2025 data: $7.42 billion.
- Estimated 2025 year-to-date revenue (excluding Binance): $949 million.
For context, DEXes generated an estimated $1.17 billion in fees in 2025, based on April 3rd daily volume extrapolation—confirming that CEXs still dominate in revenue generation despite DeFi’s rapid innovation.
Valuation Metrics: Are Exchange Tokens Overpriced?
A widely accepted method to assess platform token value is the price-to-sales (P/S) ratio, calculated as:
Market Cap ÷ Estimated Annual Revenue
Lower P/S ratios suggest undervaluation; higher ones may signal overvaluation or speculative premium.
CEX Platform Tokens (Since 2020 Average P/S):
| Token | Avg. P/S |
|---|---|
| BNB | 8.2x |
| HT | 10.5x |
| KCS | 14.3x |
| OKB | 19.6x |
| FTT | 79.2x |
| LEO | 207.6x |
DEX Governance Tokens (2025 Average P/S):
| Token | Avg. P/S |
|---|---|
| SUSHI | 7.9x |
| UNI | 19.7x |
| 1inch | 57.1x |
| BAL | 66.2x |
| DODO | 188.1x |
For comparison, Coinbase, post-listing, trades at a P/S ratio of ~36.3x—higher than BNB, HT, or KCS but lower than FTT and LEO.
Interestingly:
- When revenue growth significantly outpaces market cap growth (>3x), P/S ratios drop sharply (e.g., BNB and LEO saw ~50% valuation declines).
- Conversely, when market cap rises faster than revenue, valuations remain relatively stable—indicating low sensitivity to fundamentals in bullish markets.
DEX tokens show even greater deviation:
- UNI: Market cap up 77.6%, revenue up only 24.6%, yet P/S dropped 58.7%—suggesting market reassessment or external bullish sentiment.
- BAL: Market cap and revenue grew similarly (~62%), but P/S spiked 123.7%, signaling potential overvaluation.
This inconsistency suggests that DEX token valuations are influenced more by market sentiment, protocol upgrades, and ecosystem incentives than pure revenue performance.
👉 See how leading platforms are redefining token utility and investor returns.
Real-World Utility: What Gives Platform Tokens Long-Term Value?
While financial metrics offer insight, long-term value stems from utility and adoption.
CEX Tokens: Expanding Beyond Trading Fees
CEX platform tokens have evolved into multi-functional assets:
- Trading fee discounts (universal)
- Staking for passive income
- Governance rights
- Access to token sales (IEOs)
- Integration into broader ecosystems
Notable examples:
- BNB: Native gas token for BNB Chain; used in DeFi, NFTs, gaming.
- HT: Powers Huobi Eco Chain (HECO); accepted on Travala.com and C5Game.
- OKB: Fuel for OKC blockchain; usable on Tripio and Firmachain.
- KCS: Supports KuCoin Shares ecosystem and decentralized applications.
These integrations transform platform tokens into ecosystem backbone assets, increasing intrinsic demand beyond speculative trading.
DEX Tokens: Governance and Liquidity Incentives
DEX governance tokens primarily serve two functions:
- Governance: Voting on protocol changes (e.g., fee structures, treasury use).
- Rewards: Incentivizing liquidity providers through staking and yield farming.
Though functionally narrower, DEX tokens benefit from DeFi’s composability—they’re frequently used as collateral or liquidity in other protocols like Aave or Curve.
However, without deflationary mechanisms or strong off-chain utility, their long-term value accrual remains more uncertain compared to top-tier CEX tokens.
FAQ: Your Questions About Exchange Token Valuation
Q: Why are some exchange tokens valued higher than others?
A: Valuation depends on revenue transparency, buyback frequency, utility breadth, and market perception. Tokens like BNB and OKB benefit from strong ecosystems and consistent burns, while others may trade at premiums due to speculation.
Q: Is a high P/S ratio always a red flag?
A: Not necessarily. High-growth platforms may justify elevated multiples if future revenue expansion is expected. However, sustained ratios above 100x should prompt deeper due diligence.
Q: Do DEX tokens have a future beyond governance?
A: Yes—many are exploring fee-sharing models and cross-chain integrations. However, they must address inflationary pressures and limited utility to compete with CEX tokens long-term.
Q: Can exchange tokens replace traditional stocks?
A: While not legally equivalent, they function similarly by capturing platform value. With transparent financials and cash flow mechanisms, they represent a new asset class blending equity-like traits with blockchain flexibility.
Q: How does Coinbase’s listing affect other exchange tokens?
A: It legitimizes the sector and sets a benchmark for valuation. However, native exchange tokens still offer unique advantages like direct participation in platform economics.
👉 Compare real-time performance metrics across top exchange tokens today.
Conclusion
Exchange tokens have entered a new phase of maturity. Driven by robust revenue models, deflationary mechanisms, and expanding utility, CEX tokens like BNB, OKB, and HT demonstrate strong fundamentals supported by measurable cash flows.
While DEX governance tokens show innovation and community-driven governance, their valuations remain more volatile and less tied to revenue—highlighting structural differences between centralized and decentralized finance.
As the market evolves, investors should look beyond price movements and focus on:
- Revenue sustainability
- Tokenomics design
- Real-world adoption
- Ecosystem development
With platforms increasingly integrating blockchain infrastructure into global digital economies, exchange tokens are no longer just trading perks—they’re emerging as core value carriers in the Web3 era.