The cryptocurrency exchange industry is a pretty tight market. Fees can only fall so far before trading becomes free, and each exchange promises missile-proof security (though those promises have been broken) and 24/7 trading.
Crypto exchanges realized they had to differentiate themselves from the competition, so they drew on what they knew best – cryptocurrencies – and started to issue some of their own. These are known as exchange tokens.
Exchange tokens, minted by exchanges like Binance and FTX, entitle holders to benefits on cryptocurrency exchanges. Such benefits often include trading fee discounts, rebates and early access to token sales held on the platform (known as Bookmark (0)