In early 2025, the cryptocurrency world witnessed an unexpected shift in momentum—not driven by Bitcoin halving speculation, but by a bold strategic move from OKEx. On February 10, OKEx announced the permanent destruction of 700 million unreleased OKB tokens, pushing the token into a state of absolute deflation. This aggressive maneuver disrupted the long-standing hierarchy among the three major exchange-backed tokens: BNB, HT, and OKB. Overnight, OKB surged past HT to claim second place in market capitalization.
While many OKB holders celebrated what appeared to be a turning point, industry analyst Zhang Haibo remained skeptical. “BNB is built on a coin-centric model,” he argued, “HT leans more toward equity logic, while OKB is merely one application running on OKChain.” His critique cuts to the heart of a growing debate: which exchange token holds the most sustainable value—and which might eventually fade into obscurity?
The Evolution of Exchange Tokens
Exchange tokens trace their roots back to early platforms like BTC123 (Bit时代), where the concept of a "platform currency" first emerged around 2013. Though short-lived, these early experiments laid the foundation for today’s dominant players.
Among them, BNB stands out as the pioneer. Unlike HT and OKB, BNB was launched through a public crowdfunding event, giving early adopters direct ownership. It introduced innovative mechanics such as:
- Quarterly buybacks using 20% of profits
- Fee discounts for traders
- Voting rights for new listings
- Utility as gas on Binance Smart Chain (now BNB Chain)
👉 Discover how BNB’s ecosystem continues to expand beyond trading
In contrast, HT and OKB were introduced later—largely as defensive responses to BNB’s rapid rise. Both exchanges had undergone multiple funding rounds and were increasingly aligned with traditional financial structures. This raised fundamental questions about governance and value distribution.
As Sun Guannan, founder of Heima Quantitative, pointed out: “The conflict between shareholder equity and user token rights could become a critical vulnerability.” If exchanges go public, whose interests take priority—the token holders or institutional investors?
Blockchain developer Zhou Zhuren echoed this concern: “When platform tokens compete with corporate equity, one may eventually get written off.”
Deflationary Strategies: Hype or Substance?
Deflation has become a standard playbook for exchange tokens. By reducing supply through periodic buybacks and burns, issuers aim to increase scarcity—and theoretically, price.
But not all deflation is created equal.
| Token | First Burn Date | Price at Burn | Current Price (Feb 27) | % Increase |
|---|---|---|---|---|
| BNB | Oct 18, 2017 | $1.30 | $18.63 | +1,433% |
| HT | Apr 15, 2019 | $2.45 | $4.25 | +173% |
| OKB | May 10, 2019 | $1.55 | $5.56 | +358% |
Despite OKEx’s dramatic one-time burn of 700 million OKB—representing over 70% of total burned supply—BNB maintains a clear lead in both price performance and consistency. Binance has executed quarterly burns since 2017, creating predictable scarcity.
Meanwhile, Huobi recently shifted from quarterly to monthly burns, signaling urgency to catch up. But as Johnny Lyu, co-founder of KuCoin, notes: “Most users equate burns with price pumps. It creates FOMO—but it’s more theater than long-term strategy.”
With over 313,836 unique addresses holding BNB, compared to just 40,316 for OKB and 10,439 for HT, BNB also dominates in user adoption.
FAQ: Understanding Exchange Token Value
Q: What determines the real value of exchange tokens like BNB, HT, or OKB?
A: Value comes from utility (e.g., fee discounts), profit-sharing mechanisms (buybacks), and real-world use cases. The stronger the ecosystem integration, the higher the sustainable demand.
Q: Is burning tokens an effective way to increase price?
A: Short-term yes—burns create scarcity and media buzz. Long-term, however, lasting value depends on actual usage and revenue growth behind the token.
Q: Can exchange tokens survive if their platforms go public?
A: Only if token holder rights are protected. Conflicts between equity investors and token users could undermine trust unless governance models evolve.
Q: Why does BNB have so many more holders than HT or OKB?
A: Binance’s aggressive global expansion, early launch, and widespread utility (from travel bookings to DeFi) have driven broader adoption across retail and institutional users.
Q: Is OKB still valuable after being redefined as just an app on OKChain?
A: Its role has diminished. With OKT designated as the native chain token, OKB now competes within its own ecosystem—limiting its long-term upside.
Beyond Trading: The Battle for Real-World Utility
True value growth lies not in price manipulation, but in real-world adoption.
BNB leads here by a wide margin. According to Binance CEO Changpeng Zhao, over 200 projects globally accept BNB for payments—including flights, hotels, coffee shops, and even Singapore’s CBD transit system.
Even more telling? Some Singaporean payment providers integrated BNB without direct incentives, indicating organic demand.
“BNB isn’t just a trading perk,” says Zhang Haibo. “It’s becoming a real digital currency with everyday use.”
Compare that to HT and OKB:
- HT supports some payment gateways and internal services but lacks global traction.
- OKB claims broad application across travel and entertainment—but usage data remains opaque.
Chen Hongdao, CEO of Wujiang Yunlian Tech, acknowledges: “No other exchange token matches BNB’s application breadth.”
👉 See how next-gen platforms are redefining digital asset utility
Ecosystem Wars: From Platforms to Empires
The future isn’t about exchanges—it’s about ecosystems.
Investors often say:
- Application companies = $1 billion valuation
- Platform companies = $10 billion
- Ecosystem companies = $100+ billion
By this standard, Binance has built the most comprehensive ecosystem:
- BNB Chain (formerly BSC)
- Trust Wallet
- Binance Labs (incubator)
- Launchpad (token sales)
- Binance Academy
- Binance Charity
- Acquisitions like DappReview and JEX
Huobi and OKEx aren’t idle:
- Huobi focuses on research, cloud services (Huobi Cloud), and media
- OKEx promotes OKChain and OK Capital
But both pursue multi-token models, fragmenting value:
- Huobi uses HPT (mining), HCT (messaging)
- OKEx plans dual tokens: OKB (utility) + OKT (chain gas)
This dilutes focus. As Chen Caigen observes: “BNB is the central reservoir for all Binance value creation—others spread it thin.”
FAQ: Ecosystem Strategy & Longevity
Q: Why is having a single dominant token better than multiple specialized ones?
A: Concentrated value increases network effects. BNB benefits from compounding utility across trading, DeFi, payments, and infrastructure—all reinforcing each other.
Q: Can traditional capital integration (like going public) harm exchange tokens?
A: Potentially yes. If corporate profits flow to shareholders instead of token holders via buybacks, the incentive alignment breaks down.
Q: Is decentralization important for exchange tokens?
A: Increasingly so. Users prefer systems where no single entity controls supply or governance—BNB Chain’s move toward greater decentralization strengthens trust.
Final Outlook: Who Wins in 2025?
Three core keywords: BNB, exchange tokens, deflationary model, token utility, blockchain ecosystem, cryptocurrency investment, OKB, HT
While all three tokens serve their ecosystems, BNB stands apart:
- First-mover advantage
- Consistent deflationary policy
- Largest real-world usage
- Most integrated ecosystem
HT and OKB face structural challenges:
- Tied to centralized corporate strategies
- Weaker user adoption
- Unclear long-term roles amid multi-token models
Zhang Haibo sums it up: “BNB represents a healthy token economy. HT and OKB? More like speculative bridges.”
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As the market matures, speculation will give way to sustainable utility. The winner won’t be decided by one big burn—but by who builds the most resilient, user-driven ecosystem.
And right now, that leader is clear.