Forbes: 16 types of cryptocurrency platform tokens have a total market value of over 62 billion dollars, but their actual value is questionable

ChainCatcher news, Forbes commented in an article that the total market capitalization of platform tokens created by over 16 cryptocurrency and DeFi exchanges worldwide exceeds $62 billion. These tokens are similar to FTX's FTT, which do not represent any equity in the company; their only value is that customers using these tokens can trade on the exchange at a discount. In systems similar to multi-level marketing organizations like Amway, introducing new traders to the platform can also earn customers exchange tokens.

In contrast, DeFi tokens claim to provide holders with the ability to vote on proposals and changes. Exchange tokens serve as fuel for the self-fulfilling bubble of cryptocurrencies. However, in reality, many large DeFi platforms concentrate governance power in the hands of major investors and founding teams. Furthermore, just as FTT did not provide holders with shares in FTX, purchasing DeFi tokens does not necessarily transfer ownership to the underlying platform. The reason Coinbase and Kraken have not issued platform tokens may be due to concerns that platform tokens could be viewed as securities by the SEC.

It is reported that among the 16 platforms listed by Forbes, the top three platform tokens by market capitalization are BNB, OKB, and UNI, with 12-month declines of 55%, 31%, and 78%, respectively. The top three 12-month declines are FTT (97%), SNX (78%), and CAKE (68%). (Forbes)