ChainCatcher news, Mantle's PR head Igneus Terrenus responded on his social platform regarding the unlocking of platform tokens exchanged between Bybit and FTX. He stated that Bybit has never had CEX tokens. BIT is the governance token of BitDAO. The BIT held by Alameda is restricted from being transferred to MNT. Currently, both parties are undergoing legal proceedings.

ChainCatcher news, on X, on-chain analyst Yu Jin stated that ByBit and FTX exchanged their platform tokens in early November 2021: ByBit exchanged 100 million BIT for 3.36 million FTT, with both parties committing not to sell for 3 years.Now there are only 2 months left until the 3 years are up, and after the lock-up period ends, a sell-off is very likely.At that time, it was an equivalent exchange, but now the value difference is quite significant: 100 million BIT is worth 57.73 million USD; while 3.36 million FTT is worth only 4.47 million USD.

ChainCatcher news indicates that the HashKey official website shows its platform token HSK is expected to be used as a tool to incentivize contributors within the HashKey ecosystem to "drive the growth of the entire ecosystem." According to the white paper, HashKey plans to issue a total of 1 billion HSK, with 65% allocated for ecosystem growth, 30% for employee incentives, and 5% for the company treasury.HashKey's Chief Operating Officer Livio Weng added that the exchange also plans to launch HSK, but this may not happen until mid-next year. Additionally, Weng stated that HashKey is exploring the practical implementation of RWA tokenization. "RWA is becoming an important force for compliant exchanges," Weng said, "If you want to pursue 'effective RWA', you must achieve it through a licensed exchange."Weng explained that HashKey has obtained permission to issue and trade security tokens in Hong Kong, and it is "exploring two important RWA use cases that could have a significant impact on the market." "We are currently in negotiations with the Hong Kong Securities and Futures Commission regarding the RWA use cases," Weng stated, adding that the negotiations with the commission have entered the "latter half."

According to ChainCatcher news, the 2023 Q2 exchange quarterly report released by Tokeninsight shows that among the exchanges that have issued platform tokens and are still in operation, Bitget's platform token BGB had the largest price increase in Q2, reaching 22.6%. Bitfinex's LEO followed closely with an increase of 15.4%, while OKB saw an increase of 7.1%, which is on par with BTC. (Source link)

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)