Understanding Native Tokens: Benefits and Features of BNB, WBT, and MX

Today, crypto exchanges are one of the key elements of the blockchain and cryptocurrency ecosystem. In addition to the function of trading digital assets, they are increasingly introducing their native tokens that provide certain privileges and opportunities for users. This step is an important element of the development strategy of most platforms. In today's article, we will look at what native tokens are and what privileges they provide to their owners.

What are native tokens?

A cryptocurrency exchange's native token is a digital asset created and issued by the platform itself. It can be used in the exchange's ecosystem for various purposes: reducing fees, accessing exclusive features, participating in platform management, investing, etc.

The most popular tokens of centralized exchanges by market capitalization include the following:

Binance Coin (BNB)

BNB is a token of the Binance crypto exchange created based on the Ethereum blockchain technology according to the ERC-20 standard but later moved to its own Binance Chain network. Initially, BNB was designed to be used on the platform to pay transaction fees, but over time, its functionality has expanded. At first, it was used only on Binance, but later it was listed on other exchanges.

The main features of the token include:

• Payment of fees on Binance: One of the first and most important features of BNB is the discounts on trading fees on the exchange. BNB holders can save up to 25% on spot and margin trading fees, as well as 10% on futures trading. In addition, VIP users can enjoy an additional 25% discount on top of their VIP discount.
• Binance Smart Chain Platform: Binance Coin plays a key role in the Binance Smart Chain (BSC), which is a parallel blockchain to the Binance Chain that supports smart contracts and decentralized applications (dApps). BNB is used to pay transaction fees on this platform.
• Investing and launching new tokens: Through the Binance Launchpad, users can use BNB to participate in initial token offerings (IEOs). This allows projects to raise capital through Binance and investors to gain access to new cryptocurrencies.
• Trading and financial products: The BNB is also used to participate in various financial products and services on Binance, such as staking, lending, etc.
• Bonuses and gifts: Users of the exchange can receive bonuses and rewards in the form of BNB, which adds additional value to owning the token.

WhiteBIT Coin (WBT)

WBT is the native token of the WhiteBIT crypto exchange, launched on 14 August 2022. The exchange's offer aroused great interest among cryptocurrency users, and 1 million WBT tokens issued in the first sale were sold out just 15 minutes after the start of trading. Subsequently, a full-fledged listing on WhiteBIT took place, which also proved to be successful. During the first hour of the listing, more than 100,000 users from 80 countries traded WBT tokens, and the number of requests sometimes exceeded 800,000 per minute. However, this event not only caused a stir among users but also demonstrated a steady increase in the value of the asset. Trading started at $1.9, and within a few hours, the price of WBT soared to $5.5.

The main advantages for WBT users:

Advantages of Owning. WBT holders on the main balance receive discounts on trading fees, namely: from 10% to 100% on the maker's commission; and from 5% to 80% on the taker's commission. The percentage of the discount depends on the number of tokens on the balance.
Advantages of Holding. Holding is a function that blocks a selected amount of WBT while providing access to several additional features, such as:

• The exchange has a referral program, where each user who uses your referral link and trades on the exchange, receives up to 40% of his or her trading commission. However, this percentage is increased to 50% for WBT owners.
• Discount on maker's commission up to 100%
• WBT holders in Holding have the opportunity to withdraw ERC20 and ETH tokens for free every day, as well as undergo AML checks
• Users with WB Soul are automatically included in the distribution of commissions earned by the exchange, depending on the level of their WB Soul.
• Interest bonus of Crypto Lending plans with Tether (USDT). The accrual of the bonus begins from the second level of the Holding, and its percentage increases by the level and duration of the plan.
• WBT in the Holding allows the generation of 5 deposit addresses in each network and changes them if necessary.
• Those who have at least 200 WBT Holdings get access to the WhiteBIT Launchpad, where users can vote for which projects will join the exchange, as well as the opportunity to be the first to access their assets.

Over these two years, WhiteBIT Coin has made significant progress, which has helped to strengthen the project's position in the market and attract an active community. Starting in autumn 2022, the asset appeared on some other leading crypto exchanges, such as Huobi, MEXC, Gate.io, and Bitfinex. This step was important for the popularisation of WBT and made it accessible to a wider range of users. Later, WhiteBIT held an activity dedicated to the second WBT token split.

It was associated with the magic of the number 13.12 and aimed at users of the WhiteSwap decentralized exchange. To take part in the promotion, users had to buy WBT from the USDT/WBT pool on WhiteSwap and keep the tokens in an external wallet until the end of the promotion. As a result, this initiative not only attracted more users to the platform but also helped to increase demand for the token.

In August 2023, WB Network was launched, which was an important event for WhiteBIT. At the same time, a large-scale retrodrop was held, in which 100,000 WBTs were distributed among 17,500 participants who completed the task. The SoulDrop activity was also launched, where rewards were calculated using a smart contract based on the number of WBT in the holding on WhiteBIT. In February 2024, the WB Network was renamed Whitechain, reflecting WhiteBIT's new approach to ecosystem development and community communication. The company continues to hold various activities with WBT, including a new event to celebrate the token's birthday. This is a game with tasks that users have to complete to earn points.

MX Token (MX)

MX is a native token of the MEXC exchange, launched in 2019. The token operates on the Ethereum blockchain using the ERC-20 standard. It serves as a tool that supports various functions in the MEXC ecosystem, helping to increase liquidity and attract users.

The main benefits for MX users include:

• Discounts and privileges: Token holders can take advantage of 0% fees for spot trading as well as for the futures maker.
• Access to the Kickstarter Launchpad: Those who hold more than 1000 MX for 30 consecutive days in a spot account, have the opportunity to receive more than 120 free airdrops each month, as well as participate in voting on the platforms.
• Referral program: MX holders can earn up to 70% commission on every trade made by their referrals.
• Transactions made with MX are anonymous, which protects the identity of users while ensuring the integrity of transactions.
• Provides users with the opportunity to participate in DeFi applications and earn passive income through staking and crypto deposits.

Conclusion

Native tokens have become an important element of crypto exchanges, providing users with several privileges, from commission discounts to access to exclusive features. Binance Coin, WhiteBIT Coin, and MX Token not only simplify interaction with exchanges but also promote the active participation of users in the development of the platforms. This approach significantly increases community loyalty and strengthens the position of crypto exchanges in the competitive environment.