Multi-dimensional comparison of platform tokens: Who is the better "golden shovel" in a bear market?

Editor: Yoyo

As the crypto market bids farewell to the frenzy and enters a prolonged adjustment period with low volatility, the market focus has gradually shifted from chasing short-term explosive Meme coins back to assets with stronger fundamental support—platform tokens. As the core carrier of centralized exchange value, they are not only a barometer of the exchange ecosystem but also key assets for holders to gain platform development dividends and earn diversified returns.

However, in the current sluggish market, the performance of different platform tokens and the actual yield strategies they offer to holders show significant differences. Who can provide a better risk-return ratio? This article will deeply compare several mainstream platform tokens from different tiers—Binance (BNB), MEXC (MX), Gate.io (GT), and WEEX (WXT)—from multiple dimensions to explore the value capture of platform tokens in a bear market.

1. Ecological Empowerment of Holding Platform Tokens

Major cryptocurrency exchanges incentivize users to participate in ecosystem building through diversified platform token activities, enhancing the holding value and market attractiveness of platform tokens.

1. Token Airdrops: Low Risk + High Flexibility Yield Model

Token airdrops are a common incentive method in the crypto market, where project parties distribute new tokens for free to holders of well-known project tokens, rewarding long-term supporters and promoters of new projects. Centralized exchanges have adopted this model, airdropping tokens of newly launched projects to platform token holders, incentivizing long-term holders while enhancing the value of the platform tokens.

Compared to locked subscriptions, token airdrops do not require freezing funds, allowing capital to be available at any time, reducing price volatility risk, making it suitable for risk-averse investors. This low-risk, high-flexibility approach allows users to hold a platform token and participate in multiple different project airdrop incentives for free, sharing in the growth potential of new projects. For example, a user holding 100 MX can receive dozens of new tokens for free, easily accumulating returns.

Comparison of Token Airdrop Mechanisms

The airdrop mechanisms of various exchanges have their unique features, providing users with flexible yield paths. The following compares the participation methods and reward designs of token airdrops for Binance, MEXC, Gate.io, and WEEX:

From the perspective of reward mechanisms, MEXC's reward method is quite attractive. In addition to the airdropped new tokens, some projects also distribute USDT as rewards. This dual-reward strategy allows participants to not only gain potential growth returns from new projects but also receive stable USDT rewards, thereby enhancing investment returns and reducing overall risk.

Additionally, MEXC's innovative invitation bonus mechanism allows users to increase their reward coefficient by sharing activities; for example, inviting one valid user can yield a 1.5x reward bonus, enabling users to flexibly amplify their returns based on their holdings and social participation. In contrast, WEEX primarily increases the reward coefficient by increasing the number of tokens held, which concentrates rewards further in the hands of large holders, making it less friendly to small retail investors and reinforcing the "the rich get richer" effect.

In terms of participation mechanisms, the three exchanges each have their characteristics. Gate.io has the lowest participation complexity. Users only need to complete KYC verification and hold at least 1 GT (approximately 23 USDT) to automatically participate in airdrops, simplifying the participation process. However, a broad participation range may dilute per capita rewards and increase selling pressure after new tokens are launched, affecting token value. Binance combines financial products with user airdrops. Users can earn interest on tokens through BNB fixed-term/current financial products or on-chain earning projects, and can passively obtain airdrop eligibility, effectively achieving a two-for-one benefit. MEXC users must hold at least 25 MX (approximately 70 USDT) in their spot account for over 24 hours and actively vote for promising projects (the voting tokens are only used for reward calculation and do not require locking) to gain airdrop eligibility. This moderate threshold and voting requirement filter out active users interested in the projects, ensuring fair reward distribution while enhancing the promotional effect of new tokens, effectively balancing participation range and reward value, catering to both inclusiveness and precision. WEEX's participation mechanism is similar to MEXC's but requires users to hold WXT for a longer time (2 days).

Comparison of Token Airdrop Activity Data

To evaluate the yield performance of token airdrops, we invested 600 USDT in each airdrop activity on Binance, MEXC, Gate.io, and WEEX from March 3 to April 13, 2025, calculating their yield rates, with the results as follows:

MEXC had the highest frequency of activities, conducting 43 airdrops over 6 weeks, far exceeding Binance (3), Gate.io (18), and WEEX (18). This allowed MX holders to accumulate returns through high-frequency airdrops.

MEXC's average annualized yield (calculated based on launch prices) was 9.22%, showing the best return rate, higher than Binance (6.14%), Gate.io (7.66%), and WEEX (8.42%). Airdropped tokens often decline after launch due to selling pressure, increased supply, and the realization of speculative expectations. As of April 14, MEXC and WEEX's yield declines were roughly on par at -9.42% and -9.03%, significantly lower than Gate.io (-23.11%) and Binance (-47.7%). MEXC's airdropped tokens exhibited stronger price stability.

Summary

MEXC's "Sunshine Airdrop" activity allows MX holders to receive new tokens and USDT dual rewards for free by holding ≥25 MX and voting for new projects. From March 3 to April 13, 2025, MEXC's high-frequency airdrops (averaging one per day) and an average annualized yield of 9.22% surpassed the frequency and average annualized yield of airdrop activities during the same period for Binance, Gate.io, and WEEX. Additionally, as of April 14, MEXC's average yield from airdropped tokens only decreased by 9.42%, demonstrating yield stability.

For users with small capital, holding MX tokens to participate in airdrop activities is undoubtedly a "golden shovel" strategy in a bear market, allowing for flexible and low-risk pursuit of stable returns while also obtaining reward bonuses through social sharing, further amplifying profits.

2. Launchpool --- Win-win New Token Participation Method

In the fluctuating bear market, Launchpool provides platform token holders with low-threshold opportunities to participate in new token issuance (new token participation) by staking idle platform tokens (such as MX) to obtain new project tokens for free, thus gaining additional return opportunities.

Launchpool links platform tokens with new tokens through a staking mechanism, with returns depending on the new token's listing price and the number of participants. A higher new token price increases returns, while more participants may dilute individual rewards. At the same time, the price decline risk during the lock-up period (usually 3-20 days) may affect the value of the staked assets. If both the staked assets and new tokens rise, users can achieve double returns, realizing a win-win; if the staked assets significantly decline, the new token returns may not be enough to offset the losses. Therefore, choosing Launchpool activities with high-potential new tokens and low participant numbers can significantly optimize returns.

The following compares the Launchpool data of Binance, MEXC, and Gate.io from March 3 to April 13:

MEXC adopts a selective strategy in Launchpool activities, hosting only 3 events during the same period, on par with Binance, and far fewer than Gate.io (11). However, MEXC's average annualized yield in Launchpool (based on new token listing prices) reached 31.25%, higher than other exchanges, with BNB at 22.32% and Gate.io at 4.90%, providing users with more substantial returns. This "few but fine" approach ensures that MEXC launches high-potential projects, reducing the risk of low-quality tokens. By focusing on quality projects, MEXC enhances the likelihood of new token price increases, directly benefiting MX stakers.

Additionally, in terms of participant numbers, Binance's Launchpool had millions of participants, Gate.io had tens of thousands, while MEXC had a low participation number (about 5,000), creating a "value gap" that enhances the average rewards for MX users.

Summary

MEXC's Launchpool allows users to stake MX to obtain new tokens for free. From March 3 to April 13, it hosted 3 Launchpool events with an average annualized yield of 31.25%. By rigorously selecting high-potential projects, it enhances new token performance, providing MX holders with substantial short-term returns. Meanwhile, the low number of participants (about 5,000) optimizes reward distribution, increasing average returns for MX stakers and creating a value gap.

2. Platform Token Fee Rate Advantages: Key Variable for Transaction Cost Control

Almost all centralized exchanges deeply bind fee discounts to their platform tokens, forming an important means to attract and retain users, especially active traders. However, behind the term "discount," the specific rules of each platform differ, as shown in the comparison below:

1. CEX Fee Structure: Maker/Taker and VIP Level System

Typically, trading fees are divided into two roles: Maker and Taker:

• Maker: Refers to orders that provide liquidity, meaning your limit order does not immediately match with existing orders in the market but enters the order book waiting for a counterparty to match. Exchanges usually encourage this behavior, so Maker fees are often lower than Taker fees and may even be zero or negative (rebate).
• Taker: Refers to orders that consume liquidity, meaning your order (usually a market order or a limit order that can be executed immediately) directly matches with existing orders in the order book, taking away market liquidity. Taker fees are usually higher.

In addition to the basic Maker/Taker fee rates, most exchanges also have a VIP level system. A user's VIP level is usually determined by their trading volume over the past 30 days, total account assets, or platform token holdings. The higher the level, the lower the Maker and Taker fees enjoyed. This is a common mechanism to encourage large holders and high-frequency traders.

2. Basic Fee Rates and Platform Token Holding Discount Mechanisms

• Binance (BNB): Maker 0.10% / Taker 0.10%
• MEXC (MX): Maker 0.00% / Taker 0.05%
• Gate.io (GT): Maker 0.10% / Taker 0.10%
• Weex (WXT): Maker 0.02% / Taker 0.08%

On a starting line without any discounts, MEXC's 0.00% Maker fee is highly competitive, making the cost for makers nearly zero. Its 0.05% Taker fee is also lower than the other three. Weex's Maker fee (0.02%) is better than Binance/Gate.io, but its Taker fee (0.08%) is higher than MEXC's. Binance and Gate.io adopt the industry-standard 0.10% as the basic fee rate.

In terms of holding platform token discount mechanisms, Binance directly links its main benchmark discount to the consumption of BNB tokens. Although the discount rate is considerable, it naturally means that holders' BNB assets will decrease with trading frequency. To obtain a better rate beyond this basic discount, one must enter its VIP system, which has relatively strict thresholds based on both trading volume and holdings, favoring high-net-worth or high-frequency trading users.

MEXC's fee structure is already very friendly to makers at the basic level. The incentives for MX holders are designed as clear two paths. The core advantage lies in the high discount mechanism driven by holdings: reaching a specific holding threshold (500 MX) grants significant fee reductions for spot and contract trading. The most critical differentiation is that obtaining this core discount does not require users to consume MX tokens for payment. This design greatly enhances capital efficiency, allowing users to enjoy low-cost trading while fully retaining MX assets for other ecosystem participation or value investment. Another tier provides basic discounts for small holders but requires token payment to activate.

Gate.io's advantage lies in the flexibility of its VIP system's upgrade conditions, allowing users to meet standards based on either holdings or trading volume, providing relatively limited direct incentives for token payment discounts. WEEX's discount model is entirely based on the tiered holdings of WXT, with a 10% discount for holding 10,000 WXT, and a maximum 50% discount requiring 3,000,000 WXT.

3. Comparative Insights: MX's Competitiveness in Cost Savings

In summary, holding MX offers more significant advantages in reducing trading costs:

1. Low starting fee rates: 0% Maker fee is a huge advantage.
2. High and easily obtainable core discounts: Holding 500 MX grants a 50% general discount, with a relatively friendly threshold.
3. No asset depletion from holding: Enjoying core discounts does not require consuming MX, perfectly aligning with the logic of "holding equals value."

In contrast, Binance's discounts require consuming BNB, and VIP requirements are strict; Gate.io and Weex's VIP system discount cost-effectiveness is not high. For users who want to strictly control trading costs while fully holding platform tokens to capture other values (such as ecosystem participation and token appreciation), the path provided by MX is evidently superior.

3. Token Market Performance: Value Support and Growth Potential

The market performance of platform tokens, including price volatility and liquidity levels, collectively constitutes a key dimension for assessing their investment potential.

1. Price Resilience Analysis: A Safe Haven Effect in a Bear Market?

Platform tokens are often considered to have a certain degree of anti-drawdown capability during market corrections, partly due to their holder structure (more focused on platform functionality and new token participation returns rather than pure speculation) and the continuous buyback and burn mechanisms providing value support. The following analysis examines a significant market decline from January 1 to April 15, 2025—specifically from April 5 to April 8, 2025. It assesses the price performance of each platform token during this period, particularly the maximum decline from peak to trough:

Data shows that during the sharp decline from April 5 to 8, MX exhibited the strongest resilience, with BNB and GT experiencing similar maximum declines of about 12.5%. WXT experienced the largest intraday decline (approximately 15.9%). Overall, in this specific market correction, MX's anti-drawdown capability was most prominent. It is worth considering that this relative resilience may indeed be related to the holder structure. For example, many MX holders may be more focused on participating in MEXC's Launchpool and Kickstarter activities for new token returns, and this motivation to hold for platform benefits, compared to pure price speculation, may lead to a lower willingness to sell during market downturns, thus forming a certain demand floor that underpins its price resilience.

2. Trading Volume: Market Attention and Liquidity Depth

High trading volume usually indicates high market attention, good liquidity, and low trading slippage, which is particularly important for large traders. We analyzed the average daily trading volume (ADV) of each platform token from March 1 to April 15, 2025, and calculated the trading volume/market cap ratio (which can be understood as relative trading volume) to assess their relative activity:

MX's uniqueness lies in its combination of "medium market cap + high trading volume," which may indicate potential undervaluation and greater growth space from a traditional financial perspective. As shown in the chart, MX's trading volume/market cap ratio (approximately 7.27%) is far higher than that of other tokens, indicating that relative to its market cap, MX's turnover rate is very active. Potential reasons may include: on one hand, MEXC's high-frequency Launchpool and Kickstarter activities directly drive the rigid demand for users to acquire and hold MX, forming a unique "new token economy" moat. In other words, users hold and may frequently trade MX to meet participation thresholds, creating strong practical demand and trading momentum. On the other hand, trading activities are highly concentrated on MEXC itself, amplifying its liquidity performance in its home market. At the same time, it cannot be ruled out that a medium market cap more easily attracts speculative funds seeking high volatility.

Regardless of the reasons, high relative trading volume is usually a positive signal, reflecting higher market attention and good liquidity, reducing the risks of slippage and unexecuted trades for users making large transactions.

4. Conclusion

In the sluggish bear market, platform tokens, as core assets of the exchange ecosystem, provide investors with diversified yield paths and value capture opportunities. This article reveals the unique positioning of each platform token through comparisons of BNB, MX, GT, and WXT in terms of airdrops, Launchpool, fee discounts, and market performance.

MEXC's MX, with high-frequency airdrops (43 events, 9.22% yield, -9.4% decline), high-yield Launchpool (31.25% yield, ≈5000 participants), 0% Maker fee, and 7.27% trading volume/market cap ratio, demonstrates excellent risk-return ratio and capital efficiency. Its selective project strategy and low participant numbers optimize reward distribution, significantly enhancing token stability and user returns. In contrast, BNB benefits from Binance's scale effect, while GT and WXT each focus on flexibility and fee rates. In the future, the long-term value of platform tokens will increasingly rely on ecological empowerment and anti-drawdown resilience. MX, with its new token economy and trading cost advantages, provides investors with an efficient value anchor in a bear market, making it worthy of attention.